Wells Fargo has relaunched its robo-adivsory product Intuitive Investor, making it available to customers with just $500 to invest.
The platform initially catered to consumers with a minimum of $5,000 to invest, far above the requirements of other robos such as Wealthfront and Betterment.
In an effort to catch up with the user experience provided by rival robos, the bank has also rebuilt the app to provide digital onboarding.
The investment choice has also been expanded to included sustainability-focused portfolios that are more attractive to socially-conscious millennial users.
“We have simplified the Intuitive Investor platform to create a faster and better experience for both new and experienced investors,” says Michelle Moore, head of digital for consumer and WIM at Wells Fargo. “The minimum investment is now just $500, while the portfolios underpinning the platform are built by the Wells Fargo Investment Institute (WFII), including a new set of sustainability-focused portfolios. Investors can quickly find portfolio choices important to them.”
With just a few questions, the platform suggests a portfolio for users and the Intuitive Investor smart technology automatically monitors the account daily and rebalances assets as needed. Intuitive Investor is managed at a 0.35% annual advisory fee, plus fund related expenses.