The stock of Wells Fargo & Co (NYSE:WFC) closed at $55.05 losing 2.01% in yesterday’s trading session. In an effort to attract young investors, this company has unveiled a robo-advisor. This special tool targets helping the various customers who are determined to manage their investments themselves.
This new investment program is closely linked to the company’s advisory department and provides professional advice to all the interested young investors. There are also plans underway to use it to help the company’s customers who are yet to open an investment account.
People are advised to kick-start their investment with a minimum of about $10,000 and that is of course under the Intuitive Investor. It is set to be managed at a minimal annual advisory fee of 50 basis points (bps) and that is if everything moves according to plan.
The existing customers upon linking their brokerage accounts with the provider’s relationship checking program will eventually be eligible for a discounted advisory fee of 40 bps.
The new technology is expected to take advantage of the responses filed in a small questionnaire by the customers to make the portfolio recommendations. On top of that, the robo-advisor will be offering convenient, single-sign-on integration and money movement with the company’s mobile and online banking services.
The head of Wealth and Investment Management at Wells Fargo, Jon Weiss, opined, “Significant advancements in technology, changing consumer preferences and evolving demographics inspired us to provide this new, compelling investment experience for our clients.”
This particular year has seen Wells Fargo introduce several services. It was in July that it proceeded to launch an artificial intelligence chatbot on Facebook Messenger which helped resolves a large number of the customer queries directly on social media. In march, the card-free ATMs were unveiled across the entire network and that was received warmly by most of the United States citizens.
Wells Fargo has been struggling with a series of legal hassles and pending investigations. Experts agree that the company’s digital innovations might turn out to be what it needs to regain the reputation it once enjoyed.
