Fidelity officially launches robo platform
Fidelity has officially launched its robo platform, Fidelity Go, which requires a minimum initial balance of just $5,000.
“Our goal is to help people meet their lifetime financial needs, and Fidelity Go is a new way for Fidelity to help digital-first investors and those just getting started," said Rich Compson, head of managed accounts at Fidelity, in a statement.
The Boston-based company had begun pilot testing the digital advice offering in March.
Investors using the platform answer a series of questions online regarding their finances, which produces a suggested portfolio of Fidelity index funds and BlackRock ETFs.
Fidelity will charge customers a range of 35 to 40 basis points, or $35 to $40 per $10,000, for the service. Customers can speak with a Fidelity adviser by phone or online. Regular rebalancing of accounts will be done by human advisers instead of an automatic function.
Fidelity's robo launch enters a field increasingly filled with offerings from digital-first firms and industry stalwarts.
Wells Fargo is set to pilot its own robo offering. RBC partnered with BlackRock's FutureAdvisor and UBS announced a deal with technology developer SigFig.
Asset managers have also gotten into the automated advice market, including industry giants like Vanguard and Charles Schwab, which recently reported that its robo offerings — Schwab Intelligent Portfolios — passed $8 billion in AUM.
Raymond James and Morgan Stanley are also planning digital advice strategies, but without a robo adviser.