Wells Fargo to Start Robo-Advisery in 2017
Robo-advisers typically offer investment advice online with little or no human contact|
Wells plans to launch its service in first half of 2017, its chief operating officer said Wednesday
‘When you think about who would use robo-advising more often, you think about the millennials,’ he said
Wells Fargo, the world’s most valuable bank, plans to start a robo-advisery service in 2017, Chief Operating Officer Tim Sloan said.
“You’ll probably see us roll that out some time in the first half of next year,” Sloan, 56, said Wednesday during an interview at Wells Fargo’s Toronto office. “It might be a bit sooner or a bit later.”
Wells Fargo, the second-largest bank by deposits in Charlotte, has been studying an online automated investing platform to supplement the bank’s existing wealth-management offerings, Sloan said. The San Francisco-based lender’s wealth businesses include its Abbot Downing unit for ultra-rich clients, a brokerage with financial advisers, licensed bankers in branches for mass-affluent customers and an online trading platform, he said.
“What we don’t have in that lineup is a robo-advising option,” Sloan said. “I don’t think it’s fundamentally going to change the investment business, but for a segment of our customer base they would like that – they want to invest on their own, and that’s terrific.”