Wells Fargo & Co.’s wealth management business said on Tuesday it would launch its new robo-adviser Intuitive Investor later this year in a bid to develop a new revenue stream from existing millennial customers who may be looking to open their first investment account in a crowded online market.
Devon McConnell, head of digital and direct investing for St. Louis-based Wells Fargo Advisors, said the digital advice platform, which will initially be rolled out to employees in the first half of 2017, would be marketed to Wells Fargo customers who have savings and are comfortable taking big life steps online.
“We know that there are many customers ready to take an early step in their investing life, and for this population, a lot of things in their life happen online first,” McConnell said.
Wells Fargo is the latest Wall Street brokerage to join the robo-adviser party following competitor Bank of America Corp., which launched its Merrill Edge Guided Investing earlier this month, and independent firm Raymond James Financial Inc., which debuted its Connected Advisor in January.
Read more: St. Louis Post-Dispatch