According to bank’s representative the process will take place during the first half of 2017. Robo advisers are computer software programs that manage client money using algorithms and computer-generated portfolios rather than traditional human brokers. These technological solutions are popular with investors who want to pay lower fees or prefer digital options.
Wells Fargo aims to have a pilot version available for a small number of clients around the end of the first quarter in 2017. Until now the bank said that it has not decided whether it will build the technology in-house or partner with a third-party robo adviser and that is also difficult to provide a timeline on when a model for the service would be announced.
Reuters reported in May 2016 that the bank would announce an investment and strategic partnership tied to a robo adviser product for its clients in the second quarter, which ended in June 2016, according to yahoo.com.
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