News Savings And Investment

JPMorgan Chase enters the robo advice game

The banking giant reveals it has big plans for digital wealth over the next year.

a building with a sign on the front

JPMorgan Chase has announced it will be releasing a lower-cost digital wealth management tool this week, with plans to offer it to some clients in March with a wide release in mid-2018.

The goal is to offer “guidance and advice for a broad range of clients, whether you have a few thousand dollars, or more,” said Kelli Keough, head of digital wealth management.

Currently named JPMorgan Digital Investing, the robo advisory service will ask customers questions regarding their age, risk appetite and behaviours, thereafter modelling an ETF portfolio according to preset rules.

This latest robo advice offering follows the release of several digital wealth services by major banks in the sector, all seeking to attract customers with lower amounts to invest in the hopes of turning them into future high wealth clients.

In the US, both Morgan Stanley and Wells Fargo released its millennial-targeted robo advisors earlier this year.

The bank has yet to announce its plan for fees, however Keough has stated they will be available by the March release. The minimum investment is expected to be below $5,000.

More Like This