Love ’em or hate ’em, but there is no denying that Wells Fargo is on an absolute fintech rampage of late, with two major announcements in this past week alone on huge new financial technology initiatives. First came their press release announcing the launch of “Greenhouse℠ by Wells Fargo, a new mobile banking experience with tools to help consumers manage their money and know where they stand financially”. Then on 11/6/17, they announced a new hybrid robo-advisor called “Intuitive Investing”. They may have had a little “sales problem” in the recent past, which we all know about, but they are still blazing new trails in financial technology, in many cases, well ahead of their other legacy banking peers.
ST. LOUIS–(BUSINESS WIRE)–Wells Fargo today announced the national launch of Intuitive Investor℠, a hybrid online offering from Wells Fargo Advisors that simplifies the experience of investing by blending technology-driven resources with high-impact personal advice to give new and emerging investors a lower-cost option for entering the markets.
Designed for consumers who prefer to manage their finances themselves, the Intuitive Investor investment program combines digital access to industry-leading strategies from Wells Fargo Investment Institute with the option to access financial advisors from Wells Fargo Advisors. This empowers customers to affordably implement tailored investment portfolios aligned to their personal investment goals and needs. Additionally, the Intuitive Investor offering provides convenient, single-sign-on integration with other online Wells Fargo banking services.
“Significant advancements in technology, changing consumer preferences and evolving demographics inspired us to provide this new, compelling investment experience for our clients,” said Jon Weiss, head of Wealth and Investment Management at Wells Fargo. “As Wells Fargo continues to innovate to deliver experiences our customers can use whenever and wherever they want, the Intuitive Investor offering fills their needs while also preserving the advantages that come with having access to one of the largest investment firms.”
The Intuitive Investor offering is the latest financial services innovation to come from Wells Fargo & Company. Recent innovations have included card-free ATMs, Control Tower (a single view of customers’ “digital financial footprint”) and an artificial intelligence chatbot on Facebook Messenger, all designed to give customers better control through more transparent conveniences tailored for their financial lives.
A personalized approach to digital investing
Combining technology with personal professional advice, Intuitive Investor accounts enable consumers to get started with a minimum $10,000 investment, managed at a 0.50 percent annual advisory fee. Existing Wells Fargo customers can receive a discounted 0.40 percent annual advisory fee when their Intuitive Investor brokerage accounts are linked to Wells Fargo Bank’s Portfolio by Wells Fargo®, a Wells Fargo checking relationship program with premium benefits. 1
Other features include:
- Online investment profiling, phone access to financial advisors, and daily and ongoing portfolio monitoring and management.
- The option to open individual and joint brokerage accounts, Traditional IRAs, Roth IRAs or SEP IRAs that are backed by a 90-day satisfaction guarantee.2 Portfolio recommendations are based on customers’ personal responses to a brief online questionnaire.
- Access to low-cost, diversified exchange-traded funds (ETF) portfolios, designed by Wells Fargo Investment Institute, with automated rebalancing and optional tax-loss harvesting driven by innovative technology from SigFig, which collaborated with WFA to deliver a robust digital experience for consumers.
- Convenient, single-sign-on integration and money movement with Wells Fargo Bank’s online and mobile banking services, plus ongoing, personalized communications.
“Technology enables us to address the investing needs of millions of next-generation Wells Fargo customers – many of whom are digitally savvy and seek convenient advice,” said Eddie Queen, head of digital and automated investing at Wells Fargo Advisors. “The Intuitive Investor offering delivers a compelling experience that combines the convenience of digital investing with access to experienced financial advisors. We look forward to nurturing these new client relationships and growing with them as their long-term needs evolve.”
The underlying portfolio strategies designed by Wells Fargo Investment Institute for Intuitive Investor also will be available to clients seeking dedicated advice from a full-service financial advisor via Wells Fargo Advisors’ Allocation Advisors program. Advisors will have the ability to refer new and emerging clients to Intuitive Investor accounts as they focus on the complex wealth and investment management needs of their clients using other resources.
Innovating the digital experience for all investors
The introduction of the Intuitive Investor program follows Wells Fargo Advisors’ recent moves to innovate the digital experience for all types of investors through enhancements to its suite of online and mobile tools.
Recently, Wells Fargo Advisors refreshed its online Portfolio account management views with new custom features and mobile functionality and repositioned WellsTrade®, the company’s self-directed digital brokerage offering, with reduced trading commissions and further discounts for Wells Fargo banking customers.3
For more information about the Intuitive Investor offering, visit www.wellsfargoadvisors.com/intuitive.