Note from the Publisher: Surely we’re not the only ones who have noticed that there seems to be a new robo-advisory launch announced practically every week now. It’s frankly hard to keep track. However, now comes word that the latest entrant into the robo marketplace is none other than the world’s most valuable bank – Wells Fargo – with plans to roll out in 2017. Who is going to win this arms (I mean money) race?
“Wells Fargo & Co., the world’s most valuable bank, plans to start a robo-advisory 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 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.”