Avant-garde added a third robo-advisor offering, this one aimed at participants in employer-sponsored plans, according to Dispatches.
The new platform, Vanguard Personal Advisor, is a discretionary advisory service available to “select defined contribution plans,” writes FA-IQ sister publication Ignites, citing a filing from last week and a spokesperson for the society.
The service will leverage technology to help develop “a personalized portfolio design alongside the unique coaching capabilities of a human advisor,” the spokesperson wrote in an email, according to the publication. members’ needs and ultimately seek to improve members’ preparation for retirement.
The new offer has a minimum of $250,000, writes Ignites, citing the filing. It charges a net advisory fee of approximately 30 basis points, depending on specific holdings and parameters. Investors in the program also have access to a financial advisor for consultations, according to the filing cited by Ignites.
Vanguard plans to roll out the service on a wider range of plans in the coming months, the spokesperson said, according to the publication. It also plans to add a portfolio option specializing in environment, social and governance to the new robot, writes Ignites.
The company has two other bots: Personal Advisor Services, a hybrid bot for retail investors that charges 30 basis points, provides access to a pool of financial advisors, and has a $50,000 account minimum; and Digital Advisor, a purely online option that offers no human touch but has a $3,000 minimum and charges 20 bps, according to the publication.
Personal Advisor Services had $186.5 billion in assets under management and Digital Advisor had $4 billion in discretionary assets under management at the end of 2021, writes Ignites.
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