Charles Schwab, the 800 lb. gorilla in the financial room, is finally getting into the Robo-advisor business. Schwab recently announced that it will introduce a robo-advisory service called Schwab Intelligent Portfolios (SIP).
The service is meant to compete against the smaller robo-advisors such as Wealthfront and Betterment who have seen rapid growth in the past several years. The service is expected to be unveiled in the first quarter of 2015 and will feature algorithmic ETF-based portfolios for portfolios with a minimum balance as low as $5000. |
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