Wells Fargo plans to launch a robo-advisory platform in early 2017. One question that Wells Fargo and other firms have concerns how the DOL will view robo-advisors under its new fiduciary rule. The bank, which previously signaled its intention to announce a partnership tied to a robo-advisory platform by the end of 2Q16, has not yet decided whether to develop its own strategy or collaborate with another firm. Despite the growth in the sector, less than half of investors polled in the Wells Fargo/Gallup survey with more than $10,000 of investments had previously heard about robo-advisory technology, with just 5% claiming to use the services. The bank expects awareness to grow quickly, according to Devon McConnell, head of Digital for Wells Fargo Advisors, who compared the technology with online shopping in the early stages of adoption. “People are going to be able to access this information and make better decisions based on their financial situation,” he said.
Wells Fargo plans to launch a robo-advisory platform in early 2017. The bank, which previously signaled its intention to announce a partnership tied to a robo-advisory platform by the end of 2Q16, has not yet decided whether to develop its own strategy or collaborate with another firm. Despite the growth in the sector, less than half of investors polled in the Wells Fargo/Gallup survey with more than $10,000 of investments had previously heard about robo-advisory technology, with just 5% claiming to use the services. The bank expects awareness to grow quickly, according to Devon McConnell, head of Digital for Wells Fargo Advisors, who compared the technology with online shopping in the early stages of adoption. “People are going to be able to access this information and make better decisions based on their financial situation,” he said.