Vanguard's two-year-old hybrid robo-advisory service now has more than $65bn under management, four times as much as the next biggest service of its kind. Personal Advisor Services, which combines algorithm-driven advice with human stock pickers, has succeeded by luring older investors, with more than half its customers above the age of 65, according to Vanguard. The firm is also expanding into new areas such as retirement planning and wealth management.
Vanguard's two-year-old hybrid robo-advisory service now has more than $65bn under management, four times as much as the next biggest service of its kind. Personal Advisor Services, which combines algorithm-driven advice with human stock pickers, has succeeded by luring older investors, with more than half its customers above the age of 65, according to Vanguard. The platform now has a minimum $50,000 commitment, which was lowered from $500,000 on a legacy platform.