Charles Schwab (SCHW) made the plunge into the robo-advisor field with Schwab Intelligent Portfolios in 2015. StockBrokers.com blogged about the launch announcement in 2014 as well as the updates last April. When Schwab made this announcement, we knew it was a big one. A company the size of Schwab making this kind of commitment to this program was sure to impact the marketplace. Now, we are finding out about how the launch has gone thus far.
Charles Schwab’s Intelligent Portfolio automated investment service pulled in $5.3 billion in its first year. Schwab had reported $4.1 billion in the program as of the end of September, so the company saw an impressive 29% growth in the fourth quarter. This has been a popular offering right from the start. Schwab Intelligent Portfolios amassed $1.5 billion in the first six weeks alone.
It’s important to remember that Schwab Intelligent Portfolios didn’t launch until March. The robo-advisor field is sure to get even more competitive in the future. StockBrokers.com blogged about Fidelity Go being the next in line in the field of automated financial advice. Look for even more companies to come out with these products in the near future. StockBrokers.com will continue to keep you updated on potential new services as well as how the current robo-advisor services are faring.
Click here for the full article about the first year of Schwab Intelligent Portfolios.