US investment management giant Vanguard Group has officially unveiled its ‘robo' advice offering in the US, offering investors with minimum assets of $50,000 portfolio management for as little as 30bps annually.
The hybrid 'Personal Advisor Services' offering, which combines an online service with adviser assistance, offers investors access to Vanguard's suite of funds only. The group lowered the platform's minimum investment requirement to $50,000 (£32,800) from $100,000. Investors are charged an annual fee of 30bps on managed assets, before fund expenses which range between 5bps and 19bps. The rise of automated advisory services has been marked in the US, while parallel services in Europe have been slow to develop. Wealth Horizon, which launched last year in the UK, combines online services...
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