Oct 6 Investments in Charles Schwab Corp's
"robo adviser" service grew to surpass $10 billion in
September, more than double the year-ago level, a spokeswoman
The automated investment service, Schwab Intelligent
Portfolios, allocates cash among exchange-traded funds according
to formulas based on client questionnaires.
The San Francisco-based company previously reported the
program's total assets stood at $4.1 billion at the same time in
2015 and at $8.2 billion at the end of the second quarter.
Demand for digital financial advice has drawn efforts to buy
or build similar platforms by other companies, including
Fidelity Investments and BlackRock Inc, the world's
largest money manager, which acquired a robo service called
FutureAdvisor in 2015.
Bank of America Corp this month unveiled its own
plans for a similar service called Merrill Edge Guided
Schwab makes Intelligent Portfolios available to clients
directly and through the firm's affiliated third-party financial
advisers. It launched the service in March 2015.
(Reporting by Trevor Hunnicutt; Editing by David Gregorio)