TD Ameritrade Holding Corp. is the latest custodian to launch a low-cost direct-to-consumer robo-advice platform to attract clients who don’t want to pay more for human help with financial planning and investing.
The Omaha, Neb.-based company’s Essential Portfolios is available now, though a splashier launch for the robo-adviser will occur early next year.
Aimed at the “value-conscious investor,” the online platform leads clients through an automated process of establishing goals and identifying key dates for long-range aims like college planning, wealth generation and retirement. Investors will be matched with portfolios of passive exchange-traded-funds for a flat fee of 30 basis points and a $5,000 minimum investment.
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