JP Morgan Introduces Low-Cost Robo-Adviser
JP Morgan Chase & Co. has announced the launch of You Invest Portfolios, a low-cost robo-adviser available on Chase.com and the Chase mobile app, that provides users access to portfolios designed and managed with the expertise and technology of J.P. Morgan.
Customers can open an account – with as little as $2,500 and an advisory fee that starts at less than $1 a month or 35 basis points – in a few steps by answering a set of questions about their risk tolerance, financial goals and time horizon. They are then matched with a portfolio designed to help them meet their goals now and in the future. “Customers can now bank, save, borrow and invest in one of our 5,000 branches as well as on the go. Our firm continues to invest in technology and experiences that help customers make the most of their money, so that they can makes the most of their lives.” – Thasunda Brown Duckett, CEO of Consumer Banking at Chase.
“We are excited to share You Invest Portfolios with the goal to make it easy for our millions of digitally-engaged customers to get and stay invested in a balanced mix of ETFs in minutes.” – Jed Laskowitz, CEO of You Invest.
JPMorgan Chase introduced You Invest last year, with its digital brokerage product You Invest Trade. With You Invest Trade, customers can open a self-directed brokerage account in minutes, transfer funds between their Chase accounts in real-time, and place trades online or on their mobile device. All customers receive 100 commission-free stock and ETF trades for their first year and the opportunity to earn more.
Bottom Line: Fintechs live by ‘no fee’, ‘free’, ‘industry-low pricing.’