Wells Fargo robo-adviser to target young, first-time investors

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith

NEW YORK: Wells Fargo & Co's wealth management business said on Feb 28 it would launch its new robo-adviser Intuitive Investor later this year in a bid to develop a new revenue stream from existing Millennial customers who may be looking to open their first investment account in a crowded online market.

Devon McConnell, Wells Fargo Advisors' head of digital and direct investing, said the digital advice platform, which will initially be rolled out to employees in the first half of 2017, would be marketed to Wells Fargo customers who have savings and are comfortable taking big life steps online.