0 Lawrence McOchillo Posted July 16, 2019 Author Share Posted July 16, 2019 Quote Link to comment Share on other sites More sharing options...
0 Lillian McKenna Posted July 16, 2019 Share Posted July 16, 2019 E-Trade Financial Corp (NASDAQ:ETFC) today announced that it had reduced the minimum amount required for a customer to access its robo-advisor services. The previous amount of $5,000 has been lowered to $500 in an effort to attract more customers. The robo-advisory services allow investors to benefit from professionally managed portfolios (its Core Portfolios product) at a fraction of the commissions charged by traditional investment accounts and at an affordable account minimum of just $500. The Core Portfolios product charges a 0.30% annual advisory fee as opposed to the 2% minimum management fee charged by most advisors, which makes the account very attractive to individuals with low incomes and minimal savings. Given that recent surveys indicate that a significant percentage of American households cannot afford to cater for a $400 emergency with cash, the recent move by E-Trade targets such households that still have a desire to invest. The company remains at the forefront of innovation given that most millennials do not have a lot of funds to invest but have a long time to do so as they have decades of work ahead, but they may prefer to start investing now. Quote Link to comment Share on other sites More sharing options...
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