Wells Fargo to introduce pilot robo adviser in 2017

According to bank’s representative the process will take place during the first half of 2017. Robo advisers are computer software programs that manage client money using algorithms and computer-generated portfolios rather than traditional human brokers. These technological solutions are popular with investors who want to pay lower fees or prefer digital options.

Wells Fargo aims to have a pilot version available for a small number of clients around the end of the first quarter in 2017. Until now the bank said that it has not decided whether it will build the technology in-house or partner with a third-party robo adviser and that is also difficult to provide a timeline on when a model for the service would be announced.

Reuters reported in May 2016 that the bank would announce an investment and strategic partnership tied to a robo adviser product for its clients in the second quarter, which ended in June 2016, according to yahoo.com.