Vanguard announced that it will reduce the minimum asset requirement from $3,000 to $100 for its robo-advisor service, Digital Advisor.
Vanguard Digital Advisor launched in 2020 and provides an all-digital financial planning and investment advisory service aimed at delivering personalized and low-cost advice.
The digital advice platform helps clients identify their retirement and non-retirement goals, and then crafts and manages customized, diversified and tax-efficient investment portfolios to achieve them. As of June 30, Digital Advisor has more than $19 billion in assets under management.
“Lowering the investment minimum for Vanguard Digital Advisor is an important step in our endeavor to broaden investors’ access to advice, and to empower them earlier in their financial journey,” said Brian Concannon, head of Vanguard Digital Advisor. “We believe that advice strengthens investors’ ability to navigate their personal finance and investment needs and can drive better investment outcomes.”
Vanguard says its lowered minimum comes on the heels of a period of accelerated growth and innovation, as the firm increases its investments in the platform’s client experience.
The platform offers services that include personalized coaching, streamlined couples planning, automated tax loss harvesting, and broadened portfolio options, among other benefits.
“Advice is foundational to our mission to give investors the best chance for investment success,” said Doug Mento, head of Vanguard Advice. “We understand the needs of our investors are ever-changing, and we are dedicated to continuously evolving and innovating our advice offers to ensure clients have the tools, guidance, and importantly, the access, they need to achieve their financial goals.”
SEE ALSO:
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- Morningstar Study Shows Investors Are Choosing Low-Cost Fund Options
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
