Charles Schwab Vs Fidelity

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Financial services company Charles Schwab has announced that it is planning to launch a free "RoboBroker" service before the end of the year. This automated platform will offer investment advice and portfolio management for the company's clients.

Charles Schwab is the latest in a growing number of companies to launch automated investment platforms, also known as "robo-advisors". Such services typically use algorithms to analyze data about a client's financial situation and recommend appropriate investment strategies.

The RoboBroker service will be available to all Charles Schwab clients with a minimum balance of $5,000 in their account. Users will be able to access the platform from both desktop and mobile devices.

The move is part of a wider trend in the financial services industry towards using technology to improve efficiency and reduce costs. Firms are increasingly looking to automate tasks traditionally undertaken by human staff, including customer service and compliance monitoring.

However, some analysts have voiced concerns that the rise of robo-advisors could lead to job losses in the financial sector. Others argue that there is still a need for human advisors, particularly for more complex financial planning activities.

Despite these concerns, the robo-advisory market is expected to continue to grow rapidly in the coming years. According to a report by consulting firm Aite Group, assets managed by robo-advisors could reach $1.26 trillion by 2023.

For Charles Schwab, the launch of its RoboBroker service is part of an effort to attract younger investors and offer more affordable investment options. As traditional brokerage fees have come under pressure, the company has sought to diversify its revenue streams through new initiatives such as the robo-advisor platform.

The move is also a response to the changing preferences of investors, who are increasingly looking to digital channels to manage their finances. A recent survey by Accenture found that millennials are twice as likely to use online channels for banking and investing than baby boomers.

Charles Schwab's RoboBroker service is poised to tap into this growing market for automated investment solutions, offering a low-cost alternative for investors looking to manage their portfolios online.

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