Fidelity Investments is preparing to join the "robo adviser" craze, designing an automated service aimed at helping clients make sound investments.
The Boston-based money manager's new platform, called Fidelity Go, is an automated service that will suggest a portfolio of low-cost investments to investors who fill out an online questionnaire about their investment risk tolerance and goals, according to The Wall Street Journal.
Fidelity spokesman Robert Beauregard noted that Fidelity Go is a worthwhile platform to pursue because some investors "don't have the skill, will or time to manage their money, and so they turn to a partner."
Fidelity's platform will make use of the company's own products, which include mutual funds. It will also make use of funds managed by BlackRock, Fidelity's business partner and the largest manager of exchange-traded funds under its iShares brand, Reuters reported.
Fidelity now joins a growing list of financial firms to utilize automated platforms in it's services. BlackRock announced that it would acquire the automated platform FutureAdvisor in August, while Charles Schwab Corp launched its own offering, Intelligent Portfolios, in March.
The story of Fidelity's automated service was first reported by The New York Times. Fidelity manages $2.1 trillion in assets and holds trillions more through businesses that include retail brokerage, retirement services and support for financial advice firms.
