Wells Fargo taps insider to spearhead robo advisor initiative
Wells Fargo Advisors promoted an insider to lead its new robo advice platform, Intuitive Investor, the company announced.
Eddie Queen’s main task as head of digital and automated investing is to deliver on Well Fargo’s plan to deliver personalized advice to next generation investors through its forthcoming digital advice platform.
“Shifting consumer preferences and changing demographics are leading us to rethink how we deliver advice to clients, including those who may be investing for the first time,” David Kowach, president of Wells Fargo Advisors, said in a statement.
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Queen previously served as the bank's director of Digital Investment and head of strategy. Prior to Wells Fargo, he worked at Citi and Smith Barney.
Queen will also be overseeing Wells Fargo “do-it-yourself” online investment portfolio builder, WellsTrade, in addition to the digital advice platform, a spokeswoman says.
The robo platform is being powered by UBS-backed SigFig and will operate in an addition to Well Fargo’s current 14,657 full-service financial advisors. An account on the advice platform requires a minimum $10,000 investment, the company previously said.
Wells Fargo's announcement comes as more firms ramp up efforts to roll out digital advice platforms, either as standalone robos or so-called hybrid models. Raymond James announced a hybrid robo advice at the beginning of the year.