Wells Fargo (WFC) Stock Up, Launching Robo-Advisory Service

Wells Fargo (WFC) COO Tim Sloan said the company will start a robo-advisory service in 2017.
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Shares of Wells Fargo (WFC) - Get Report  are up 0.31% to $48.52 this morning after the company announced that it would launch a robo-advisory service.

COO Tim Sloan said that customers can expect the service to launch in 2017.

"We're in the midst of building a robo-advising capability, and you'll probably see us roll that out some time in the first half of next year," Sloan said to Bloomberg. "It might be a bit sooner or a bit later."

Robo-advisory services are online wealth management services that use automated, algorithm-based portfolio management advice to make decisions on customers' accounts.

Wells Fargo is a San Francisco-based banking company.

(Wells Fargo is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial.)

Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of B.

The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and attractive valuation levels. TheStreet Ratings feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: WFC

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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