Wells Fargo's (WFC - Get Report) wealth management business will launch a new robo-adviser Intuitive Investor later this year, to generate revenue from existing Millennial customers looking to open their first investment account, the company announced Tuesday.
The digital advice platform will be rolled out in the first half of 2017 and marketed to Wells Fargo customers who have savings, and are comfortable taking significant investment steps online, Wells Fargo Advisors' head of digital and direct investing Devon McConnell said.
"We know that there are many customers ready to take an early step in their investing life, and for this population, a lot of things in their life happen online first," McConnell stated.
(Wells Fargo is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here. )