TD Ameritrade's Essential Portfolios and Selective Portfolios digital advice platforms have nearly $16 billion in assets under management as of June 30, the firm announced on Tuesday.
While AUM on TD Ameritrade's robo platforms pale in comparison to other incumbents' offerings (like Vanguard, which at the end of the first half of 2017 had $83 billion), it's still comfortably ahead of Betterment's $10 billion or Wealthfront's $6.7 billion.
(Related: Vanguard Is Way Ahead in the Robo Race)
Essential Portfolios, introduced in January, is TD Ameritrade's lower-service solution. It features low-cost automated planning and "light human support," including on-demand phone support from portfolio specialists. For a minimum investment of $5,000, investors on the platform can choose from five risk-based portfolios for a 0.3% fee.
TD Ameritrade recently introduced a personality insights tool to the Essential Portfolios platform that lets investors link their Facebook accounts and get a personality profile.
Selective Portfolios is a more robust offering. It offers 15 portfolios across five strategies, and gives investors access to high-touch, in-person and phone-based support.
