Wells Fargo shared a second round of details about its Intuitive Investment robo-advisor on Monday.
The program, which can be linked with bank accounts, will have a minimum investment of $10,000 and a yearly cost of 50 basis points, which includes phone-based financial advisor support.
It will give investors access to asset-allocation models, and both index and smart-beta ETFs designed and selected by the Wells Fargo Investment Institute. On a day-to-day basis, the portfolios will be managed by the bank's tech partner SigFig, which creates algorithms to do automatic rebalancing and tax-loss harvesting.
"Intuitive Investor supports Wealth and Investment Management's overall strategy to serve the evolving needs of clients and harness technology to address a long-time challenge faced by the industry: delivering high-quality advice primarily designed for next generation investors," the company said in a statement.
Its broad launch is set for the second half of 2017, though some employees will be part of a pilot launch earlier in the year; a client pilot "is scheduled for the summer," Wells Fargo told advisors last month in a memo.
Wells Fargo is positioning Intuitive Investor to "live between" its WellsTrade online platform and its full-service model, "acting as an important stepping stone for individuals who want to invest in their future using a convenient method that blends technology with access to human advice," the bank explains.
It also aims for next-generation investors to have easy access and integration with banking services.
