UBS AG's headquarters in Zurich, Switzerland. (Photographer: Gianluca Colla/Bloomberg)
UBS has cut the minimum investment for its hybrid robo-advice offering in half, dropping it from $10,000 to $5,000.
The wirehouse disclosed the change to its UBS Advice Advantage Program in its latest Form ADV, which it filed Oct. 30.
The reduction follows similar pricing moves by rivals including Merrill Lynch, Morgan Stanley and Wells Fargo. In July, Fidelity said it was dropping its annual advisory fee for robo-advice to zero on accounts with less than $10,000.
The UBS price change is part of a collaborative initiative between UBS Global Wealth Management and Asset Management to align their businesses in the Americas. (It was first reported by InvestmentNews.)
In January, UBS introduced a new, all-inclusive separately managed account pricing model; it dropped the management fee to zero for asset management strategies. In July, the wirehouse expanded the model to include select strategies from third-party managers.
