Ritholtz Wealth Management has launched Good Advice, an automated wealth management service that includes asset management, financial planning and financial consulting, according to a recent filing with the Securities and Exchange Commission. The platform is configured to guide clients "through the entire investment management process," it said.
The new service requires a minimum account balance of $15,000, the filing states, adding that "the maximum total fee charged for our Good Advice service will not exceed 0.50% of assets under management."
The disclosure comes less than three months after Ritholtz confirmed it was buying BlackRock's direct-to-consumer FutureAdvisor robo business.
It wasn't immediately clear if Good Advice Automated Wealth Management is Ritholtz's version of the former BlackRock robo-advisor. An outside spokesman said Ritholtz had no comment Wednesday afternoon.
Liftoff, the firm's older robo-advisor, also charges a fee of up to 0.50% of assets, which it splits with Betterment Securities; Betterment operates Liftoff on the Betterment for Advisors platform. Unlike Good Advice, Liftoff requires no minimum investment.
As for whether Betterment is partnering with Ritholtz on the Good Advice robo advisory, a Betterment spokesperson said via email Thursday the firm's relationship with Ritholtz Wealth Management "has not changed and we continue to support the Liftoff offering."
