Schwab CEO praises fast 'robo advisor' start, laments low trading

April 23, 2015 4:55 PM

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NEW YORK, April 23 (Reuters) - Charles Schwab Corp's automated investment product has attracted $1.5 billion of assets in over 23,000 accounts in its first six weeks, about 20 percent of whom are new clients, Chief Executive Officer Walt Bettinger told analysts on Thursday.

The pace of sign-ups for the Schwab Intelligent Portfolios, a so-called "robo advisor" that allocates cash among exchange-traded funds according to formulas based on client questionnaires, has slowed after an initial burst, but the percentage of clients that are new to Schwab is growing, Bettinger s...

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