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Welcome to Industry Focus, the podcast that dives into a different sector of the stock market every day.

I'm your host Michael and I'm joined by Matt Frankel as per usual.

Matt, good to see you again.

Always the pleasure to be here.

All right, fantastic.

So we thought we'd talk about

Robo Advisors a little bit today

because there's news.

Wells Fargo is planning to use a robot advisor or to be more precise they're planning

to create a robot advisor it's called the Intuitive Investor product and clients are going to need to have a minimum of $10,000 to open an account, and they'll be charged

a 0.5% advisory fee, a little bit less in certain circumstances, and we'll talk about that a little bit

further down the road.

But what's interesting here is that Wells Fargo is following in the footsteps of a lot of small

competitors like Betterment that you've probably heard of and then also some very large institutional competitors, Vanguard,

Charles Schwab, Fidelity, which has a product called Fidelity Go, and Merrill Edge, guided investing by Bank of America.

What's interesting about Row Advisors is there a big market.

In fact, it's one that's growing pretty quickly.

One estimate puts it at $385 billion in assets under management by 2021.

...