The move by J.P. Morgan represents its push to grab market share from competitors and broaden the pool of Americans who are invested in the stock market.
hinted at this approach, saying that he could give clients free brokerage trades or a no-cost robo-adviser as part of a bundle of digital banking products. He likened it to the approach Jeff Bezos took with Amazon's Prime subscription service.
Without human advisers and salespeople, the new services all undercut the pricing of full-service brokerages, which typically charge at least 1 percent of assets under management. Driven by gains at Vanguard and The brokerage service is designed for people who want to be more involved in their investments and are perhaps already investing with a competitor, while the robo-adviser targets first-time investors, according to Kelli Keough, J.P. Morgan's global head of digital wealth management.
J.P. Morgan tested the automated investing service with employees last year and expanded it to the bank's Brooklyn branches earlier this year, according to the executives. Feedback from customers helped it streamline and simplify the service, removing steps from on-boarding and adding alerts, they said. The bank also took time to train employees at call centers and the firm's 5,000 branches on the new products.
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