Fidelity Investments will start testing its automated investingservice March 30 with individual investors, TheWall Street Journal reported March 29.
The company is targeting about 500 existing clients aged 25 to45 years old for the current testing phase of its "robo-adviser" service,called Fidelity Go, according to the report. The Journal said Fidelity plans a nationwidelaunch of the service in the second half of 2016. The news publication added thatthe company also intends to provide an automated investing platform that catersto investment advisers, although no set date has been given.
Fidelity begantesting the service on a group of employees in 2015, according to thereport. The program requires a $5,000 minimum investment, and annual fees will beup to 0.35% for tax-deferred individual retirement accounts and up to 0.39% fortaxable accounts, the news outlet said.
Fidelity's Spartan index mutual funds and BlackRock Inc.'s ETFs are included in the investment optionsfor the service, the Journal said.
Fidelity Go will primarily use passive investments, except whenthe company believes a situation calls for active management, the news outlet added.
Fidelity and Fidelity Investments are registered service marksof FMR LLC.