Investments in Charles Schwab Corp’s “robo adviser” service grew to surpass $10 billion in September, more than double the year-ago level, a spokeswoman said Thursday.
The automated investment service, Schwab Intelligent Portfolios, allocates cash among exchange-traded funds according to formulas based on client questionnaires.
The San Francisco-based company previously reported the program’s total assets stood at $4.1 billion at the same time in 2015 and at $8.2 billion at the end of the second quarter.
Read More: Wells Fargo Is Investing In a Roboadvisor
Demand for digital financial advice has drawn efforts to buy or build similar platforms by other companies, including Fidelity Investments and BlackRock, the world’s largest money manager, which acquired a robo service called FutureAdvisor in 2015.
Bank of America this month unveiled its own plans for a similar service called Merrill Edge Guided Investing.
Schwab makes Intelligent Portfolios available to clients directly and through the firm’s affiliated third-party financial advisers. It launched the service in March 2015.