Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services.

Bank Earnings For First Quarter Point To Turbulent Year For Large Banks
Pedestrians pass a Wells Fargo bank branch in lower Manhattan on April 15, 2016 in New York City.
Spencer Platt—Getty Images

Wells Fargo plans to announce an investment and strategic partnership tied to roboadviser-type offerings by the end of the second quarter, its wealth management chief said on Tuesday.

Roboadvisers manage client money using algorithms rather than traditional human brokers, and have been popular with investors who want to pay lower fees or prefer digital options.

Wells Fargo's planned deal will allow it to capture smaller clients who want to manage their own investments, David Carroll, head of wealth and investment management, said at the bank's investor day.

"We are working hard, fast and furious to adopt [a roboadviser] capability at Wells Fargo," he said, without providing further details about the partner or size of the deal.

Roboadvisers have lower costs and offer smaller fees than traditional firms partly because they do not have to pay an army of brokers to sell their products.