Schwab's new tool alongside its automated client portfolios underscore traditional financial services firms' moves to embrace human-less or technology-heavy options — and figure out ways to bring in new clients with less expensive products and introduce them to more premium offerings.
Customers do pay operating fees on the exchange-traded funds that are used as building blocks to make up the portfolios — and those ETFs include both Schwab-branded and third-party funds. McDaniel, who leads Schwab's digital advice and innovations teams and was previously chief of staff to founder Charles R. Schwab, said the firm designed the feature for "a range of investors and income needs."
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