Truist unveils robo advisor

Truist Financial is joining the ranks of banks offering robo advisors to their customers as well as human guidance.

On Monday the Charlotte, North Carolina, bank announced that Truist Wealth, its wealth management division, now offers a pair of digital investing capabilities: Truist Invest, a robo advisor, helps users create a portfolio that aligns with their goals, risk tolerance and existing investments. It will automatically monitor and rebalance the investments. Truist Invest Pro is a hybrid product that layers the digital capabilities of Truist Invest with access to a team of registered financial advisers. 

"Part of the process of creating Truist Invest and Truist Invest Pro was gathering client input and feedback," Kacy Howard, senior vice president of digital investing at Truist Wealth, said by email. "During that process, we found many clients were interested in a hybrid approach — they wanted a digital solution, but they still wanted the ability to speak with an advisor or ask a question. Truist Invest and Truist Invest Pro allow us to meet clients at different points in their investment journey."

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The services launched in February 2022 when the bank completed data conversions for the BB&T and SunTrust merger. Previously, SunTrust had a robo advisor called BrightFolio. Both Truist Invest and Truist Invest Pro require a minimum of $5,000 of investable assets to open an account. Truist charges an annual fee of 0.50% for Invest and 0.85% for Invest Pro. Clients can manage their accounts from their Truist online banking or mobile app. The platform combines technology that Truist built in-house and that of a digital wealth management vendor that Truist declined to name.

"The merger presented the right time to step back and review what we wanted the Truist solution to include and introduce it to market," Howard said by email.

Several banks have been rolling out similar capabilities in recent months and years.

Regions Financial in Birmingham, Alabama, also requires only  $5,000 in investable assets to open an account with InvestPath, a digital advisory service that blends access to human advisors. Ally Financial in Detroit added a human component to its existing robo advisor in May. Customers need at least $100,000 in investable assets. Marcus Invest, the robo advisor from Marcus by Goldman Sachs, debuted in February 2021. JPMorgan Chase acquired the digital wealth manager Nutmeg Saving and Investment in the United Kingdom in June 2021.

Truist considers its new investing products part of its T3 strategy, or its efforts to combine innovative technology with personalized service. Company designers, engineers and others co-created the tools in client journey rooms at the bank's new innovation and technology center.