Avi Ben-Hutta
Editor at Coverager
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ModernAdvisorJP Morgan Chase & Co. is shutting down its automated investing service in the second quarter of 2024.
In a statement provided to Barron’s, the bank shared that the unit did not perform as expected. “The robo-investing business did not take off in the wealth industry as expected. It hasn’t scaled or become profitable for many, including us. We believe our self-directed and advisor-led platforms offer great alternatives to our clients and are focusing our resources there.”
Automated investing accounts will be converted to self-directed investing accounts when the bank closes the robo accounts.
The bank introduced its robo-advisor product in 2019.
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