JPMorgan has begun rolling out a retirement-focused portfolio option in its digital advice platform, according to news reports.
The company is adding its new GlidePath Portfolios service to the You Invest platform, FA-IQ sister publication Ignites writes, citing a Form ADV filed this week.
The portfolios are allocated based on a client’s risk tolerance, retirement date and current age, a company spokesman tells Ignites.
Only some of JPMorgan’s employees currently have access to the GlidePath portfolios, the publication writes. A spokesman for the firm declined to say how many clients currently use them, according to Ignites.
JPMorgan disclosed in a brochure in November that it’s piloting the GlidePath portfolios as part of other changes to its You Invest program including lower account minimums, free trading for certain accounts and fractional trading in ETFs for accounts with less than $5,000 in ETF and cash balances.
You Invest Portfolios were launched in July, as a companion to JPMorgan’s You Invest Trade, the digital brokerage service introduced last year.
JPMorgan’s retirement-focused portfolio option could help it compete for business with other asset management firms as well as start-up robos, Aite Group’s research director, Alois Pirker, tells Ignites. Charles Schwab is adding a retirement income planning tool to its robo in January. Vanguard announced in September that its robo will be available to retail investors and in employer-sponsored retirement plans using Vanguard as the recordkeeper, Ignites writes.