Citi has unveiled a new digital investment platform with low account minimums and no advisory fees for some customers.

The company’s new robo-advisor, dubbed Citi Wealth Builder, is a collaboration with Jemstep, a subsidiary of Invesco, according to a press release from Citi. The platform is available to clients with an initial investment of $1,500 or more and charges a 0.55% advisory fee, the company says. The fee is waived for the “initial portfolio” for Citi Priority and Citigold clients, according to the press release.

The threshold for the fee waiver is $50,000 in deposits or investments with the bank, according to Citigold clients already have access to commission-free trading for exchange-traded funds and new-issue U.S. Treasury purchases, according to Citi.

Similar to most robos, Citi’s new platform offers a choice of six portfolios based on customers’ responses to a questionnaire designed to match their risk appetite with their current financial situation and retirement goals, according to the press release. The portfolios are made up of ETFs “designed and managed by investment experts,” Citi says.

Clients can access the accounts online or through Citi’s mobile app and also have round-the-clock support, although Citi doesn’t specify whether that includes access to financial advisors.

Citi’s entry into the robo-advice space is relatively late among large financial institutions.

JPMorgan, for example, began piloting its robo back in 2017 — at which point it was already competing with robo-advice pioneers Betterment and Wealthfront as well as with Morgan Stanley, Merrill Lynch and Wells Fargo, with fees ranging from 0.25% to 0.50%. Schwab Intelligent Portfolios charge no advisory fee, while Schwab Intelligent Portfolios Premium charges a flat $300 planning fee upfront and $30 per month thereafter.

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