Charles Schwab's robo advice platforms announced their own assets under management milestone.
According to the company's latest SEC filing, Schwab Intelligent Portfolios, both retail and institutional, manages $8.2 billion, up $1.6 billion from the first quarter of the year.
“We are winning in the marketplace, steadily attracting clients and assets with a compelling combination of financial products, service and value," Schwab CEO Walt Bettinger said in an accompanying statement.
Launched over one year ago, Schwab’s platform for advisers, Institutional Intelligent Portfolios, currently has over 550 advisers on its platform.
At the annual SourceMedia In|Vest digital conference, Neesha Hathi, Schwab’s EVP for investor services platforms, strategy and client experience said that 60% of investors in the robo were previously self-directed.
Earlier this month, Betterment reported its retail and institutional offerings topped $5 billion in AUM, making the New York-based firm the first independent robo adviser to do so.
The digital platform with the most assets in the market still is Vanguard's Personal Adviser hybrid offering, with $36 billion, up from $31 billion at end of 2015.