Charles Schwab's release of its own automated investment product has launched a war of words between the firm and rivals in the digital space.

Schwab appeared to strike first, taking subtle digs at newer platforms such as Betterment and Wealthfront. The firm's Schwab Intelligent Portfolios was for "the investor looking to invest with an established company," Schwab executive vice president Naureen Hassan said in a call on Monday.

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