Patelco Credit Union, a Bay Area-based credit union dedicated to the financial wellness of its members and communities, is bringing a new investment tool and platform to its members. The credit union is leveraging Schwab Intelligent Portfolios Platform to bring this new automated investing Robo Advisor tool to its members.
Patelco’s Robo Advisor delivers automated investing with human help when members need it. It builds, monitors and automatically rebalances a diversified portfolio based on the member’s individual goals. Members can also get started with $5,000, half of what is typically needed, with a full-service financial advisor.
“We are always looking for new, innovative ways to serve our members,’ said Carolyn Wilson, Director, Investments - CUSO Financial Services, L.P. (Member FINRA/SIPC) at Patelco Credit Union. “Now more than ever, there are more people interested in investing; however, meeting the investment minimum to work with a full-service financial adviser can be challenging for many people, especially new or younger investors. Our new robo-advisor platform gives members the opportunity to safely and easily engage in investing alongside their other Patelco accounts and financial wellness resources. Robo Advisor is integrated with Patelco Online™, giving our members a single dashboard to view balances, schedule transfers, and get information on all of their accounts.”
Patelco’s Robo Advisor can help members invest for retirement, college, vacations, building long-term wealth, or creating a sustainable income stream. To get started, members answer questions about their goals, risk tolerance, and timeline. Based on the member’s answers, Patelco’s Robo Advisor will provide a tailored portfolio from more than 80 variations, including:
- 51 ETFs selected and monitored by Schwab experts that span 20+ expanded asset classes
- Three investment strategies, including global, U.S. Focused and income-focused
- Six risk profiles ranging from conservative to aggressive growth.
Patelco’s Robo Advisor monitors and automatically rebalances investments to help keep portfolios diversified and on track. Rebalancing is important for keeping a member’s intended level of risk consistent as markets fluctuate and asset classes drift too far away from the target portfolio weighting. Portfolios are automatically rebalanced when asset class weightings drift too far from targets. While rebalancing doesn't eliminate volatility, it can help to reduce risk over time.
To learn more about Patelco’s Robo Advisor, go to https://www.patelco.org/explore-services/investments/robo-advisor-program