The New York and London-headquartered firm unveiled its new Covestor Wealth product in a bid to "fill the gap between do-it-yourselfers and those who want more advice." Five years ago, Covestor first opened with just a web site that lets individuals mirror successful trades by other investors; now, it is offering discretionary account management.
"Increasingly, we're finding there is a group of people looking for discretionary money management, who say, 'Actually, I'd kind of like some hand-holding and guidance'," Perry Blacher, chief executive of Covestor, said in a statement.
Clients can open an account with Covestor for a minimum investment of $50,000.
"What we're doing is bringing high-end accounts to a mass affluent audience," added Blacher.
The company has more than $10 million in assets under management.