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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Covestor Investment Management has recently launched a new platform that provides high net worth-style service to investors with as little as $50,000 in investable assets.

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.

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