Vanguard has added a third robo-advisor offering, this one aimed at participants of employer-sponsored plans, according to news reports.

The new platform, Vanguard Personal Advisor, is a discretionary advisory service available to “select defined contribution plans,” FA-IQ sister publication Ignites writes, citing a filing from last week and a company spokesperson.

The service will rely on technology to help develop "personalized portfolio design alongside the unique coaching capabilities of a human advisor,” the spokesperson wrote in an email, according to the publication. “As a discretionary advice service, Personal Advisor will support more retirement plan participants’ needs and ultimately seek to improve participants’ retirement readiness.”

The new offering has a $250,000 minimum, Ignites writes, citing the filing. It charges a net advisory fee of around 30 basis points, depending on the specific holdings and settings. Investors in the program also have access to a financial advisor for consultations, according to the filing cited by Ignites.

Vanguard plans to roll out the service to a broader range of plans in the coming months, the spokesperson said, according to the publication. It’s also planning to add an environmental, social and governance-specialized portfolio option to the new robo, Ignites writes.

The company has two other robos: Personal Advisor Services, a hybrid robo for retail investors that charges 30 bps, provides access to a pool of financial advisors and has a $50,000 account minimum; and Digital Advisor, a purely online option that offers no human touch but has a $3,000 minimum and charges 15 bps, according to the publication.

Personal Advisor Services had $186.5 billion in assets under management and Digital Advisor had $4 billion in discretionary assets under management as of the end of 2021, Ignites writes.

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