Fidelity Investments plans to merge its two robo-advice offerings, the hybrid robo-advisor Personalized Planning and Advice and the fully automated Fidelity Go, according to news reports.

The two platforms, which Morningstar says had the fastest annualized growth rate since 2018 out of the five largest robos, will be consolidated effective November 1, according to FA-IQ sister publication Ignites, which cited regulatory filings.

The move's goal is to reach younger and emerging investors, said John Danahy, the firm’s head of digital planning and advice, according to Ignites.

“[The consolidation] really extends the value of our planning and coaching to a broader audience at a lower price,” he said, according to the publication.

Currently, Planning and Advice requires an account balance of at least $25,000, and Fidelity Go doesn’t have a minimum, Ignites reports.

The new platform will not charge advisory fees on accounts with balances of $25,000 or less, while accounts holding more than $25,000 will be charged 35 basis points annually, according to Ignites.

The new platform will also offer nondiscretionary financial planning services, a new option for clients in or nearing retirement, to those with at least $25,000 in a Fidelity Go account, the publication writes, citing the filings.

Currently, Fidelity Go costs $3 a month on accounts with balances less than $50,000 and 35 basis points on accounts with more than $50,000, according to Fidelity’s website, Ignites writes. Planning and Advice currently charges 50 basis points, according to the filing cited by the publication.

Since the new fee structure means that clients with between $25,000 and $50,000 will see higher charges, the company is waiving fees for them for the first six months, Danahy said, according to Ignites.