Schwab robo-advisor service nets $1.5B in six weeks

• The service launched in early March, and is adding hundreds of accounts each day, says Schwab (NYSE:SCHW) CEO Walt Bettinger, and total AUM have reached just over $1.5B across 23K-24K accounts.
• The average account size is about $80K and roughly 1-in-5 are new Schwab clients. Also noted by Bettinger: Two-thirds of those coming into the program are under the age of 45 vs. the company's existing client base where two-thirds are above that age.
• Schwab doesn't charge advisory fees, commissions, or other service fees on the accounts, but instead funnels between 6-30% of the money into cash and profits on the deposits (something Schwab has come under criticism for).
• Source: Barron's
• Previously: Schwab joins robo-advisor business, defends high cash levels (March 10)