Schwab will discontinue its premium digital advice and human advisor service, Intelligent Portfolios Premium, in 2022. The move follows other banks like UBS and US Bank abandoning their robo aspirations. Schwab’s basic online-only service, Intelligent Portfolios, with a $5,000 minimum and no fee, will continue.

Schwab’s decision to shut down its premium service is due to the difficulty of scaling hybrid offerings that combine human and digital advice. The non-premium service, Intelligent Portfolios, has amassed over $80 billion in assets since its launch in 2015. Schwab’s cash allocation strategy allows them to earn money on automated accounts.

Despite discontinuing its premium service, Schwab remains a key player in the robo offering space. Vanguard, Betterment, and Wealthfront are other notable options. Goldstone notes that while some banks have closed their robo offerings, many major banks have launched them, with only a few shutting them down.

Read more at Yahoo Finance: Schwab Scraps its Premium Robo Advisor Platform