The firm offers investment portfolios for people with as little as $50 to invest
Swell, a subsidiary of financial services firm Pacific Life, that calls itself a “rules-based investment platform,” not a robo-advisor, is offering an impact-focused Individual Retirement Account for tax-advantaged retirement savings.
“This was definitely one of the most demanded products,” Swell’s Dave Fanger told ImpactAlpha.
Customers can open an account on Swell for as little as $50 and roll over existing IRAs and other retirement plans. Seventy percent of Swell’s account-holders are 25 to 44 years old.
Swell launched in May, offering U.N. Sustainable Development Goal-aligned investment portfolios for people with as little as $500 to invest.
The average account balance is about $4,000 across its investment portfolios.