Last week, LendingRobot announced “LendingRobot for Advisors” to bring investing in Lending Club to a broader audience. They have partnered with Millennium Trust as a custodian who has long been involved in the online lending industry. Financial advisors will be able to manage all of their accounts through a new dashboard built by the LendingRobot team.
Emmanuel Marot, CEO of LendingRobot stated:
Today, if you are a financial advisor with 30 clients all interested in diversifying with peer lending, that task is next to impossible. Even the best chess players today are a team of 2: a computer and a human.
Advisors can sign up by creating a parent account and subsequently link client accounts. The advisor can modify the profiles of their clients and adjust settings based on the risk preferences of the particular investor to create a diversified portfolio of Lending Club notes. Reporting is available at the individual or advisor level. The fees are 3.75 bps monthly AUM or 45 bps on an annual basis. Client assets remain secure in Millennium’s custody.