A new hybrid digital wealth advisor takes shape, coming out of California's Silicon Valley.

Online lender Social Finance Inc, more usually known as SoFi, has launched a wealth management platform that marries "robo" elements with the continued ability to talk to an advisor.

The San Francisco-based firm said the service includes "smart portfolios" that automatically build and rebalance assets to generate returns; advisors can talk to clients via phone or chat.

Management fees are waived completely for SoFi loan borrowers over the life of a loan, the firm said in a statement yesterday. For others, they pay a management fee of 0.25 per cent, and these don't apply on the first $10,000 invested. To become a client, a person must inve

Users can reach their accounts over the webb, the SoFi Wealth app, available now for both Android and iOS.

“People love the low fees and automation of robo-advisors, but they struggle with not having an actual human being to talk to when facing big financial questions. We’ve built something that perfectly balances those interests,” said John Gardner, general manager of SoFi Wealth.

The model appears to be a form of hybrid one, mixing automation and continued access to a real human advisor, an approach that some in the industry argues is a likely course for many individuals concerned about going down the full automation route. Merrill Lynch launched such a service earlier in the year, for example. Charles Schwab took a similar move last December.

More than 40 per cent of wealth managers surveyed by software specialist firm Temenos and Forbes Insights think a blend of digital and offline communications is the ideal way to shape their business, according to a report last year. More than a third (34 per cent) say clients insist on some form of digital contact. The report, The Rise of Bionic Wealth: A Hybrid Model of Cutting-Edge Technology and Advisor Expertise Heralds the Future for Wealth Managers, explores how younger population groups move quickly across face-to-face meetings to virtual platforms to ensure they receive fast and accurate service.