The Envestnet WealthBuilder program allows access to managed portfolios of ETFs, mutual funds, fixed income strategies, commodities and currencies; it has an account minimum of $10,000. It offers a range of strategies and portfolios from: Russell Investments, Wilshire Associates, Vanguard and Envestnet│ PMC.

The idea behind the launch is that it allows advisors to deal with relatives of existing clients, who may not have the same level of assets, in an economical way, and so to encourage multi-generational investing.

“While some firms that have dropped their minimums to $25,000, this level of access has never been available before," said Brian Lewis, senior vice president, strategic partnerships, Envestnet.