The service, which will be available via Web and smartphone applications, will provide investors with diversified portfolios using Schwab and third-party low-cost ETFs as the underlying securities and portfolio management provided by Charles Schwab Investment Advisory, Inc.

In addition, investors will have access to approximately 20 globally diversified asset classes including equities, fixed income, real estate, and commodities across U.S., international and emerging markets, and an FDIC-insured cash allocation.

Technology-driven daily portfolio monitoring and automatic rebalancing will work to keep the portfolios aligned to clients' chosen investment strategies. In addition, for portfolios starting at $50,000, automated tax loss harvesting is available at no cost.

Account holders will have the ability to automatically fund accounts on a recurring basis, and have access to live help from investment professionals if needed, and to service support around the clock.

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A customizable version for RIAs will be available shortly after the launch. Advisors will be able to apply their own branding to Web and mobile applications for clients; they will also have the option to modify asset allocations to customize portfolios from a pool of eligible ETFs. Multiple pricing options will be available for these customized, white-labeled versions including an option with no platform or program management fee.