Online financial advisory firm launching in Charlotte

TradeKing, one of the country's largest online brokerages, is launching an online financial advisory firm out of its Charlotte offices.

Known as TradeKing Advisors, the venture will help investors with at least $10,000 in assets craft a portfolio based on their risk tolerance and timeframe. Fees will range from 0.75 percent of assets for more passive portfolios to 1 percent of assets for portfolios that are more responsive. Investors with $250,000 or more will pay a reduced rate.

TradeKing Advisors will be the latest in a burgeoning industry as mobile-savvy millenials amass investable assets. Firms like Betterment and Wealthfront have made waves as they've entered the registered investment advisory industry.  They're viewed as potentially lower cost and more convenient than your traditional wealth manager in an office.

"We’re seeing some people who need help," said Rich Hagen, the TradeKing chief operating officer who will lead the new venture. "They don’t have the money to get the attention of a financial advisor or it’s too costly."

TradeKing was launched in 2005 in south Florida, but moved some operations to Ballantyne in 2007. It has continued to add in Charlotte as the company has grown. Hagen said Charlotte has the largest concentration of people with Series 7 certifications outside New York, making the area attractive. Stockbrokers are required to take the Series 7 exam.

TradeKing Advisors is in a soft-launch for employees, friends and family. By the end of July, the company plans to make the service available to TradeKing customers before a full roll-out around September.