A Midwestern mutual fund shop is developing a new platform and building out its team.

"We're coming out with a roboadvisor," Kevin Miller, CEO of the Bloomington, Minnesota-based E-Valuator, tells MFWire. "We're one-third of the way through programming this."

"We will be hiring," Miller adds, noting that his son, Collin Miller will spearhead E-Valuator's national sales force.

The E-Valuator Funds (advised by Systelligence) are asset allocation mutual funds of funds, and the plan is for the roboadvisor to "systematically move money from growth to moderate" and on down the risk spectrum, Kevin Miller says. He sees the planned program as ideal for financial advisors who need a solution for serving smaller, less profitable accounts.

"We're going to white label this so it's going to look just like it's part of their practice," Kevin Miller says. "We expect that that will be a highly valued service to independent advisory firms."

They have two other distribution channels planned: through retirement plan platforms, and direct to individual retail investors. Kevin Miller declined to reveal the name of E-Valuator's planned roboadvisor, as they're currently waiting on trademarking it. 

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