Charles Schwab’s automated investment service is adding “hundreds of new accounts every day,” the brokerage’s chief executive said this week.

Schwab’s chief executive officer, Walter Bettinger, unveiled some details about Schwab Intelligent Portfolios in a call with analysts on Thursday. The brokerage rolled out its so-called robo-advisor service in early March, or about six weeks ago.

Automated advisers are seen as increasingly worthy competitors for their face-to-face counterparts, especially among younger investors. Barron’s Steve Garmhausen recently wrote that 11 online automated advisers had gathered a combined $15.7 billion through the middle of last year, not counting Schwab’s offering.

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Total assets under management for Schwab’s SCHW, +0.61% initiative have reached slightly over $1.5 billion, spread across between 23,000 and 24,000 accounts, Bettinger said, according to a transcript of the call. The average account size is about $80,000, he said, and roughly one in five accounts belongs to a client coming to Schwab for the first time: “About two-thirds of the new to firm adopters of the program in these first handful of weeks are under age 45. I think that reflects the fact that among new clients we have broad appeal with a skew toward younger investors.

“With existing clients, about two-thirds are over 45, reflecting more the mass affluent and affluent client base in Schwab retail.”

Schwab Intelligent Portfolios use algorithms to build portfolios made up of exchange-traded funds. Retail clients can opt in with $5,000, and answer a short survey that guides computerized models to allocate money. A version for advisers is scheduled to launch later this year.

Schwab’s service has also attracted attention for the way that it makes money. Schwab doesn’t charge advisory fees, trading commissions or other service fees. Instead, it funnels between 6% and 30% of investor money into cash; Schwab then earns interest on clients’ deposits.

This article previously appeared at Barrons.com.