Wells Fargo partners SigFig on rob-advisor service
Wells Fargo is working with San Francisco-based wealth management technology startup SigFig on a digital advisory service that the bank will begin piloting next year.
Robo-advice is one of fintech’s hottest sectors, enabling firms to massively expand the clientbase for their services by replacing expensive human advisors with algorithms.
Wells Fargo Advisors is bringing in expertise from SigFig to help it build a platform that promises to aid investors as they build, implement and rebalance tailored portfolios online based on responses to investing questionnaires.
David Carroll, head, wealth and investment management, Wells Fargo, says: “As we continue to invest in technology that serves the evolving needs of our clients and our advisors, this offering will mark an important step forward in delivering financial advice to the next generation of investors, while building a long-term pipeline for our full-service business.”
Unlike some of its fellow robo-advisor specialists, such as Betterment and Wealthfront, SigFig has concentrated less on disrupting traditional providers than working with them.
Earlier this year the firm set up a joint advisor technology research and innovation lab with UBS, where the bank’s financial advisors, product geeks and technologists can work with its digital experts.
Mike Sha, CEO, SigFig, says: “The breadth of our platform and the wide range of digital tools we provide help us quickly deliver cutting-edge investing technology to our clients and their customers through collaborative partnerships.”