Wells Fargo Advisors (WFA), the brokerage arm of US banking group Wells Fargo, has announced plans to partner with San-Francisco-based online wealth manager SigFig to develop a digital advisory offering.
The partnership will help WFA build a platform that will help investors build, implement and rebalance tailored portfolios online based on responses to investing questionnaires, Wells Fargo said.
Wells Fargo head of wealth and investment management David Carroll said: “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.”
The new robo advice service is aimed at emerging investors seeking digital experience, and will be first trialled in 2017.
SigFig CEO Mike Sha said: “Given the scale of Wells Fargo, this partnership will help SigFig continue to significantly expand our mission of providing high-quality investment advice to investors of all wealth and income levels.”
Recently, UBS Wealth Management Americas (WMA) also collaborated with SigFig to develop wealth management technology.
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