UBS Wealth Management Americas (WMA) has formed a strategic alliance with SigFig, a San Francisco-based online financial adviser, to develop wealth management technology.

Under the agreement, SigFig will create and customise digital tools and services for UBS WMA’s 7,000 advisers.

UBS said it also made an equity investment in SigFig and will develop investing technology alongside it.

Additionally, UBS and SigFig will create a joint Advisor Technology Research and Innovation Lab, where the companies will continually collaborate on new wealth management technology tools.

UBS Americas president Tom Naratil said: “This alliance will strengthen our advisers’ ability to provide outstanding client experiences and outcomes by combining our expertise in relationships and personalised advice with SigFig’s skills in technology, data science, design, and development.

“It is vital for our industry to innovate and provide advisors with advanced technology that enables service, advice and access aligned with how clients live their lives today.”

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SigFig CEO Mike Sha said: “As a Silicon Valley company, SigFig can quickly innovate and deliver custom digital wealth management solutions tailored to the specific needs of an individual financial institution and its clients. Major enterprise partnerships are a key part of continuing to expand the reach of SigFig’s investment technology platform, and we are excited to work with UBS WMA.”