UBS Wealth Management USA has launched a digital advice platform called UBS Advice Advantage, which will enable clients to have a better view of their financial standing.

The platform, which is the firm’s first of its type in the US, will be available to clients of the UBS Wealth Advice Center.

UBS developed the platform in collaboration with California-based online investment advisory firm SigFig, with which it formed a strategic alliance in May 2016.

SigFig CEO Mike Sha said:  “Working alongside specialists from UBS allowed us to integrate the capabilities of SigFig’s digital wealth management platform into UBS’s well-regarded wealth management offering, further enabling them to meet the needs of their clients.”

UBS Advice Advantage will have goals tracking features and offer UBS research in diagnostics and portfolio construction.

It will also offer users access to a new offering called the UBS Advice Portfolio Program. The programme will incorporate features such as risk assessment, regular monitoring for rebalancing, tax loss harvesting, and ongoing professional portfolio management.

The platform will also offer users UBS analytics on accounts held at other institutions.

UBS Wealth Management USA head of digital strategy and platforms Rich Steinmeier said: “We saw an opportunity to enhance the advisor-client relationship with an innovative product that meets our clients’ needs and maintains the critical elements and trust we have cultivated over decades.

“For us, embracing the right type of technologies, while deepening our relationships with emerging affluent clients was key to creating the UBS Advice Advantage platform.”