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UBS launches robo-advice platform in UK




By Ryan Weeks on 12th October 2016

Source: Martin Abegglen, https://goo.gl/uIlnLF

UBS launches new wealth management platform to provide regulated and real-time financial advice online.

 

The world’s largest private bank UBS has launched a new robo-advice platform, and will begin on-boarding a select group of customers in the UK in November. Named UBS SmartWealth, the new platform will provide regulated and real-time advice to clients online. The tool’s suggested strategies will be based on the specific risk appetites and financial situations of its clients, factoring in their life stage, assets and goals. The minimum investment amount is £15,000, a low barrier to entry which could open the bank up to new client segments.

 

The Swiss bank’s wealth management experts have been working on the platform for the past year. SmartWealth effectively provides a route for customers to gain access to the economic and market insight of UBS Wealth Management’s global investment experts in a more streamlined and cost-effective fashion. Client’s will be able to choose between active and passive strategies, both of which will be informed the bank’s chief investment office.

 

But the new platform’s reach will extend beyond new customer segments. The technology underpinning SmartWealth will reportedly “transform” UBS’ ability to service existing clients, by simplifying processes such as account opening, and more efficiently testing attitudes to risk.

 

 “UBS SmartWealth is a strategically important move for UBS,” said Dirk Klee, chief operating officer of UBS Wealth Management. “It enables us to bring our advice and expertise to a much wider audience, at first in the UK, but in time in other geographies too.”

 

“Technology is changing the way financial services are delivered,” he continued. “The launch of UBS SmartWealth shows that digital innovation is not the sole reserve of start-ups. Large market-leading institutions have the resources to research, test and build transformative new products and services. This launch is an example of how we can blend the best of UBS with the best of start-up thinking and agility, meaning clients can access new innovations alongside the insight of worldwide investment and wealth planning experts.”

 

A full UK roll-out of the SmartWealth platform will take place in early 2017. 

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