By Moriah Costa on Wednesday 6 September 2017
As automated wealth tech grows, US banks are partnering with robo-advisers rather than create their own.
As automated wealth tech grows, US banks are partnering with robo-advisers rather than create their own.
US regional bank Citizens Financial Group is offering its clients access to automated wealth management through a partnership with robo-adviser SigFig Wealth Management.
It’s the latest US bank to partner with a robo-advice firm as automated investing options increase and the first regional bank in the US to offer wealth tech services.
“We think SpeciFi is a game-changing service that will make investing more accessible to a larger set of customers, while providing an entirely personalized and integrated banking and investing experience,” said John Bahnken, president of Citizens Bank Wealth Management. “This represents another example of our promise to provide customers with tailored solutions that help them reach their potential.”
The Providence, Rhode Island-based firm will integrate the wealth advice services with its current banking platforms so users can access their banking and investing accounts in one place. The service has a minimum investing among of $5,000 and claims management fees will be “roughly half the typical cost of a traditionally managed account.”
Called the SpeciFi, the platform will also allow customers to set up automatic contributions from their Citizen's Bank account. Like most robo-advice services, the portfolio’s are personalised for each client and monitored and rebalanced to match with individual's goals and risk tolerance. Users will also get access to a financial adviser for one-on-one consultations.
It’s not the only bank that is doing business with SigFig. UBS Group AG and Wells Fargo have also announced partnerships with the platform and their services are expected to go live in the coming months.
This article first appeared on www.roboadvicenews.com