|
The
announcement is expected on Tuesday, the bank said, with Wells
likely to roll out a pilot version of the service during the
first half of 2017.
"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," said David Carroll,
head of wealth and investment management at Wells Fargo.
Wall Street banks and investment firms are increasingly building
or buying robo-advisers to provide automated investment advice
through web-based platforms at a lower cost than traditional
financial advisers.
Unlike Betterment and Wealthfront which have focused on catering
directly to young, tech-savvy millennials, SigFig has been
forging relationships with banks.
UBS Group AG said in May it had bought an undisclosed stake in
SigFig. The two companies also said they would form a research
lab to collaborate on new wealth technology.
Wells' strategy of putting SigFig in the hands of its investing
customers is different than that of UBS, which is rolling out
the service for its financial advisers to help construct
investment portfolios and other activities that can be
automated.
Morgan Stanley and Bank of America Corp are building their own
technologies, while BlackRock Inc acquired FutureAdvisor last
August.
The digital wealth management market could top $20 trillion in
assets by 2020, according to consulting firm A.T. Kearney.
(Reporting by Olivia Oran in New York; Additional reporting by
Elizabeth Dilts and Dan Freed; Editing by Jeffrey Benkoe)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
