Major banks are ramping up their interest in the wealth management sector – and that includes embracing new technologies too.
The latest in line is UBS Wealth Management Americas, which has signed a strategic alliance with wealth management technology company SigFig.
As part of the deal, SigFig will customize digital tools for the 7,000 financial advisors under the UBS WMA banner. The digital platform will aid the firm in providing advice efficiently on assets and will help provide personalized financial advice across the complete range of client needs.
In an effort to further strengthen the partnership, UBS WMA has also made an equity investment in the firm. The two companies will also work together on an Advisor Technology Research and Innovation Lab where the companies can continually collaborate on new wealth management tools.
Speaking in a release, Tom Naratil, president of UBS Americas, outlined the importance of the new technology.
This alliance will strengthen our advisors’ ability to provide outstanding client experiences and outcomes by combining our expertise in relationships and personalized advice with SigFig’s skills in technology, data science, design, and development,” he said. “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.”