BBVA Compass is teaming up with robo-advisor FutureAdvisor as it seeks to use technology to offer investment management services to a greater slice of its clients.
Bought by Blackrock last year, FutureAdvisor is one of a host of robo-advisor startups disrupting the wealth management market by using algorithms to guide investment decisions.
From later this year BBVA Compass customers will be able to link external investment accounts with FutureAdvisor and receive a customised plan for their portfolios. The service will also be available for clients who want direct management of a portfolio, with the assets being held through the bank's broker-dealer affiliate.
Manolo Sánchez, CEO, BBVA Compass, says: "FutureAdvisor gives us a way to connect more of our clients with convenient, affordable and trusted advice. The ultimate goal here is to help our clients take greater control of their finances so they can build bright futures."