UBS has invested in wealth management tech firm SigFig as part of a strategic alliance that will also see the San Francisco startup create digital tools for the Swiss bank's US advisors.
SigFig will create and customise digital tools and services for some 7000 UBS Wealth Management Americas (WMA) advisors to help them guide clients on assets held at the bank and other institutions.
In addition to the equity investment (details of which were not disclosed), the two firms will create a joint advisor technology research and innovation lab, where UBS financial advisors, product experts and technologists can work with SigFig’s digital experts.
Tom Naratil, president, UBS Americas, says: "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."
Mike Sha, CEO. SigFig, adds: "Major enterprise partnerships are a key part of continuing to expand the reach of SigFig's investment technology platform, and we are excited to work with UBS WMA."
SigFig's own Web and mobile apps pull in users' data from things like 401k's and brokerage accounts into a single dashboard. The system then analyses the data and, once a week, diagnoses portfolios and provides advice on how users can boost performance.
The company has managed to secure major deals with media partners like CNN and USA Today, powering portfolio trackers on their sites. The strategy has helped draw in users, with the service now helping millions of people around the world track and optimize over $400 billion in assets.