US Bank joins robo investment movement with FutureAdvisor

US Bank joins robo investment movement with FutureAdvisor

US Bank is the latest large financial institution to team up with an automated investment platform to provide online financial advice to wealth management clients, forming an alliance with BlackRock-owned FutureAdvisor.

The service, which is expected to be available in 2017, will consist of a hybrid offering that will marry FutureAdvisor’s technology and algorithms to a dedicated team of consultants from the bank's wealth management unit. The goal-driven automated investment platform will be accessible for US Bancorp Investments accounts enrolled at usbank.com and the US Bank mobile banking app, allowing users to easily track portfolio progress.

“US Bank Wealth Management is committed to serving clients where they are today and will be in the future, and that includes embracing robust technology strategies," says Mark Jordahl, president of US Bank Wealth Management. “We believe this automated investing offering will complement the work of US Bancorp Investments advisors as they provide goals-based planning to clients.”

FutureAdvisor's strategy is geared towards collaboration with major financial institutions. The San Francisco-based firm, which was acquired by BlackRock late last year, already counts BBVA Compass and RBC as banking partners.

The Financial Times estimates that the market for funds advised by hybrid robo-human services will grow to $16.3 trillion worldwide in the next nine years, as more banks develop inhouse services or pair up with third party automated investment platforms.

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