For UBS, bringing in SigFig’s technology is meant to bolster production as the industry faces competitive pressures. In the first quarter, UBS’s average financial adviser had $147 million of invested assets and $1.06 million in revenue.The San Francisco based robo adviser will be used by UBS' U.S.-based advisers to improve efficiency by reducing the amount of time spent on activities such as portfolio construction.
Advisers in UBS’s American wealth management division will use a robot to cater to well-heeled clients. The company’s 7,000 advisers will begin using technology developed by a San Francisco start-up, SigFig Wealth Management, one of a growing group of so-called robo-advisers that are shaking up the brokerage business with low-cost, automated investing. UBS is also taking an undisclosed equity stake in SigFig and will develop investing technology alongside it. The two are expected to announce the moves on Monday morning.
