Unlike Betterment and Wealthfront which have focused on catering directly to young, tech-savvy millennials, SigFig has been forging relationships with banks. The head of wealth and investment management at Wells, said the partnership with SigFig will “mark an important step forward in delivering financial advice to the next generation of investors, while building a long-term pipeline for our full-service business.”
Wells Fargo & Co is set to announce a partnership with SigFig for clients to use the robo-adviser's technology and wealth management investment tools. The announcement is expected on Tuesday, the bank said, with Wells likely to roll out a pilot version of the service during the first half of 2017. "As we continue to invest in technology that serves the evolving needs of our clients and our advisors, this offering will mark an important step forward in delivering financial advice to the next generation of investors, while building a long-term pipeline for our full-service business," said David Carroll, head of wealth and investment management at Wells Fargo. Wall Street banks and investment firms are increasingly building or buying robo-advisers to provide automated investment advice through web-based platforms at a lower cost than traditional financial advisers.
http://www.reuters.com/article/us-wells-fargo-technology-exclusive-idUSKBN13A1YB
