Wells Fargo has revealed that it's using SigFig's "robo-advisers" to offer guidance to investors. The sometimes troubled bank will launch a pilot program for the AI helpers sometime in the first half of 2017. It's not certain when you could see it widely available, but that will likely depend on the test's success.
UBS is using SigFig's service to help its human advisers, and both Bank of America as well as Morgan Stanley are developing rough equivalents. Wells Fargo may be one of the first to take this automated advice into the mainstream, however. It has over 70 million customers worldwide, so courting even a fraction of its base would put robo-advisers in front of many, many eyeballs.
It can be remembered that Wells Fargo & Co had announced a partnership with SigFig for clients to use the robo-adviser's technology and wealth management investment tools.
The announcement was on Tuesday and during those times, the bank said that Wells Fargo and Co. is 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.
UBS Group AG said in May it had bought an undisclosed stake in SigFig. The two companies also said they would form a research lab to collaborate on new wealth technology.
Wells' strategy of putting SigFig in the hands of its investing customers is different than that of UBS, which is rolling out the service for its financial advisers to help construct investment portfolios and other activities that can be automated.
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