Borrowing a page from a wirehouse rival, Wells Fargo Advisors said Tuesday that it is partnering with the tech firm SigFig to develop a robo offering, which it plans to try out next year.
The news comes six months after UBS' wealth-management group in the Americas said it struck a deal with SigFig to work on a variety of digital tools for its reps and advisory business.
"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," explained David Carroll, head of Wealth and Investment Management at Wells Fargo, in a statement.
According to Wells Fargo, its work with SigFig will allow it to offer "tailored portfolios" online and a service for "emerging investors who want trusted investment advice and a holistic financial experience in the digital space."
