Robo-Adviser, Small Banks Team Up
BancAlliance, a consortium of more than 200 community banks, is partnering with the digital wealth management firm Personal Capital.
BancAlliance member banks cover 40 states and hold an average of $1.5 billion of assets. Personal Capital, a robo-advisory firm, counts BBVA among its investors.
Personal Capital reported more than $2.1 billion in assets under management and nearly 17,000 registered accounts as of May.
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"Financial planning is complicated and something many people delay," Brian Graham, the chief executive of BancAlliance, said in a news release Tuesday. "With Personal Capital, we are able to give our members the best tools available today to help their customers plan for their own future. Moreover, our members will gain an entirely new marketing channel through Personal Capital."