In an investor-backed power play, the robo tech firm wants banks to turn to it instead of traditional core software providers as they upgrade to digital-banking-friendly technology.
Most big banks are launching robo-advisers to compete for a new breed of wealth management customer. The risk is that automated services will disappoint traditional customers.
Venu Krishnamurthy is joining the asset management giant at a time when it is reorganizing itself and tinkering with product offerings to ward off fintechs and other challengers.
The $3 billion sale of Financial Engines to Edelman Financial Services puts every investment adviser on notice that the future is in digital wealth management. More deals like it are expected.
BMO Wealth Management aims to modernize its investment service and give advisers better equipment. Others offering automated advice solutions include UBS, Wells Fargo and JPMorgan.
Overstock will offer automated investing to its millions of shoppers. Some financial advisers reacted with a shrug, but are they underestimating the move?
Executives point out while they are fixing the online lender's very public problems, loan originations are still in the billions and it has expanded into wealth management.
