PBI’s monthly round-up of developments in private banking and wealth management technology
Broadridge enters robo-advisory market
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Broadridge Financial Solutions has partnered with Canadian robo-advice business Wealthsimple to offer automated investment management services to its clients.
Broadridge will integrate the new service with the Wealthsimple platform, facilitating client onboarding, compliance and account transfers. The system will also offer clients access to automated investment management, mobile access and lower-cost investments.
The system, which will support adviser-investor and direct-to-investor models, will launch first in Canada.
Broadridge Canadian Securities Processing Solutions president, Michael Dignam, said: “With this new partnership, clients will be able to leverage highly customisable technology to target new customer segments – allowing them to get ahead of today’s challenges and capitalise on what’s next.
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By GlobalData“Our wealth solutions have the unique capacity to support both securities and mutual fund dealers on a single platform, even though they are separately regulated entities in Canada.”
Wealthsimple CEO and co-founder, Michael Katchen, added: “With Broadridge as our partner, we can reach more investors, furthering our mission to bring smarter financial services to advisers and investors.”
ABN AMRO launches German robo-adviser
Dutch banking group ABN AMRO has launched a new wealth management platform, Prospery, in Germany, which combines digital asset management with personal coaching by experienced financial planners for a fixed rate.
The platform is based on the Moxtra system, and is available to retail clients with assets of more than €200,000 ($236,000). The platform integrates several Moxtra capabilities, such as secure messaging, video banking and document collaboration.
Prospery COO, Omar el Khamlichi, said: “As a new business initiative, Prospery wants to deliver the best customer engagement and continuously evolve based on the wishes of its customers.
“Moxtra fits well with us. They think in possibilities, are an expert in collaboration, and are extremely client-oriented. This makes Moxtra the perfect partner for us.”
Prospery includes three propositions: Prospery View, Prospery Coach and Prospery Invest.
Prospery View offers clients an overview of existing and potential assets, including those of non-ABN AMRO accounts. The service does not charge a fee from clients.
Prospery Invest manages clients’ investments based on their risk profile, while Prospery Coach delivers personal coaching to clients by experts via online chats or video calls. Both these offerings charge fixed monthly fees of €239.
ABN AMRO CEO of private banking, Pieter van Mierlo, commented: “Prospery is a new addition to ABN AMRO’s range of services in the German market.
“This fully digital service meets a growing need for flexible, individual and independent asset management at a fixed fee.”
UBS unveils digital hub in Hong Kong
Swiss private banking giant UBS has launched a digital hub in Hong Kong, allowing tech startups to connect with some of the bank’s wealthiest HNW clients.
The digital hub, launched on 1 December, is the latest addition to UBS’s digital centres. worldwide.
It is a forum for clients and prospects to engage, network and share knowledge with tech startups and experts.
UBS Wealth Management’s chair and head of Greater China, Amy Lo, said the new venture is “a platform for engagement, networking and knowledge sharing among our clients and the tech startups”.
The digital hub will host client tours and industry tech events, and even offer startup speed dating, “bringing clients and startups closer together to forge collaborations”. UBS said most of its clients have a net worth of between $2m and $50m.
Since the centre opened in June, UBS has hosted more than 100 startups to network with its clients in sectors such as big data, robotics and driverless cars, among others.
UBS Wealth Management’s head of innovation technologies in Greater China, Cat Rüst, said: “We want to support Hong Kong’s drive to become a centre of technology innovation.”
In June, UBS began collaborating with the Hong Kong X-tech Start-up Platform, a startup formed by Sequoia Capital China managing partner Neil Shen, and by Hong Kong University of Science and Technology professor Guanhua Chen.
Morgan Stanley joins robo-advisory bandwagon
US investment bank Morgan Stanley has launched an online investing platform, Morgan Stanley Access Investing, which will be available to customers with a minimum investment of $5,000.
The platform will give investors access to mutual funds and ETFs, an ETF-only market-tracking portfolio, and seven thematic portfolios.
The company will charge an advisory fee of 0.35% of invested assets. However, investors will not be charged additional account servicing, transaction or termination fees.
Morgan Stanley Wealth Management’s chief digital officer, Naureen Hassan, said: “Morgan Stanley Access Investing leverages the firm’s intellectual capital to reach a broader audience of investors who are looking to achieve their financial goals.
“Morgan Stanley Access Investing is an opportunity for financial advisers to grow their book of business by making connections with prospects earlier, and eventually establishing full-service relationships when clients are ready.”
