Principal Financial Group, an asset management and insurance firm, has acquired digital wealth management platform RobustWealth for an undisclosed sum.

The deal will offer Principal access to RobustWealth’s white label solutions for advisers such as a digital advice platform, goal-based investment tools as well as client onboarding processes. On the other hand, RobustWealth will gain access to Principal’s customer base of over 16 million.

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The two companies have been working together since August last year. The combination of the two groups will offer clients access to investments, annuity and protection products.

The single technology suite created through the merger will include automated rebalancing, billing, document vaults, electronic account opening, as well as goals-and-risk based investment portfolios.

RobustWealth will retain its operational independence, and will continue to be managed by its existing CEO and founder Mike Kerins. It will also retain its open architecture philosophy.

“From employee culture to investment philosophy and a client-focused approach, Principal and RobustWealth have a lot in common. Together we will continue to evolve a digital advice platform that is sophisticated, but simple,” Kerins said.

At the same time, RobustWealth will also continue to sell its platform to firms outside Principal.

Principal executive vice president and CIO Tim Dunbar said: “Adding RobustWealth’s digital capabilities to Principal’s deep industry knowledge, asset management experience and technology creates a powerful force to help clients in their quest to save more, invest more and protect more for their financial futures.”