Wells Fargo Advisors and SigFig Collaborate On Digital Advisory Offering
ST. LOUIS, MO. - Nov. 15, 2016 – Wells Fargo Advisors (WFA) and SigFig, an independent, San-Francisco-based wealth management technology company, today announced they will collaborate to develop a digital advisory offering for WFA to begin piloting in 2017.
The affiliation will give Wells Fargo a platform to help investors build, implement and rebalance tailored portfolios online based on responses to investing questionnaires. WFA and SigFig plan to optimize a direct-to-client product for WFA to offer to emerging investors who want trusted investment advice and a holistic financial experience in the digital space.
“Wells Fargo is committed to providing investors with quality advice that aligns with their goals and is relevant to all stages of their lives,” said David Carroll, head of Wealth and Investment Management at Wells Fargo. “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.”
“We are excited about the opportunity to bring SigFig’s advanced wealth management technology to Wells Fargo,” said Mike Sha, CEO of SigFig. “Given the scale of Wells Fargo, this partnership will help SigFig continue to significantly expand our mission of providing high-quality investment advice to investors of all wealth and income levels.”
“Experience and partnerships are some of our strongest attributes,” said Carroll. “We have an opportunity to serve clients more holistically with a product that complements our full-service business by combining the investment strategy of Wells Fargo with sophisticated investing technology, mobile tools and intuitive design.”
“Investors are increasingly demanding improved digital experiences, making it vital that financial institutions invest more resources and incorporate more technology in their offerings," said Sha. "The breadth of our platform and the wide range of digital tools we provide help us quickly deliver cutting-edge investing technology to our clients and their customers through collaborative partnerships."
According to the second quarter 2016 Wells Fargo/Gallup Investor Optimism survey, sixty-nine percent of investors under age 50 rely on the internet or mobile applications to interact with their primary investment firm. While digital advice services are relatively new to consumers, investors in the survey ranked them high for simplifying the investment process, matching investments to risk tolerance and providing reliability during market turbulence.
About Wells Fargo Advisors
With $1.5 trillion in client assets as of September 30, 2016, Wells Fargo Advisors provides investment advice and guidance to clients through 15,086 full-service financial advisors and 3,899 licensed bankers. This vast network of advisors, one of the nation’s largest, serves investors through locations in all 50 states and the District of Columbia. Wells Fargo Advisors is the trade name used by Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. www.wellsfargoadvisors.com
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
SigFig is dedicated to making high-quality investment advice more accessible and affordable to investors of all wealth levels. Using a combination of design, data science, and technology, SigFig helps empower investors with the information and guidance they need to achieve their personal financial goals. Through partnerships with some of the world’s largest and most innovative financial institutions, SigFig seeks to help investors and advisors better manage their investments. Its enterprise technology accelerates time to market for its partners, while doing so in a secure, scalable, and compliant way. Its product, design, and growth labs fuel innovation, accelerate adoption, and create delight for clients.
Founded in 2007, SigFig is backed by leading financial institutions including Comerica Bank, Eaton Vance, New York Life, Santander InnoVentures, and UBS, as well as top-tier venture capital firms, including Bain Capital Ventures, DCM Ventures, Nyca Partners, and Union Square Ventures. The company is headquartered in San Francisco, California. Learn more at www.sigfig.com.