UBS Wealth Management USA has introduced its first digital advice platform in the US to clients of its UBS Wealth Advice Center.
The UBS Advice Advantage platform offers portfolio diagnostics, goals tracking features and access to a new investment advisory product, the UBS Advice Portfolio Program. In addition to the new digital service and product, all clients will continue to have access to financial advisors at the UBS Wealth Advice Center.
UBS Advice Advantage is UBS’s first platform designed with SigFig, an independent San Francisco-based wealth management technology company. The firms worked closely together to integrate the service within the UBS Online Services client website. The platform was also customised to incorporate UBS research and market views in the diagnostics and portfolio construction.
“We saw an opportunity to enhance the advisor-client relationship with an innovative product that meets our clients’ needs and maintains the critical elements and trust we have cultivated over decades,” says Rich Steinmeier, Head of Digital Strategy and Platforms at UBS Wealth Management USA. “For us, embracing the right type of technologies, while deepening our relationships with emerging affluent clients was key to creating the UBS Advice Advantage platform.”
UBS Advice Advantage also lets clients get UBS analytics on accounts they have at other financial institutions. The functionality is intended to provide clients a broader view of their financial picture to help them make informed decisions, as well as see how UBS may be able to help enhance their overall investment strategy.
The new online investment advisory product, the UBS Advice Portfolio Program, features risk assessment, online enrolment, regular monitoring for rebalancing, tax loss harvesting functionality, and ongoing professional portfolio management aligned with UBS GWM CIO capital markets assumptions. Online account management features are also available. All of the portfolio diagnostics services are complimentary. The advisory program has a minimum investment of USD10,000 with an advisory fee of 0.75 per cent of invested assets.
“Technology is changing how people invest and playing a critical role in how financial institutions are improving the overall client experience,” says Mike Sha, CEO of SigFig. “Working alongside specialists from UBS allowed us to integrate the capabilities of SigFig’s digital wealth management platform into UBS’s well-regarded wealth management offering, further enabling them to meet the needs of their clients.”