Personal finance platform SigFig has released CoPilot a new digital wealth platform for financial advisors.
CoPilot automates front, mid and back office administration processes to allow advisors to focus on clients. Through the service, users can digitise onboarding workflow with paperless account opening and client personalisation.
Other solutions include automated compliance processes such as annual reviews and changes to risk profiles.
Increasing its partnership with SigFig, Citizens Bank Wealth Management will be the first financial institution to implement the CoPilot solution.
Citizens Bank Wealth Management president John Bahnken said, “This is an incredibly powerful tool for our financial advisors, seamlessly digitizing many of our processes so that they can focus on what matters most – our customers, not the paperwork,
“At Citizens Bank, we believe that partnering with FinTechs is an effective way to accelerate innovation that helps us deliver simple, efficient banking and investing experiences, and we are pleased to be SigFig’s first partner to leverage the CoPilot platform.”
Founded in 2007, SigFig offers high-quality investment advice to all types of investors. Through data science, technology and a simple design, the platform enables investors to reach financial targets, no matter their experience or volume of available capital.
Its services include an end-to-end enterprise digital wealth management platform that supports automated investments for financial institutions such as Wells Fargo, UBS, and Citizens Bank and their customers which are around 70 million in total.
Earlier in the year, UBS was allegedly looking to sell its digital wealth management platform SmartWealth to SigFig.
The bank has discontinued the wealth management service after a review of its pilot, which has been live since last year, revealed there was little short-term potential for the solution, according to an article by Reuters which cites an internal memo.
SigFig closed a $50m Series E round earlier this year, following contributions from General Atlantic, Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS and Union Square Ventures.
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