Citizens Bank pioneers SigFig’s new wealthtech for financial advisors, CoPilot
SigFig launches CoPilot
Wealthtech company SigFig is building on its business-to-business (B2B) offering with the launch of CoPilot, a digital wealth management platform for financial advisors, reports Julie Muhn at Finovate.
Among the first to leverage SigFig’s new enterprise platform is the company’s current client, US-based Citizens Bank Wealth Management, which will offer the CoPilot digital wealth management tool to its financial advisors. SigFig first engaged Citizens Bank in 2016, when the bank agreed to leverage SigFig’s digital investing capabilities for its new SpeciFi offering from Citizens Investment Services (launched in 2017).
CoPilot automates administrative tasks for advisors to help them focus on their client relationships. The tool facilitates onboarding while providing a more personalised client experience, the vendor says. And to help improve the advisor’s productivity, CoPilot automates compliance processes as well as changes to the client’s risk profile and suitability.
“This is an incredibly powerful tool for our financial advisors, seamlessly digitising many of our processes so that they can focus on what matters most – our customers, not the paperwork,” says John Bahnken, president of Citizens Bank Wealth Management.
Launched in 2007 under the name Wikinvest, California-based SigFig works with big names like Wells Fargo and UBS. It is backed by a number of venture capital firms, including Bain Capital Ventures, Union Square Ventures, DCM, and Nyca Partners. UBS and Santander Innoventures are among the investors too.
Earlier this year, SigFig acquired the SmartWealth robo-advisory platform from UBS.
