UBS closes robo-adviser to new clients

Sold to American SigFig

Hannah Godfrey
clock • 1 min read

UBS has closed its robo-adviser SmartWealth to new clients and sold the intellectual property rights to US-based firm, SigFig, for an undisclosed amount.

The Swiss firm suggested its reason for selling was that the near-term potential of the robo-adviser was "limited".   The decision to sell was made after conducting an assessment of the service. A statement from UBS said: "We are proud of the award-winning technology we have developed and were satisfied with the initial commercial progress of UBS SmartWealth. "Having conducted a thorough assessment, however, at this time we believe the near-term potential is limited and have therefore decided to close our digital-only offering in the UK. "We are pleased, however, to have entered...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

FCA and ICO to host roundtable on AI and tech

FCA and ICO to host roundtable on AI and tech

Data protection and Consumer Duty top regulatory constraints to AI deployment

Isabel Baxter
clock 11 March 2025 • 2 min read
Proactive risk management with AI: Spotting market shifts before they happen

Proactive risk management with AI: Spotting market shifts before they happen

Detecting early disruptions is key to mitigating potential risks

Tony Wilkinson
clock 05 March 2025 • 4 min read
Emotional support: Why AI cannot replace an adviser's crucial role

Emotional support: Why AI cannot replace an adviser's crucial role

'AI cannot give clients what they seem to value the most from a financial adviser'

Louis Williams
clock 03 March 2025 • 4 min read