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

Technology 'imperative' in the great wealth transfer pivot

Technology 'imperative' in the great wealth transfer pivot

‘It will help advisers become ready’

Isabel Baxter
clock 27 January 2025 • 4 min read
What to expect from AI in financial advice in 2025

What to expect from AI in financial advice in 2025

AI has already taken root in many of our daily lives

Nick Eatock
clock 16 January 2025 • 4 min read
Majority of IFAs have no plans to use AI in their practices

Majority of IFAs have no plans to use AI in their practices

Advisers divided on the pros and cons of AI

Isabel Baxter
clock 14 January 2025 • 2 min read