California-based digital advice firm Prumentum and Missouri-based wealth management firm Plancorp have joined forces to launch a hybrid robo financial planning platform, dubbed BrightPlan.
The new platform will assess clients’ finances to create a set of financial objectives and allow users to track their goals in conjunction with their assets. Apart from a digital platform, BrightPlan will also offer clients access to a financial life advocate if need arises.
As part of the deal, Prumentum snapped up a significant equity stake in Plancorp that manages over $3.6bn in assets.
The new platform, which will be a wholly-owned subsidiary of Prumentum, is expected to be rolled out later in 2017.
Prumentum CEO Marthin De Beer said: “By combining the proven wealth management expertise of Plancorp with the advanced technology of BrightPlan, we are uniquely positioned to deliver an exceptional service that inspires people to set life and financial goals, and easily implement and track their plan for success.”
Plancorp president Chris Kerckhoff added: “For many years, we at Plancorp have been actively pursuing an innovative digital solution that extends beyond simply focusing on investments. This partnership enables us to provide the hybrid solution we’ve been seeking with a firm, Prumentum, that shares our values and fiduciary commitment to clients.”