U.S. Bank Wealth Management has collaborated with investment advisory firm FutureAdvisor to offer automated investing capabilities to clients of its affiliate U.S. Bancorp Investments.
The automated investing platform, which is expected to be available to U.S. Bancorp in 2017, will consist of a hybrid offering that will bring together the efficiencies of FutureAdvisor’s technology with the support of financial consultant’s team.
U.S. Bancorp Investments will design the investment portfolios for the platform, using its investment intellectual capital, and will consist of cost-effective funds.
U.S. Bank said that the service will be accessible for U.S. Bancorp Investments customers via usbank.com and the U.S. Bank mobile banking app.
U.S. Bank Wealth Management president Mark Jordahl said: “We are thrilled to be launching a new strategic partnership with FutureAdvisor to create an automated investing option that we believe will be highly valued by those who are in the process of growing as investors. They will now be able to do so with greater confidence as a result of working with us.
“Moving forward we believe this automated investing offering will complement the work of U.S. Bancorp Investments advisors as they provide goals-based planning to clients.”
FutureAdvisor co-founder and CEO Bo Lu said: “FutureAdvisor is proud to partner with U.S. Bank Wealth Management to provide a potentially more affordable, efficient solution for its advisor community to work with investors who increasingly expect to engage with technology to gain insights on their investment portfolios.
“Digital advice is here to stay and will play a larger role as the combination of digital and human advice, packaged appropriately together, continues to improve outcomes for both financial advisors and their clients.”