UBS Group AG is buying online wealth adviser Wealthfront for $1.4 billion to reach the young rich and manage more money for people through their devices, the company said Wednesday.
UBS Americas president Tom Naratil REUTERS/Arnd Wiegmann
"This could also be a feeder for our business in the future because some of these people will be the high net worth and ultrahigh net worth clients of the future," Mr. Naratil said.For many of them, digital advice, rather than an old-fashioned broker relationship, is the preferred option, he said. Mr. Naratil said the bank has to consider whether it is "positioned properly, for those who don’t necessarily think the traditional financial adviser model is the right one for them." UBS gets most of its wealth clients in the U.S. through a 6,000-strong army of financial advisers. Giving digital advice is cheaper, and should improve profit margins, UBS executives have said.
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