Refinitiv Inks Strategic Partnership with SigFig

A newly announced strategic partnership between SigFig and Refinitiv will enable the company’s clearing and custody platform, Refinitiv BETA, to offer institutional clients an end-to-end robo advisory solution complete with account opening, automated investment management, money movement, and more.

Refinitiv Managing Director and global head of Wealth Management Joe Mrak highlighted the ability to offer investment management services and advice as a way for its clients to “differentiate themselves and add greater value for their customers.” The partnership with SigFig comes as the financial markets data specialist adds to its overall offerings in the wealthtech space, most recently its Market Psych Indices introduced in September. With SigFig’s technology, the company will be able to offer its wealth management clients an enterprise-grade digital advisory solution that Mrak said “will dramatically transform and improve their investing services and capabilities.”

Founded in 2007, SigFig made its Finovate debut in 2010 as Wikinvest. In the years since, the company has grown into a leading digital advisory technology firm that reaches more than 70 million consumers via partnerships with some of the largest financial institutions in the world. Earlier this year, the company introduced SigFig Atlas, an interactive, financial advice and software-guided sales platform for banks and customers.

“By partnering with Refinitiv, SigFig is able to continue to expand access to our industry-leading digital management advice solutions for both consumers and advisors,” SigFig CEO and co-founder Mike Shea said. “By bringing new levels of speed, scalability, and efficiency to Refinitiv’s wealth management business solution, we’re creating a fully integrated solution from front end client experience all the way to the back office.”

With more than $119 million in funding, SigFig includes General Atlantic, DCM Ventures, Bain Capital Ventures, and Union Square Ventures among its investors. The company is headquartered in San Francisco, California.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

SigFig Appoints Anne Morrissey as its First CFO

Asset management platform SigFig has hired its first Chief Financial Officer. The company announced today that Anne Morrissey, a finance and technology veteran with experience growing startups like Fitbit and LeapFrog, will join SigFig as CFO.

“Anne joins us at a pivotal moment in SigFig’s growth trajectory as we unveil new products, expand into new regions, and grow our range of clients across the financial services sector,” SigFig co-founder and CEO Mike Sha said.

In addition to her work at Fitbit (Senior Director of Finance) and LeapFrog (Director of Finance), Morrissey worked at Yahoo! as Director of Investor Relations. For nearly ten years she worked in financial services with both JPMorgan Chase & Company and Salomon Smith Barney. Morrissey is a graduate of DePauw University and Harvard Business School.

“I’ve always been passionate about my work in technology and financial services,” Morrissey said. “(With) SigFig’s pioneering vision for the industry, I see this as an opportunity to work with Mike and his team to scale the business with strategic financial management.”

SigFig demonstrated its roboadvisory and asset management platform at FinovateFall 2011. Founded in 2007 (as Wikinvest) and headquartered in San Francisco, California, the company introduced its digital wealth platform for financial advisors, CoPilot, back in October. CoPilot automates administrative tasks – including compliance processes – makes onboarding new clients easier, and provides a more personalized experience.

With more than $114 million in assets under management, SigFig purchased SmartWealth roboadvisory technology from UBS in 2018. The company has raised $117 million in funding, and includes DCM Ventures among its investors.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

SigFig Launches CoPilot, a Digital Wealth Platform for Financial Advisors

Wealthtech company SigFig announced this week it is building on its business-to-business offering with the launch of CoPilot, a digital wealth management platform for financial advisors.

Among the first to leverage SigFig’s new enterprise platform is the company’s current client, Citizens Bank Wealth Management, which will offer the CoPilot digital wealth management tool to its financial advisors. SigFig’s relationship with Citizens Bank dates back to 2016, when the bank agreed to leverage SigFig’s digital investing capabilities for its 2017 launch of SpeciFi from Citizens Investment Services.

“We are thrilled to collaborate with Citizens Bank Wealth Management to kick-off our CoPilot offering,” said Mike Sha, CEO of SigFig. “The CoPilot platform represents the importance of advisors in the financial planning lifecycle and the value they provide to clients. CoPilot brings powerful end-to-end software to advisors to further assist their clients in their financial needs.”

CoPilot automates administrative tasks for advisors to help them focus on their client relationships. The tool facilitates onboarding while providing a more personalized client experience. And to help improve the advisor’s productivity, CoPilot automates compliance processes as well as changes to the client’s risk profile and suitability.

“This is an incredibly powerful tool for our financial advisors, seamlessly digitizing many of our processes so that they can focus on what matters most – our customers, not the paperwork,” said John Bahnken, president of Citizens Bank Wealth Management.

Launched in 2007 under the name Wikinvest, SigFig is a wealthtech pioneer with more than $114 million AUM. Co-founder Parker Conrad debuted the company’s Actionable Advice offering at FinovateFall 2011. Earlier this year, SigFig acquired SmartWealth roboadvisory technology from UBS.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

SigFig Buys SmartWealth from UBS

Wealthtech company SigFig announced a big purchase today. The San Francisco-based company bought SmartWealth roboadvisory technology from UBS for an undisclosed amount.

In a memo, UBS’ Eva Lindholm, head of Wealth Management U.K., and Reto Wangler, chief operating officer of Global Wealth Management, said the company found “limited short-term potential” for SmartWealth after launching it in 2017. The SmartWealth technology was aimed to serve wealthy investors, requiring a minimum investment of $19,500. Though the Swiss bank originally aimed to expand the roboadvisory service, a management reorganization resulted in a redistribution of resources, ultimately cutting off funds for SmartWealth.

Under the sale, SigFig will receive the SmartWealth technology (not the clients). “We’re pleased, however, to have entered into an agreement to sell the intellectual property relating to UBS SmartWealth to SigFig – a financial technology firm that we have an equity stake in and with whom we’ve been working for two years in the U.S.,” the memo added.

SigFig CEO Mike Sha said, “This acquisition underscores our strong, growing relationship with UBS, as we work together to provide better digital financial solutions to advisors and their clients.” UBS has been working with the fintech for the past two years. “We saw this deal as a perfect opportunity to quickly establish a veteran technology team and UK compliant offering,” added Sha.

Launched in 2007 under the name Wikinvest, SigFig is a wealth-tech pioneer with more than $114 million AUM. Co-founder Parker Conrad debuted the company’s Actionable Advice offering at FinovateFall 2011. Earlier this year, the company closed on $50 million in funding, bringing its total capital to $117 million.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

SigFig Raises $50 Million in Series E

Automated wealth management advisory specialist SigFig has raised $50 million in new funding in a round led by General Atlantic. The Series E round also featured the participation of existing investors UBS, Eaton Vance Corporation, DCM Ventures, New York Life, Nyca Partners, and Bain Capital Ventures.

“For over a decade, SigFig has provided access to premium, tech-enabled financial services for customers, banks, and wealth advisors,” CEO and co-founder of SigFig, Mike Sha said. “We are now aggressively expanding our services and reach to improve how banks utilize technology with their clients and increase the number of everyday people using technology to manage their finances.”

The company said it will use the additional capital to invest in new technology and to expand its service to larger FIs like current partners UBS and Wells Fargo. This week’s investment takes SigFig’s total capital to $117 million.

Founded in 2007 and headquartered in San Francisco, California, SigFig demonstrated its portfolio management service at FinovateFall 2011. The company enables financial service providers to offer their customers a way to build tax efficient, diversified investment portfolios that are personalized, mobile-accessible, and less expensive than using traditional financial advisors. SigFig’s platform provides tax reduction strategies, reinvests dividends, and monitors the portfolio, rebalancing when allocations get out of balance.

SigFig clients get their first $10,000 managed free and accounts can be opened with as little as $2,000. Accounts above $10,000 are charged a 0.25% annual fee. All clients get free portfolio monitoring and analysis, unlimited access to professional investment advisors, and minimized brokerage commissions.  SigFig supports individual and joint accounts, as well as all IRA types.

General Atlantic Managing Partner Paul Stamas, who will join SigFig’s board of directors as part of the investment, praised the company’s B2B2C business model, which he said could help SigFig take advantage of the growing market for “digitally-native investment advisors.” Stamas added that the company “leverages its industry-leading technology alongside its partners’ existing physical infrastructure and human capital to create a best-in-class advice solution.”

The funding for SigFig comes in the wake of a pair of major deployments of its platform. Earlier this year, UBS Wealth Management USA went live with SigFig-powered, robo advisory solution, UBS Advice Advantage. The UBS solution is geared toward clients with $10,000 to $250,000 in investable assets, and follows just a few months after Wells Fargo unveiled its own SigFig-developed robo advisor.