The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Meta Roboadvice Wins Over Another Robust Giant Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, June 1, 2018

Meta Roboadvice Wins Over Another Robust Giant

News summary by MFWire's editors

Roboadvice fever, especially for FA-friendly roboadvice, has spread to yet another publicly traded financial services giant in the asset management business.

On Wednesday Tim Dunbar, executive vice president and chief investment officer at Principal Financial Group [profile], confirmed that the Des Moines, Iowa-based insurer (also a mutual fund shop and a giant retirement plan provider) will buy Lambertville, New Jersey-based RobustWealth. RobustWealth is a roboadvisor that Principal's release describes as a provider of "a suite of white label solutions for investment advisors including a digital advice platform, goal-based investment tools and efficient client onboarding processes."

Fund Action and InvestmentNews covered the deal.

It's not clear when the deal will close, though RobustWealth founder and CEO Mike Kerins will stay on to lead the roboadvisor within Principal. And Principal's statement confirms that RobustWealth "will retain its open architecture philosophy and operate independently under a management committee within Principal" and "will continue to sell their platform to firms outside Principal as part of their growth strategy." In other words, Dunbar doesn't just want to buy up RobustWealth to use the technology for Principal's current clients and investment products.

"There is an unprecedented need for financial advice. And, in today's fast-paced, always on, digital world, people have a strong desire for personalization, convenience and 24/7 access to their money," Dunbar states. "The role of the financial advisor — a real person across the table — remains critical. But, we must combine the best of people with the best of technology to meet clients when, where and how they want to be met."

"Adding RobustWealth's digital capabilities to Principal's deep industry knowledge, asset management experience and technology creates a powerful force to help clients in their quest to save more, invest more and protect more for their financial futures," Dunbar adds.

While the specifics of the Principal deal and of RobustWealth's capabilities may differ, the whole situation should sound very familiar to fundsters. Schwab and Vanguard simply built their own in-house roboadvisor (or quasi-roboadvisor) solutions. BlackRock bought another FA-focused roboadvisor in 2015. Invesco bought one in 2016, the same year that WisdomTree bought a big minority stake in another. And earlier this year the ultimate parent of Putnam invested $65 million in a Canadian roboadvisor, a roboadvisor that is now amping up its FA-focused platform. 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. MFDF In Focus: Insights and Lessons Learned from a Retired Funds' CEO, September 21
  2. IMEA roundtable: Portfolio Construction, September 21
  3. WE Pacific NW and CFA Society Seattle Welcome Mixer, September 22
  4. Havener Capital's Boutique Week 2023, Sep 26-29
  5. FT's Future of Asset Management North America, Sep 27-28
  6. MFDF webinar - Introduction to Retail Private Markets Funds: Structures to Access Private Equity, Private Credit, Infrastructure and Real Estate Investments, September 27
  7. Women In Finance Fall Mix n' Mingle Happy Hour, September 28
  8. Expect Miracles Atlanta Coast Classic, October 2
  9. MFDF webinar - Exchange Traded Funds: A Market Update for Fund Directors, October 4
  10. 4th Annual ETFGI Global ETFs Insights Summit - United States, Oct 4-5
  11. 8th Annual FUSE Forum, October 5
  12. ICI & GCMFA Networking Reception, October 10
  13. 2023 MMI Annual Conference, Oct 11-13
  14. 2023 IDC Fund Directors Conference, Oct 11-13
  15. IMEA Star Awards Celebration, October 17
  16. IMEA Marketing Summit, Oct 17-18
  17. WE South - ETF Conversations, October 17
  18. MFDF Director Discussion Series - Open Forum via Zoom, October 23
  19. ICI 2023 Securities Law Developments Conference - Day 1, October 24
  20. Schwab Impact 2023, Oct 24-26
  21. 2023 MMI Legal & Compliance Seminar, October 26
  22. ICI 2023 Securities Law Developments Conference - Day 2, October 26
  23. MFDF Director Discussion Series - Open Forum (Los Angeles), November 1
  24. IMEA DE&I Roundtable, November 1
  25. IMEA Leadership Summit, Nov 1-2
  26. WIPN Nebraska - 3rd Annual Collegiate Career Exploration Event, November 2

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use