Tag: Envestnet
Posted on May 18, 2019
Robos expand into banking and cash management, as high yield account options have proliferated among direct to-consumer fintech platforms
Wealthfront joined the growing trend of fintech companies that offer high-yield accounts designed for cash savings. Betterment announced their cash management program late last year, as did trading app Robinhood. Robinhood launched its product with an aggressive 3% interest rate, but made a regulatory miscalculation and quickly pulled their product offline to reconfigure. Although these savings vehicles often appear very similar, there can be important differences. For example, Wealthfront places funds in FDIC insured bank accounts, while Betterment’s product invests funds in a conservative fixed income portfolio.
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Posted on January 23, 2019
“As interest and adoption grows among banks and advisors, so does activity in B2B robo advice products.”
As interest and adoption grows among banks and advisors, so does activity in B2B robo advice products. We have witnessed a slew of acquisitions and consolidations in the industry, as asset managers and incumbent institutions attempt to better position themselves for the expansion of the digital advice industry.
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