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UBS plans digital investment advice for Americans with up to $ 2 million

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The logo of Swiss bank UBS can be seen in a branch in Basel, Switzerland on March 29, 2017. REUTERS / Arnd Wiegmann

NEW YORK / ZURICH, Oct. 26 (Reuters) – Swiss bank UBS (UBSG.S) is keen to implement a digitally scalable advisory model for affluent clients in the Americas with up to $ 2 million to invest, has t she said Tuesday in a quarterly earnings report. Read more

As part of its new strategic vision 2025, which CEO Ralph Hamers said would be presented in February, the bank intends to offer wealthy clients in the Americas a “seamless digital experience with remote human advice,” he said. she stated in the presentation slides.

The world’s largest wealth manager is following a trend set by US rivals Goldman Sachs (GS.N) and Morgan Stanley (MS.N) in seeking to expand their client base beyond the high net worth clients they traditionally served.

Earlier this year, Goldman launched a digital wealth management service named Marcus Invest for clients investing a minimum of $ 1,000. Read more

Morgan Stanley acquired E * Trade last year in a $ 13 billion deal executed in part to expand its reach into the wealthy sector.

Banks are looking to earn money from more customers as part of plans to develop more predictable income streams and reduce their reliance on unpredictable capital market activities.

UBS targets individuals with between $ 250,000 and $ 2,000,000 to invest, a demographic that is considered by analysts to have more growth potential than high net worth individuals, who have more than $ 2 million in liquid assets.

Wealth managers are increasingly using financial technology and artificial intelligence to tap into the rich demographic, which includes younger investors who are more comfortable investing online.

Editing by Michael Shields; Editing by David Gregorio

Our standards: Thomson Reuters Trust Principles.


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