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Deutsche Bank upgrades its business with robo-adviser
Deutsche Bank has just become the latest among a growing group of asset managers incorporating robo-adviser technology.
The German investment bank’s latest tool, AnlageFinder, was developed with fintech firm Fincite and uses questionnaires and algorithms to tailor equities portfolios for existing customers, Reuters reports.
Deutsche Bank is keen to keep up with industry peers, and the new platform is way to help clients create portfolios on the cheap.
Established asset managers are increasingly upping their tech game to meet the challenge brought by a new generation of wealth management firms like Wealthfront, Betterment, and Personal Capital. This is happening through in-house development or — more often than not — through acquisition, or by teaming up with existing startups.
Fidelity also recently launched its own robo-adviser tool, while Charles Schwab introduced free automated investment plans, picked by computer algorithms that create portfolios of exchange-traded funds (ETFs), earlier this year. We also saw BlackRock buy San Francisco-based FutureAdvisor in August.
Photo: Clint Budd