U.S. Bank Wealth Management Announces Partnership with FutureAdvisor to Offer Automated Investing Capabilities to Clients
MINNEAPOLIS–(BUSINESS WIRE)–Aug. 24, 2016– U.S. Bank Wealth Management announced today an agreement with FutureAdvisor to offer automated investing capabilities to clients of its affiliate U.S. Bancorp Investments. FutureAdvisor is an investment advisory firm owned by BlackRock that offers a digital advice platform to enable financial institutions to more effectively serve their clients. The service is expected to be available to U.S. Bancorp Investments clients in 2017.
“U.S. Bank Wealth Management is committed to serving clients where they are today and will be in the future, and that includes embracing robust technology strategies. We are thrilled to be launching a new strategic partnership with FutureAdvisor to create an automated investing option that we believe will be highly valued by those who are in the process of growing as investors. They will now be able to do so with greater confidence as a result of working with us,” said Mark Jordahl, president of U.S. Bank Wealth Management. “Moving forward we believe this automated investing offering will complement the work of U.S. Bancorp Investments advisors as they provide goals-based planning to clients.”
The automated investing platform will consist of a hybrid offering that will bring together the efficiencies of FutureAdvisor’s technology with the support of a dedicated team of financial consultants. The investment portfolios will be designed by U.S. Bancorp Investments, using its investment intellectual capital, and will consist of cost-effective funds specifically designed to help clients work toward their goals. This automated investment service will be accessible for U.S. Bancorp Investments accounts enrolled at usbank.com and the U.S. Bank mobile banking app, allowing users to easily track progress against their goals.
“Planning and investing for your future doesn’t have to be intimidating. Our intuitive, easy-to-use offering will help make the experience simpler and build the confidence of our clients by enabling them to track their progress against their goals anytime, anywhere,” Jordahl added.
“FutureAdvisor is proud to partner with U.S. Bank Wealth Management to provide a potentially more affordable, efficient solution for its advisor community to work with investors who increasingly expect to engage with technology to gain insights on their investment portfolios. Digital advice is here to stay and will play a larger role as the combination of digital and human advice, packaged appropriately together, continues to improve outcomes for both financial advisors and their clients,” said Bo Lu, co-founder and CEO of FutureAdvisor.
FutureAdvisor is an award-winning digital advisory firm based in San Francisco serving clients nationwide. With a focus on collaborating with major financial institutions, FutureAdvisor’s technology helps firms provide financial advice digitally to their customers. Their software actively monitors and manages clients existing 401(k)s, IRAs and taxable accounts from a household-wide, long-term perspective. FutureAdvisor was awarded the World Economic Forum’s Technology Pioneer award in 2015, and Euromoney’s Best American Wealth Management Innovator award in 2014. They were acquired by BlackRock in October 2015 as part of BlackRock Solutions,® which offers risk management, advisory and enterprise investment system services to a broad base of institutional investors.
About U.S. Bank Wealth Management
U.S. Bank Wealth Management, ranked in the top 20 wealth management firms,* offers comprehensive wealth management services. Ascent Private Capital Management (ascent.usbank.com) serves families of significant wealth. The Private Client Reserve (reserve.usbank.com) serves high-net-worth individuals and families, and The Private Client Group (www.usbank.com/wealth-management) serves affluent individuals and families. U.S. Bancorp Investments, Inc., a registered broker-dealer and non-bank affiliate of U.S. Bank, offers investment and insurance products and services across U.S. Bank Wealth Management.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $438 billion in assets as of June 30, 2016, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,122 banking offices in 25 states and 4,923 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
* Barron’s “Top 40 Wealth Management Firms,” Sept. 26, 2015, ranked by client assets in accounts of $5 million or more as of March 31, 2015.
Investment products are:
- Not a Deposit Not FDIC Insured Not Guaranteed by the Bank
- May Lose Value Not Insured by Any Federal Government Agency
For U.S. Bank:
Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S. Bank National Association and subject to normal credit approval.
U.S. Bank and its representatives do not provide tax or legal advice. Each individual’s tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.
U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments.
U.S. Bank is not affiliated with FutureAdvisor.
For U.S. Bancorp Investments:
Investment products and services are available through U.S. Bancorp Investments, the marketing name for U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment advisor and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank. Insurance products are available through various affiliated non-bank insurance agencies, which are U.S. Bancorp subsidiaries and affiliates of U.S. Bank. Products may not be available in all states. CA Insurance License# OE24641. Policies are underwritten by unaffiliated insurance companies and may not be available in all states.
Source: U.S. Bank Wealth Management
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report or Form 10-K for the most recently ended fiscal year.