Fiserv will make the Marstone digital-advice platform available to the 13,000 financial institutions it works with, allowing advisory firms, banks and other institutions an opportunity to integrate a robo-advice strategy into their businesses, the fintech company said Monday.
Some financial firms may choose to offer an all-digital-advice service, or craft a hybrid service that combines the automated platform with live advice. The Marstone technology could even be used to offer clients a central place to view all their accounts in a client portal, said Cheryl Nash, Fiserv's president of investment services.
“Fiserv is delivering a flexible solution that advisers can use to elevate the digital experience for their clients,” she said.
How much Fiserv will charge financial firms to use the platform with clients is not yet set, Ms. Nash said. Fiserv's platform supports about 5 million managed accounts with about $1.4 trillion in assets.
Many financial institutions that offer retirement advice have been thinking about integrating a digital-advice platform to help them meet requirements of a new Labor Department rule that's set to take effect starting in April, mandating all retirement advice be in a client's best interest. That rule, however, is up in the air as President Donald Trump asked the DOL last Friday to review its regulation.
Margaret Hartigan, a former financial adviser and founder of Marstone, said robo-technology is an effective way to provide fiduciary advice to smaller accounts, but there are other reasons advisers should consider integrating her digital-advice platform.
“It's about far more than fiduciary,” she said. “It's about serving mass-affluent clients in a cost-efficient way.”
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