Regional and community banks in the US are cutting ties with traditional broker-dealers in favour of robo-advisory platforms, designed to target the mass-affluent market. OceanFirst Financial has teamed up with Nest Egg, the latest bank to make a move to partner a digital wealth manager in a bid to avoid fees and streamline the process. Over two-thirds (45%) of bank customers are said to be very interested in opening a robo-advisory account, according to bank consultancy Novantas.
Regional and community banks in the US are cutting ties with traditional broker-dealers in favour of robo-advisory platforms, designed to target the mass-affluent market. OceanFirst Financial has teamed up with Nest Egg, the latest bank to make a move to partner a digital wealth manager in a bid to avoid fees and streamline the process. Over two-thirds (68%) of bank customers are said to be very interested in opening a robo-advisory account, according to bank consultancy Novantas.