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. The new platform is called Betterment, which will be available for all customers who have an account at one or more regional banks.
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.