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Principal Financial Group, an insurance company with $673.8 billion in assets under management and a big provider of 401(k) plans to employees of small and midsize companies has acquired RobustWealth a robo advisor that offers automated rebalancing and an open menu of investment options and has about $900 million in assets on its platform.
Principal’s acquisition of RobustWealth is the latest example of traditional firms trying to hang on to existing clients and tap new ones who prefer low-fee digital wealth-management tools and funds that seek to match index returns. Northwestern Mutual, another insurance company, bought LearnVest a few years ago to boost its technology and recently relaunched the unit as a digital resource for customers, for example.
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