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Just the good old ultra rich won’t do anymore. UBS Group's deal to buy U.S. robo adviser Wealthfront for $1.4b signals how old-guard institutions that have traditionally catered to the world’s moneyed elite are recognizing the importance of attracting younger clients, whose vision of banking differs drastically from their elders.
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“It jumps over what’s historically been a gap in their clientele,” he said. “UBS has tended to cater to high net worth individuals. This brings them closer to the masses in a meaningful way with a platform and technology that clearly has met the needs of tens of thousands of clients.”
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