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Robos are increasingly providing data aggregation to their customers. Quovo is well positioned to help, the company is already providing their aggregation services to a number of financial advisers and robos including Betterment (Click here for details). Improved aggregation have the ability to help advisers provide a complete financial picture and better financial advice.
Data aggregation has been around for decades, first done manually and then automated, but industry watchers say it really started to heat up in the industry in 2015. Lowell Putnam, chief executive of data aggregator Quovo, said he has seen more robo platforms adopting this technology than traditional advisory firms, but expects to see numbers go up on both sides. Mr. Vigrass said he sees that too, as this technology has the potential to impact the processes of every portfolio. Other robos have been using account aggregation for years now, such as SigFig and hybrid-robo Personal Capital, but the tool is getting popular among other companies as they begin to move more toward financial planning, said David Benskin, chief executive of Wealth Access, a personal financial management platform for advisers.
