Principal Financial Group has agreed to acquire financial technology company RobustWealth, as part of its efforts to expand its digital capabilities.
RobustWealth provides a suite of white label solutions for investment advisors including a digital advice platform, goal-based investment tools and efficient client onboarding processes.
With the acquisition, RobustWealth gains access to insights from Principal’s work with more than 16 million customers across the globe, while Principal will be able to better serve its clients with leading digital advisory capabilities.
“We have to acknowledge people’s needs and wants: there is an unprecedented need for financial advice. And, in today’s fast-paced, always on, digital world, people have a strong desire for personalization, convenience and 24/7 access to their money,” said Tim Dunbar, executive vice president and chief investment officer.
“The role of the financial advisor – a real person across the table – remains critical. But, we must combine the best of people with the best of technology to meet clients when, where and how they want to be met.
“Adding RobustWealth’s digital capabilities to Principal’s deep industry knowledge, asset management experience and technology creates a powerful force to help clients in their quest to save more, invest more and protect more for their financial futures.”
Principal has worked with RobustWealth since August 2017. By joining forces, clients will have access to one of the most diverse product sets in the market—investments (ETF, Mutual Funds), annuity and protection products.
The new Principal platform will seamlessly integrate an array of advisor practice features into one suite, including: automated rebalancing, billing/remittance, document vaults, electronic account opening, institutional quality goals-and-risk based investment portfolios, and the open architecture use of investment options.
“From employee culture to investment philosophy and a client-focused approach, Principal and RobustWealth have
