UBS plans to wind down its purely digital robo-advisor service, UBS Advice, next month, with existing accounts transitioning to another UBS wealth management offering, UBS Access, around June 13. This move marks a retreat from purely digital advice.
The discontinuation of UBS Advice positions the bank as the latest major institution to scale back its standalone digital advisory services. UBS Access, the new destination for these accounts, provides customers with separately managed accounts.
This strategic shift indicates a re-evaluation of UBS's approach to digital wealth management. It suggests a preference for integrated or hybrid models over fully automated platforms, impacting its competitive strategy in the digital advisory space.
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