Brookfield-based Fiserv Inc. has partnered with New York-based startup GoldBean to offer personalized digital wealth management advice and education.
Fiserv identified GoldBean through a financial services innovation accelerator it launched last year with trade publication Bank Innovation, INV Fintech. GoldBean, which was founded in 2015, has graduated from the accelerator, which aims to develop promising startups from across the world and make their technology accessible to financial institutions seeking innovation.
GoldBean is a platform offered to beginner investors that tracks users’ spending patterns and then recommends customized portfolios, with an emphasis on brands and companies they already know. The technology is targeted to millennials, and aims to help banks bring on new investors. Fiserv will offer GoldBean’s technology on its Wealth Management Network and its Unified Wealth Platform.
“Our mission is to turn savers into confident investors,” said Jane Barratt, founder and CEO, GoldBean. “Our agreement with Fiserv, prompted as a result of our participation in the INV Fintech accelerator, will enable us to reach a much wider audience as we work with financial institutions to reach their customers with investment advice and education.”
Fiserv is a leading investment services solutions provider, with almost 5 million managed accounts on its Unified Wealth Platform totaling $1.4 trillion in assets under management.
“The GoldBean focus on advice and education for beginning investors brings a fresh approach to the wealth industry, where developing the pipeline of future wealth clients is a strategic imperative, but has not been well addressed from a product perspective,” said Cheryl Nash, president, Investment Services at Fiserv. “The partnership provides our clients with a low-cost, digitally enabled advisory model that opens the door to new investors by providing them with a digital channel to start investing at their own speed.”
The third INV Fintech accelerator class is underway, and the program is currently accepting applications for its fourth class. Fiserv is part of the advisory committee.