The head of UBS’ digital strategy in the U.S. is moving to a rival. The departure comes as an upset for the bank’s robo-banking efforts.
Richard «Rich» Steinmeier (pictured left) is leaving the UBS wealth management division in the U.S. The head of the digital strategy and platform is departing shortly after the bank launched UBS Advice Advantage in the U.S., a hybrid between a robo adviser and physical advisory platform.
Steinmeier has joined LPL, a brokerage that stands in direct competition to UBS in U.S. wealth management, according to «Financial Planning». At LPL, Steinmeier will also take charge of the pipeline for new offerings. He will move from the UBS headquarters in New Jersey to the Californian surfer paradise San Diego.
Silicon Valley Connection
The digital manager is an old acquaintance of the tech community in Silicon Valley. He was one of the founding fathers of the UBS alliance with Sig Fig. The pact yielded the UBS Advice Advantage.
The U.S. is well on its way toward digital wealth management compared with other financial hubs. Competition is tough and margins are falling. Still, the business with the wealthy promises rich pickings, a segment of the market that Steinmeier had be in charge of starting in 2012.
Way to Go
Switzerland’s largest bank hasn’t yet struck luck with its digital offering. Smartwealth, a digital service for the U.K.-based customers for instance has met with a lukewarm response.
