Brookfield, Wis. based Fiserv, Inc. is equipping financial institutions to better serve beginning investors with the addition of tailored digital advice and education to Wealth Management Network from Fiserv.
Fiserv is adding these capabilities through an agreement with the financial services startup GoldBean. The agreement resulted from GoldBean’s participation in the INV Fintech accelerator launched last year by Bank Innovation and Fiserv to further innovation in financial services.
The GoldBean platform’s design helps promote financial literacy especially for beginners. By analyzing people’s actual spending, the GoldBean digital investment platform creates customized portfolios featuring companies and brands that end users already know and use every day. The platform’s education modules and software helps build strong financial habits and turn savers into investors.
GoldBean’s capabilities, which also work with the Unified Wealth Platform from Fiserv to support a single-platform strategy with a traditional managed-account program, are available to all financial institutions including credit unions and banks, to provide financial education to their client base.
“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,” Cheryl Nash, president, Investment Services, Fiserv, said. “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.”
GoldBean utilizes an education-first approach to help financial institutions activate new investors. While millennials are the focus, the educational content on the platform appeals to beginning investors of any age who may have never invested outside of their employers’ defined contribution plans. GoldBean education content covers the entire spectrum of earning, saving, borrowing and investing money, including a financial learning center, available as a standalone feature for credit unions and banks.
“Our mission is to turn savers into confident investors,” Jane Barratt, founder and CEO, GoldBean, said. “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.”
Wealth Management Network from Fiserv includes access to a robust network of 70 sponsor firms, including eight of the top ten broker-dealers in the U.S., and supports approximately 300 asset managers with easy access to hundreds of model portfolio strategies. This facilitates real-time digital connectivity among all major market participants, including asset managers, broker-dealers, custodians, banks, aggregators, market utilities, advisors, investors and third-party partners.
