BBVA Wealth Solutions rolls out new digital investment services product

Maria Nikolova

SmartPath Digital Portfolios aims to provide optimal advisory investment experience.

BBVA Wealth Solutions, Inc. (BWS) has announced the launch of its newest digital investment services product, SmartPath Digital Portfolios.

The new digital advice solution aims to help investors achieve their financial goals. SmartPath Digital Portfolios, powered by BNY Mellon’s Pershing, delivers an engaging user interface, along with a selection of managed account options.

“We are excited that we can provide a new digital solution at a lower cost than traditional investment advisor platforms; our biggest differentiator with this product is that we provide actively managed models that leverage non-proprietary ETFs,” said Bruce Hagemann, head of Investment Services for BBVA Compass and BWS chief executive officer.

“We also took the experience to the next level with the ability to provide a model for five different risk profiles with a more in-depth questionnaire to more effectively match clients to their risk and time horizon preferences. By going above and beyond the basic two-question mapping fund model to invest in, this solution sets us apart in the digital managed account space with full transparency”, he adds.

SmartPath Digital Portfolios is based on Pershing’s Digital Portfolios, which integrates Pershing’s investor platform, NetXInvestor, with the firm’s investment advisory solutions. SmartPath leverages Lockwood WealthStart® Portfolios, which is designed to assist emerging and mass affluent investors grow their wealth. It incorporates five out of six WealthStart models with traditional and nontraditional asset classes, leveraging non-proprietary ETFs.

Speaking of new digital tools released by BBVA, let’s recall the recent rollout of ‘BBVA AvalBox’, which allows businesses to request, present and consult guarantees online. Thanks to the new solution, the digital guarantee can be requested, presented and consulted quickly with the maximum security. The Spanish Royal Mint (La Fábrica Nacional de Moneda y Timbre) acts as a trusted third party and informs the concerned parties of the issue of the guarantee, is responsible for the custody of the document and offers a verification service. The tool also allows the operation to carried out as it currently is on paper. To present a guarantee in this way, all that is required is to request it from BBVA AvalBox and pick it up at a branch office.

BBVA has registered a steep rise in sales through digital channels. The bank sold more than 10 million units through digital channels in the first six months of 2018, marking a nearly twofold rise from the equivalent period in 2017. Sales via digital channels accounted for 38.6% of total sales in the six months through June, compared to a share of 22.4% a year earlier and 14.6% two years ago.

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