The Wings Financial Credit Union is working with Access Softek to encourage its members to invest. To that end, the Union will be deploying Access Softek’s EasyVest robo-advisor, which is an automated wealth management platform accessed through online banking channels.
EasyVest was specifically designed to help smaller financial institutions compete with national banks and their more robust investment divisions. The solution made its debut last May, when Access Softek noted that 98 percent of consumers do not take advantage of the wealth management tools available through their financial institution.
Wings Financial is hoping to reduce that figure. The Credit Union’s 300,000 members will be able to access EasyVest services for as little as $200, giving them a simple way to set up and manage a personal investment portfolio. Wings Financial is hoping that the platform will supplement its existing wealth management services, and it will encourage members to meet with a human advisor once their EasyVest portfolio reaches a certain size.
The EasyVest platform asks users to answer a series of questions, and then uses those answers to direct them to the investment options that best meet their stated goals, income, and risk threshold. The deployment builds on the existing seven-year relationship between Access Softek and Wings Financial.
“When [Access Softek] launched this robo-advisor, we knew this would be an important tool in our wealth management strategy,” said Wings Financial President and CEO Frank Weidner. “Digital services are crucial for our members and providing them with an online and mobile investing solution helps us continue our mission of being full-service via digital channels.”
“Robo-advisors will become increasingly more crucial for credit unions in the coming days,” added Access Softek Founder and CEO Chris Doner. “They appeal to a younger and wider demographic, help keep valuable assets in the credit union, and increase its market share in wealth management.”
Wings Financial is the largest Credit Union in Minnesota, and has roughly $6.5 billion in assets. Access Softek, meanwhile, recently outfitted the First Service Credit Union with a series of financial applications, including Real-Time Fraud Control and its Biometric Authentication Manager in addition to EasyVest.