Wealthify has teamed up with TSB Bank to provide its services to the latter's customers - Business Insider

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Strengthening its B2B arm can help Wealthify scoop up more customers and boost its finances, as banks are looking for ways to diversify their services

the remaining stake in the robo-advisor earlier this year. With the latest partnership, Wealthify now has access to TSB Bank's 5 million customers, to help it further accelerate customer growth. The 0.6% management fee the fintech charges for its services will be split between Wealthify and TSB Bank.

. Margins remain low for robo-advisors, which makes a large customer base ever more important. With a fee of 0.45%, robo-advisorsbetween $3.5 billion and $5.3 billion in assets under management to break even. While Wealthify hasn't disclosed its AUM and charges a slightly higher fee, having more customers will make its business more sustainable in the long term.

 

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