BlackRock is buying FutureAdvisor, a digital wealth management tool.
FutureAdvisor will operate as a business within BlackRock Solutions. The program is for advisors who serve mass-affluent clients. It’s meant to help advisors make investment and financial planning decisions.
BlackRock bought FutureAdvisor to help serve clients, such as banks, insurers, large and small broker-dealers, retirement platforms, and other advisory firms looking for a digital-advice platform.
BlackRock did not disclose the terms or how much it cost to buy FutureAdvisor. The deal is expected to close in the fourth quarter of 2015.
Read more about the deal here.