Robo advisors

Amerant Bank has invested $2.5 million in Marstone to provide a digital alternative to personal wealth advisors for new and existing clients. The technology "gets planning capabilities into the hands of any customer that wants them," says Jerry Plush, the Florida bank's new CEO.

Advisors who use at least two of the services will receive discounted pricing.

The deal values the robo advisor at close to $966 million, according to people familiar with the matter.

Firms using the fintech will lose support on September 6.

Account openings on the app doubled in 2020 from a year earlier.

The app offers investing and banking products to more than 4 million subscribers.

The startup is making its platform easier for RIAs to use while moving further away from Wealthfront's vision of "self-driving money."

Financial advisors and even competitors to Robinhood say the self-directed service has opened the door to new potential clients.

Even as Bitcoin and other digital currencies increasingly gain acceptance across Wall Street, the robo advisor is still doing its research.

It’s a significant pivot for the robo advisor, which has historically advocated passive, ETF-driven investing.