SigFig's quality assurance head has left the robo-advice fintech. He's at least the third senior leader to exit in 5 months.
- SigFig's director of quality assurance has left the robo-advice provider as one of at least three senior leaders to exit the fintech since August.
- We first reported in October that the San Francisco-based firm had recently cut some 10% of its workforce, and had separately seen departures in top roles including its head of wealth management.
- Robo-adviser startups like SigFig have aimed to disrupt the wealth business by offering automated financial advice at a lower cost than traditional human advisers. SigFig partners with some of the biggest wealth managers, including industry giant UBS.
- SigFig last raised $50 million in a June 2018 funding round led by General Atlantic, with participation from returning investors including Bain Capital Ventures and DCM Ventures.
- Contact me at rungarino@businessinsider.com or on the secure app Signal - number available upon request - using a nonwork phone.
- Visit BI Prime for more wealth management stories.
SigFig, the financial technology firm and robo-adviser that's partnered with some of the largest US wealth managers, has lost another key senior leader.
Tung-Huy La, who was the firm's director of quality assurance, left SigFig this month, La confirmed to Business Insider.
SigFig last raised $50 million in a June 2018 funding round led by General Atlantic. The Series E round included participation from returning investors including Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS, and Union Square Ventures.
We first reported in October that the San Francisco-based firm had recently cut some 10% of its workforce - around 20 people - and had separately seen departures in top roles that helped sign up and take care of clients.
Martin Attiq exited in August as the firm's head of strategic partnerships, and Randy Bullard left in September as general manager of wealth management. Attiq moved into a role as an adviser to the firm; Bullard is now the global head of wealth at investment management software provider Charles River, which is owned by State Street.
SigFig did not respond to a request for comment. La said he was leaving for personal reasons.
"It was a hard decision for me as I really loved working at SigFig and it was like a family to me," he said.
Robo-advisers like SigFig, Wealthfront, and Betterment have aimed to disrupt the wealth business by offering automated financial advice to investors at a lower cost than traditional human advisers.
SigFig's recent departures signal holes in the leadership around its main line of business: white-labeling technology for its partner firms like UBS, Wells Fargo, and Citizens Financial, as well as the financial data provider Refinitiv.
SigFig's business largely differs from that of more traditional robo-advisers, which cater services directly to investors more than to firms and their advisers. Robo heavyweights Wealthfront and Betterment directly handle some $21.5 billion and more than $20 billion in client assets, respectively.
The firm, founded in 2007, directly oversaw some $485 million in assets under management as of March, according to its latest regulatory filing. That excludes assets held at other firms that use SigFig's technology on a white-label basis.
Prior to joining SigFig in 2014, La built up the quality assurance team at news aggregation website Flipboard, and served as its head of quality assurance, according to his SigFig bio. La previously led a similar team at Amazon.
Contact this reporter at rungarino@businessinsider.com or on the secure app Signal - number available upon request - using a non-work phone.
