UBS has officially closed its robo-advice platform, Advice Advantage, marking another significant step in Wall Street's broader move away from digital-only wealth management services.

Launched over seven years ago, AdvisorHub reports that Advice Advantage represented UBS's push to attract emerging, high-potential clients in the wealth accumulation stage — a segment that has grown increasingly crowded.

Though UBS did not release current assets under management for the platform,  AdvisorHub reported in early 2022 that Advice Advantage had surpassed $1 billion in assets. The decision to shut down the platform reflects a wider trend of financial institutions exiting the robo-advice space amid profitability challenges and changing market dynamics.

Barron's also reports that JPMorgan Chase closed J.P. Morgan Automated Investing, Goldman Sachs wound down Marcus Invest, and BlackRock discontinued FutureAdvisor. Similarly, Ellevest, a women-focused wealth firm, sold its robo-advice business and pivoted to private wealth services.

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