Google’s newest project takes aim at traditional banking, but wealth management may not be far off.
The search engine giant’s entry into banking can be partly traced to the recent efforts by fintechs to evolve beyond investing and financial advice through bank partnerships. And just as those partnerships have rapidly grown, there is little to prevent Google from teaming up with a broker to launch a wealth management pilot too.
Carson Wealth became one of the first big advisory firms to offer checking accounts to clients in May. Through a partnership with the digital banking provider Galileo, Carson’s RIA clients have access to a Mastercard-branded debit card, online bill pay, direct deposit options and the ability to use tens of thousands of ATMs, according to the firm.
“We view Amazon as the competition,” Ron Carson, CEO of Carson Wealth Management, told Financial Planning after the Apple credit card launch in March. “Whenever they decide to get directly into our business, we have to be prepared. They haven’t yet because there is just so much low-hanging fruit. But, they are coming.”