Principal Financial Group has acquired the financial technology of RobustWealth, a move the company says will help them to expand their digital reach to their clients. 

“We have to acknowledge people’s needs and wants: there is an unprecedented need for financial advice," Principal's executive vice president and chief investment officer Tim Dunbar said in a statement.

RobustWealth provides a digital advice platform,  investment tools and client onboarding processes. According to Principal, the acquisition will allow RobustWealth to gain insights from Principal's work across the globe with over 16 million customers. 

“From employee culture to investment philosophy and a client-focused approach, Principal and RobustWealth have a lot in common,” RobustWealth founder and CEO Mike Kerins said in a statement. “Together we will continue to evolve a digital advice platform that is sophisticated, but simple. Ultimately, these interactions combine our financial expertise with personalized digital advice that helps consumers meet their financial goals.”

According to Principal, RobustWealth will retain its open architecture philosophy and operate under a management committee. RobustWealth will also continue to sell their platform to firms outside of Principal. 

"Adding RobustWealth’s digital capabilities to Principal’s deep industry knowledge, asset management experience and technology creates a powerful force to help clients in their quest to save more, invest more and protect more for their financial futures," Dunbar said.