By Moriah Costa on Wednesday 12 July 2017
The U.S. platform will provide a digital space for financial advisers to open new accounts.
The U.S. platform will provide a digital space for financial advisers to open new accounts.
Investment management giant Invesco is continuing its foray into digital wealth management.
The company is co-launching a U.S.-based platform for financial advisers through its wealth management solution company, Jemstep. The digital platform is for financial advisors affiliated with Advisor Group, an American network of independent financial advisory firms.
"So-called 'robo-advice' solutions today have become just table stakes for an industry entering a new fiduciary era,” said Advisor Group President and CEO Jamie Price. “The launch of this platform provides our advisors with the technology-enabled tools they need to meet rising client expectations for a wealth management experience that fits their lives, delivered through solutions that maximize accessibility and flexibility.”
The platform will allow advisors to set up new accounts, simplifying the application process and eliminating paperwork. The platform will also include Advisor Group’s advisory and brokerage solutions, and provide a robo-advice solution for clients who want to self-direct their investments, among other things.
The service is expected to roll out towards the end of 2017.
Invesco, the parent company of UK-based Invesco Perpetual, appears to be taking an increasing interest in robo-advice and passive investing. In April the company acquired exchange traded fund company Source, for a rumoured $500m (£390m).
Simon Roy, president and CEO of Jemstep, says the service will help financial advisors face the rapidly changing technological landscape.
"The independent financial advice industry is evolving rapidly, and advisors need next-generation tools in order to provide clients with the service experience they deserve while keeping their practices running at peak efficiency,” he said.
Jemstep was acquired by Invesco in 2016 and has had other clients, including BNY Mellon's Pershing. The platform simplifies both the front and back end for financial advisors and also helps with onboarding and compliance.
This article first appeared on RoboAdviceNews.com