By Moriah Costa on Thursday 17 August 2017
It’s the first major broker dealer to use Invesco’s digital advice platform.
It’s the first major broker dealer to use Invesco’s digital advice platform.
Invesco, the parent company of UK-based Invesco Perpetual, is continuing to expand into robo-advice and passive investing.
Invesco’s digital wealth platform for financial advisors, Jemstep, is partnering with the retail broker dealer and investment arm of American financial services company KeyBank.
The move comes just a month after Jemstep signed a deal with Advisor Group, a US network of independent financial advisers.
“We are thrilled to partner with Jemstep to implement their quality digital platform for our existing clients to provide access to our investment services while supporting our Department of Labor and other regulatory requirements,” said Marc Vosen, president of Key Investment Services, the broker deal arm of KeyBank. “Jemstep was a clear choice for us as they have a proven, cost-effective platform, integrated with firms with which we currently have relationships, and as a subsidiary of Invesco, I know they will be there tomorrow.”
Jemstep is a white-label service for financial advisers to offer different services to clients. It also helps to simplify onboarding and provides a risk tolerance questionnaire to help guide clients to the best portfolio for them. For the partnership with Key Investment Services, the portfolios are provided by BNY Mellon’s Lockwood, with trading and rebalancing by BNY Mellon’s Pershing.
“Jemstep is proud to partner with Key Investment Services to deliver both a quality digital solution to help clients meet their financial goals and an efficient service that integrates within KIS’s existing middle and back-office processes,” said Simon Roy, president and CEO of Jemstep.
The digital wealth management platform was acquired by Invesco in 2016. It simplifies the front and back end for financial advisers and helps with onboarding and compliance.