Advisor Group has partnered with Invesco Ltd. IVZ’s Jemstep to launch an onboarding, advice and data aggregation platform for both financial advisors and retail investors.
The platform, set for a fourth-quarter release, offers paperless solutions such as allowing the clients of financial advisors to easily transfer assets from other institutions and to view accounts from other institutions in one screen, according to Advisor Group.
“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,” Advisor Group president and CEO Jamie Price said in a Tuesday statement.
Phoenix-based Advisor Group’s network serves more than 5,000 advisors and oversees more than $160 billion in client assets, making it one of the largest networks of independent financial advisors in the U.S., according to the company.
Los Altos, California-based Jemstep, which was purchased by Invesco in 2016, markets a platform known as Jemstep Advisor Pro.
The platform announced Tuesday in partnership with Advisor Group provides next-generation tools for the growing independent financial advice sector, Jemstep president and CEO Simon Roy said in a statement.
Paperless Onboarding And Money Transfers
The new platform is expected to offer fintech solutions to challenges commonly faced by independent financial advisors, according to Advisor Group.
They include a paperless process for opening new client accounts, and a web portal where clients can monitor their accounts.
The transferring of client assets to brokerage and advisory accounts will be handled using a paperless, e-signature based process, according to the announcement by Advisor Group and Jemstep. The platform is integrated with Pershing for brokerage accounts and Envestnet for advisory solutions.
Advisors and clients will be able to view all client assets in a single interface, including bank and 401(k) balances, according to Advisor Group.
The digital advice platform from Jemstep is customizable as an advisor-branded offering “and can be made accessible to investors seeking a personally driven wealth management experience through the advisor’s website,” according to Advisor Group.
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