Jemstep the right roboadvisor step for KeyBank
When roboadvisor firm Jemstep was acquired by investment management company Invesco a year and a half ago, Invesco CEO Martin Flanagan highlighted the importance of combining technology and human insight to produce better investment outcomes for customers. Now Jemstep has partnered with KeyBank’s Key Investment Services (KIS), to provide another opportunity for Invesco’s roboadvisor to prove Flanagan right, reports Finovate (Banking Technology‘s sister company).
Marc Vosen, Key Investment Services president, calls Jemstep “a clear choice” for the firm, underscoring the company’s “proven, cost-effective platform” and integrations with a number of KeyBank partners. “And as a subsidiary of Invesco,” Vosen adds. “I know they will be there tomorrow.”
As part of the deal, KIS will deploy Jemstep Advisor Pro, a white-label, roboadvisor that provides tiered investment services and advisor access levels to enable financial professionals to work with a variety of different customer segments.
The platform guides investors toward appropriate investments by analysing responses to a customisable risk tolerance survey, and provides both integrated trading and portfolio rebalancing.
The partnership comes a month after Jemstep announced a deal with independent financial advisory firm network, Advisor Group. Arizona-based Advisor Group serves more than 5,000 advisors and oversees $160 billion in client assets.
In February, Jemstep partnered with SSG Capital Advisors in a deal that would give more than 1,500 registered investment advisor (RIA) client firms access to its Advisor Pro platform.
Founded in 2008 and headquartered in Los Altos, California, Jemstep had raised $15 million in funding previous to its acquisition in January 2016.
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