Invesco Ltd. announced this week that it will collaborate with Pershing to offer Jemstep Advisor Pro, the firm’s advisor-focused digital advice solution, to Pershing’s clients.
This is the first news announced since Invesco acquired Jemstep in January.
“Even before our acquisition with Invesco, we were moving down the path with Pershing to be integrated on their platform,” Simon Roy, president of Jemstep, told ThinkAdvisor. “The acquisition by Invesco really just helped accelerate that because there is a deep and enduring relationship between Invesco and BNY Mellon, the parent of Pershing. That combination really helped accelerate our focus on Pershing and brought to bear the resources of Invesco, BNY Mellon and Pershing in support of this integration.”
Jemstep Advisor Pro will allow the RIAs and broker-dealers on the Pershing platform to seamlessly onboard prospects and effectively service investors. It is expected to be available on Pershing’s NetX360 platform in the third quarter.
Pershing is the second custodial platform Jemstep has partnered with. TD Ameritrade has been Jemstep’s primary custodian for “a number of years now,” Roy said. There are also a number of firms that self-custody with Jemstep.
“Pershing is obviously a very significant player in the space and we’re very pleased to be working and partnering with them,” Roy said.
Jemstep’s availability on the Pershing platform offers a digital complement to the traditional method of investment advice, according to Roy.
“The consumer adoption of technology to help manage their lives is really being accelerated. It’s certainly occurring in the financial services space. So, consumers are driving much of this adoption,” Roy told ThinkAdvisor. “Essentially, advisory firms are looking to add a digital capability to their practice as another way to engage prospects and to service clients, and to essentially give [clients] the means to engage with the advisor and advisory firm through an additional platform.”