Global investment management firm, Invesco, has acquired Jemstep, a startup that provides digital financial planning resources for professional advisers. Terms of the purchase were not immediately available.
“We believe investors are best served by partnering with a financial adviser to reach their unique investment goals,” says Martin L. Flanagan, Invessco CEO and president. “Jemstep’s proven platform enhances our ability to help advisers grow their business and … deliver superior client experiences in a rapidly evolving market environment.”
From left: Jemstep CEO Kevin Cimring and CTO Matthew Rennie demonstrated Jemstep Portfolio Manager at FinovateSpring 2013.
Jemstep is an online investment adviser that specializes in providing personalized advice to help people meet their financial and retirement goals. The company’s Portfolio Manager solution predicts how much money a given investment portfolio is likely to provide in retirement, and suggests alternative investment strategies that may yield even greater returns, including an action plan that specifies exactly what to buy and what to sell in all of their accounts, including 401(k) accounts. Lastly, the platform provides continuous monitoring and alerts to help investors, financial planners, and advisers stay on track.
Jemstep was highlighted in June 2015 by Let’s Talk Payments as one of those companies “pushing the envelope” in payment analytics. The same month, ThinkAdvisor looked at Jemstep in a column on the evolution of financial advisers. In May, Fox Financial Planning Network announced that it would use Jemstep’s Advisor Pro as the automated service platform for its AdvisorTouch Symphony program. And in April 2015, Jemstep partnered with Orion Advisor Services to bring automation to independent advisers on Orion’s platform.
Founded in 2008 and headquartered in Palo Alto, Jemstep demonstrated its Portfolio Manager at FinovateSpring 2013. Kevin Cimring and Michael Blumenthal are joint CEOs.