Invesco Canada will launch a digital platform that advisors can offer clients. The investment funds company expects these tools to boost advisors’ profitability.
To support independent advisors in the transition to fee-based management, Invesco Canada will soon be importing its US technology Gem Step to Canada. One step closer to a robo-advisor for clients, which will benefit advisors.
The tool will let clients build their portfolios, and complete their investor profile or other paperwork. Advisors can then focus on planning the client’s portfolio.
The platform will be intended exclusively for independent advisors, which make up Invesco’s only network in Canada, as in the 19 other countries where the firm operates. Invesco has $800 billion in assets under management. The launch date has not been announced.
There’s no question of ditching the advisor, says Invesco Canada CEO Peter Intraligi. “Advisors do more than just build a portfolio for their clients. They talk about volatility, estate and retirement planning. I think there’s a way to serve the clients with a digital portfolio, but comprehensive planning services can’t be done digitally,” he adds.
He also stresses that it is important for advisors to embrace these new technologies, which will simplify life for their clients and themselves. He does not see why clients cannot complete their investment profile online on their own. “This technology can make them more efficient and productive,” he says.
It is not only for Millennials, Intraligi adds. “All advisors’ clients will have expectations of their advisor regarding technological support. When is the last time you went to the bank branch to pay your bills? People will always want an advisor, but do they really want to fill out forms when they could do it online Saturday morning with a coffee?”