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Roy describes how his team handles the integration process, how wealthtech startups should evaluate potential M&A deals and the key questions Jemstep is helping its client firms answer in the digital age. For example, annual client review requirements under the new SEC Regulation Best Interest will be “very expensive” for firms and practices with smaller accounts, he says.
“Thinking about how we can work with them to provide technology to digitize that to the extent possible [and] reduce the cost while enhancing their compliance is one of the key areas we see uptake on,” Roy says. “The firms are pulled in many directions, whether it’s fee compression, whether its compliance or regulatory, whether it’s competitive pressures. At the same time, they know their clients’ expectations are changing for technology. So they’re trying to balance all of these elements, and we’re working with them to focus their efforts on the areas which give them the greatest return.”