GARDEN GROVE, Calif.--(BUSINESS WIRE)--Fidelity® today announced the availability of new technology tools via WealthscapeSM, the gateway to Fidelity’s next generation total advisor technology platform, designed to help registered investment advisors, broker-dealers, banks and family offices digitize their businesses and deepen relationships with their clients. Wealthscape tools began to roll out in 2016, featuring Fidelity’s deep integrations with planning software from eMoney Advisor (eMoney), an offering that advisors continue to adopt. In addition, new capabilities from Wealthscape are coming to market, including WealthscapeSM Performance Measurement, the first offering from WealthscapeSM Portfolio Tools, which will be available to purchase in April, and Fidelity Automated Managed Platform (AMP), a digital advice offering co-developed with eMoney that select advisory firms will pilot in the coming weeks.
As the wealth management profession continues to evolve, technology can play a critical role in helping advisors demonstrate their value beyond investment performance. Fidelity research found that eAdvisors, advisors who use twice as many technology capabilities as their peers, are succeeding in many quantifiable ways, including having more than 40 percent higher assets under management and nearly 25 percent higher compensation.1 They also use technology to succeed in less obvious, but equally important ways, by strengthening relationships with their clients throughout the entire client journey – from the prospecting stage to planning to ongoing communication and reporting.
“If advisors approach technology as a purchase first, it can be overwhelming to evaluate all of the possible tools. Instead, it’s critical for advisors to consider the experience they want to create with their clients and then choose technology that can help enhance that relationship,” said Tom McCarthy, head of platform technology for Fidelity Institutional. “Advisors can now access new solutions through Wealthscape that are designed to create deeper relationships with their clients, by providing greater functionality, flexibility and collaboration, and ultimately helping advisors grow their businesses.”
Wealthscape Performance Measurement Available
Wealthscape Performance Measurement, which is currently in pilot with 14 firms representing more than 290,000 accounts, will be the first solution in Wealthscape’s integrated suite of portfolio tools available to purchase. Wealthscape Performance Measurement will drive dynamic planning conversations by providing a modern, on-demand performance experience that provides time-weighted and money-weighted rates of return for accounts and households on any device in an intuitive and interactive format. Advisors can rely on superior data quality as they compare performance to industry and blended benchmarks, up to five benchmarks at a time. They can share these customizable metrics with investors online, creating deeper engagement between advisors and their clients. Pilot clients are calling Wealthscape Performance Measurement “clean” and “intuitive”; they also praise the “level of customization” and the ability to adjust it as they like.
Upcoming enhancements in Wealthscape Performance Measurement are designed to further increase advisor-client engagement, including multi-custodial performance, a book of business performance dashboard and integration with eMoney Advisor’s Vault.
Fidelity’s Deep Integrations with eMoney
Winning with Advisors
More than 650 users, including advisors and staff, from over 200 firms have adopted Fidelity’s first-of-their-kind deep integrations with eMoney’s planning software. The integrations allow advisors to spend less time on administrative tasks and more time where it matters most in their client relationships -- engaging with them, understanding their goals, and helping them build a path for the future.
Advisors who have been using the integrations recognize the benefit of eMoney’s document Vault and how the deep integration has eliminated the need to manually upload Fidelity documents to the Vault, saving time and effort. The streamlined client import and householding capabilities also allow advisors to quickly and easily create new client accounts in eMoney, turn on the eMoney integrations for their clients and invite their clients to register for the eMoney client portal.
Additional deep integrations will become available through 2017 and into 2018, including the ability to easily move from within a client’s plan in eMoney to Fidelity to take brokerage action on the account, including account opening and funding. Investors will be able to do more as well through Fidelity integrations with the eMoney investor portal, including updating their profiles and opening accounts.
Pilot of Fidelity AMP, Co-Developed with
eMoney, Draws Advisors
For advisors who want to offer an automated service to smaller accounts, while maintaining their role as investment advisor, Fidelity is providing a suite of offerings within WealthscapeSM Digital Advice Solutions. Fidelity is currently building a planning-led solution, co-developed with eMoney -- Fidelity AMP -- and has already received an overwhelmingly positive response from firms interested in the pilot, set to begin at the end of Q1 2017. Pilot firms were drawn to AMP’s ability to manage digital and fully advised end clients side-by-side as well as the ability to evolve investors from an automated service to a more collaborative experience down the line, as clients’ assets and life complexities grow. For end-investors, an intuitive interface will allow them to seamlessly manage the process of opening an account, from creating a profile to funding an account, to ongoing engagement with their financial needs.
For clients looking to leverage existing relationships, Fidelity Clearing & Custody Solutions will integrate with select third-party vendors via additional APIs.
To help advisors execute a digital advice strategy, Fidelity is offering the new “Navigating Digital Advice: A Four Step Roadmap.” The roadmap walks advisors through the process of laying the foundation for a digital offering, including how to segment clients, design and deliver the offering and create a go-to-market plan with messaging and success metrics.
Attendees of the Technology Tools for Today (T3) Conference in Garden Grove, California can visit Fidelity at Booth 300 in the exhibit hall to learn more about Wealthscape. For more information, advisors can visit go.fidelity.com/wealthscape or contact their Fidelity relationship manager.
About Fidelity Investments
Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $5.8 trillion, including managed assets of $2.2 trillion as of January 31, 2017, we focus on meeting the unique needs of a diverse set of customers: helping more than 26 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 12,500 financial advisory firms with investment and technology solutions to invest their own clients’ money. Privately held for 70 years, Fidelity employs 45,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.
The content provided herein is general in nature and is for
informational purposes only. This information is not individualized and
is not intended to serve as the primary or sole basis for your decisions
as there may be other factors you should consider. The third-party
trademarks and service marks are the property of their respective
owners. All other trademarks and service marks are the property of FMR
LLC or an affiliated company.
Fidelity Clearing & Custody Solutions provides clearing, custody or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC. Members NYSE, SIPC.
© 2017 FMR LLC. All rights reserved.
1 The 2016 Fidelity Advisor Community is an online panel of advisors maintained by an independent firm not affiliated with Fidelity Investments. Surveys on various advisor-related topics are fielded throughout the year via a series of online, blind surveys (Fidelity not identified). As part of panel membership, advisors complete a background survey that captures basic information about their practice and firm (fielded on an ongoing basis starting in April 2015). The survey is administered for all new panelists, and is updated annually for existing panelists based on their panel anniversary date (typically between 9 months to 1 year after they join the panel). “eAdvisors” are identified based on their responses to various survey questions. The background survey was fielded between May 2 and October 31, 2016. Participants included 628 advisors who manage or advise upon client assets either individually or as a team, and who work primarily with individual investors. Advisor firm types included a mix of banks, independent broker-dealers, insurance companies, regional broker-dealers, RIAs, and national brokerage firms (commonly referred to as wirehouses), with findings weighted to reflect industry composition.