Equity Services, Inc. Launches FMAX to Enhance Advisory Capabilities and Advisor Experience, Advancing the Firm’s Next Phase of Growth

MONTPELIER, Vt.--(BUSINESS WIRE)--Equity Services, Inc. (ESI), an independent broker-dealer and registered investment adviser, today announced the successful launch of Fidelity Managed Account Exchange^® (FMAX) as the new technology foundation for its proprietary advisory platform, ESI Illuminations.

Completed in collaboration with Fidelity, the conversion of the advisory platform represents one of the most significant platform transformations in ESI’s history and underscores the firm’s continued investment in technology, advisory capabilities, advisor support and enhanced client value.

“Moving Illuminations to Fidelity’s Managed Account Exchange, FMAX, is one of the most significant platform upgrades in our firm’s history and reflects our long-term investment in advisory infrastructure,” said Alex David, President of Equity Services, Inc. “The transition strengthens how our advisors serve clients through enhanced service support, deeper portfolio management capabilities, and improved platform economics—making it ESI (EASY) for them to focus on what matters most: their clients. It positions ESI to be more competitive, more scalable, and better aligned with our role as a relationship-based firm supporting advisors in an increasingly complex industry.”

Advancing the Next Chapter of ESI Illuminations

The launch of FMAX enhances the capabilities of the Illuminations platform by delivering a modern managed accounts framework, expanded investment flexibility, and deeper integration with Fidelity’s Wealthscape℠ ecosystem. The FMAX platform supports a wide range of advisory use cases, from turnkey model portfolios to highly customized managed account solutions.

Key Platform Enhancements

With the help of FMAX, the Illuminations platform delivers meaningful enhancements across technology, investment flexibility, and economics, including:

• Expanded portfolio construction and customization capabilities, supporting a wide spectrum of advisory strategies—from model-based solutions to highly tailored managed accounts.
• Guided Choice program capabilities, enabling advisors to deliver personalized investment solutions within a scalable framework, balancing customization with operational efficiency.
• Enhanced platform economics designed to improve efficiency and value for both advisors and clients, supporting more competitive pricing and long-term practice growth.
• Increased scalability, supporting the evolving needs of growing advisory practices and complex client relationships.
• Access to a broad range of asset managers, strategists, and investment solutions, including both established institutional managers and specialized boutique firms.

Strengthening Advisor Support and Competitive Positioning

Beyond technology, the transition to FMAX strengthens ESI’s ability to deliver enhanced service and support to advisors. The platform positions ESI to better meet evolving advisor and client expectations while reinforcing the firm’s commitment to choice, flexibility, and long-term partnership.

“This transition is not simply a technology upgrade—it’s a strategic investment in how we support advisors,” said Greg Teese, Chief Operations Officer at ESI. “FMAX enables us to deliver a more scalable offering, with a higher level of support, more competitive pricing, and an advisor-centric experience. This conversion is a clear signal of our commitment to advisors—and a natural extension of the relationship-driven culture that defines ESI.”

About Equity Services Inc.

Founded in 1968, Equity Services, Inc. (ESI) is a registered broker-dealer and investment adviser committed to advisor growth, client confidence, and lasting partnership. Backed by the strength of 175+ year-old mutual company National Life Insurance Company, ESI offers a flexible affiliation model, access to industry-leading solutions, and a strong, independent platform for financial professionals nationwide. We believe relationships are the foundation of this industry and are committed to delivering a personal and exceptional advisor experience.

About ESI Illuminations

ESI Illuminations is Equity Services, Inc.’s proprietary advisory platform, designed to deliver scalable, customizable investment solutions supported by a broad network of asset managers and portfolio strategies. Illuminations enables advisors to align investment implementation with diverse client goals while maintaining operational efficiency and oversight.

About Fidelity Managed Account Xchange^® (FMAX)

Fidelity Managed Account Xchange (FMAX) is a comprehensive wealth management platform, consisting of advisory tools, programs and services, and investment products from Fidelity and other leading asset managers. Some services are provided by affiliated and unaffiliated parties, including technology from Envestnet. FMAX offers robust Fidelity service and support and a simplified client experience, provides investment advisory and platform services, and is offered by Fidelity Institutional Wealth Adviser LLC (FIWA)®, a registered investment adviser and an indirect, wholly-owned subsidiary of FMR LLC. FMAX provides investment advisory and platform services for a fee. The FMAX Platform is not a brokerage product. [1248337.2.0]

Fidelity Investments is an independent company, unaffiliated with Equity Services, Inc. Fidelity Investments is a service provider to Equity Services, Inc. There is no form of legal partnership, agency affiliation, or similar relationship between your financial advisor and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments has not been involved with the preparation of the content supplied by Equity Services, Inc. and does not guarantee, or assume any responsibility for, its content.

Fidelity Investments is a registered trademark of FMR LLC.

National Life Group® is a trade name of National Life Insurance Company (NLIC), founded in 1848 in Montpelier, VT.

Equity Services, Inc. is a Broker/Dealer and Registered Investment Adviser affiliate of NLIC.