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Fidelity Updates Wealthscape Platform | money management

Fidelity Institutional announced Thursday an update to its Wealthscape advisory technology platform.

This includes a number of additions and improvements to its open architecture digital store called Integration Exchange, which has now built relationships with over 100 third-party providers for varying levels of depth and data flow, in addition to over 400 application programming interfaces. available.

The firm also launched a new version of its Wealthscape Investor mobile application.

Tricia Haskins, head of integration solutions for Fidelity Investments, prioritized the firm’s efforts to provide advisors with the ability to provide advice and products to match the needs of their clients.

“Among the key trends we are seeing in the industry is a drive towards personalization and making the digital experience great for not only the end client but the consultant and his or her associates, and it is an experience that you will get to experience with technology. Have to deliver,” Haskins said.

Haskins highlights the introduction of Wealthscape Analytics, which incorporates business data, and provides key metrics for wealth management firm advisors and principals to provide client insights and guide decision-making.

Real time data points are easily accessible, among them under advice are asset, revenue and money movement trends across the firm. Advisors can also easily view the division of the firm by age, revenue generated and other metrics at a glance and find outliers with ease.

Integrations Within Exchange, consultants will find expanded integration with CRMs RedTel and Wealthbox, and form-filling and processing application LesserApp.

William Trout, Director of Wealth Management, said, “Fidelity has had a large footprint in the RIA space for some time, but as the RIA market continues to expand, I do not have the impression that their commercial footprint is growing at the same pace. ” Spear strategy and research.

He said this was not meant as a knock against Fidelity, adding that the integration exchange has some great tools, but rather a statement of how competitive the landscape has become, moving from four, now three major custodians and their two. Platform-building race of the decade.

“There are also some of the bigger players serving this space, from Salesforce and SS&C Black Diamond, who have built their own integrations,” he said, adding that RIAs and IBDs have become increasingly sensitive and their patrons Come to expect and demand from. ,

“The enhancements they are making are significant, but incremental – I think where the needle really starts is when advisors adopting digital assets and options come to an inflection point,” Trout said.

Fidelity’s first dedicated RIA platform, WealthCentral, was announced 15 years ago in the fall of 2007 and launched a year later in December 2008 for advisors. In 2016, Fidelity merged and merged WealthCentral with its Streetscape brokerage platform, which is today Wealthscape.

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