Fidelity Investments says it is developing an online wealth- management platform that integrates registered investment advisors' critical operational systems, including portfolio management, customer relationship management and financial planning, into one unified workstation. It hopes to "go live" with the platform at the end of 2008.
Fidelity picked San Francisco-based Advent Software to provide its Advent Back Office Service (or ABOS), which will deliver Advent Portfolio Exchange software as an outsourced solution and form a key part of the Fidelity WealthCentral platform.
"Today, advisors must buy their various technology applications in a piecemeal fashion and then try and make the systems work together as best they can -- something that can be costly and extremely inefficient," explains John W. "Jack" Callahan, president, Fidelity Institutional Wealth Services. "That's why Fidelity is investing $50 million in developing what we believe will be the strongest and most integrated platform in the industry -- helping address this critical market need."
WealthCentral should be available in late 2008. Prior to that time, advisors will be able to experience the benefits of the integrated Oracle and EISI applications via Advisor Channel in late 2007, while ABOS will be available in early 2008. Fidelity Institutional Wealth Services custodies more than $290 billion in assets on behalf of over 3,800 clients.
Janet Levaux is the managing editor of Research; reach her at email@example.com.