Come summer, Fidelity plans to offer advisors and broker/dealers access to two popular wealth-planning tools at bargain prices–Emerging Information Systems Inc.’s NaviPlan wealth planning software suite, and Green Consulting’s SkillMark e-learning training program.
Fidelity continues to add services that help advisors tackle clients’ wealth planning needs, and to boost the Boston brokerage firm’s position in competing for advisor clients against other custodians. In fact, it seems as though both Fidelity and TD Waterhouse Institutional are attempting to exploit advisors’ renewed sore spot with Charles Schwab’s strategy to dictate what software they can use. Both Fidelity and Waterhouse, which recently began providing Advent Software, Inc.’s, portfolio management solution to its advisor clients, say their new services allow advisors to “maintain their independence.” An advisor who custodies assets at Waterhouse can now access Advent’s suite of software applications via Veo, Waterhouse’s proprietary Web-based account management trading platform, or by installing and running Advent’s software on the advisor’s own server.
NaviPlan, which will be offered to advisors at a discount, allows advisors to customize their service offerings. Advisors can help clients with simple cash flow analysis or detailed financial plans on estate planning, retirement income planning, stock options, tax and risk planning, charitable giving, and college planning, Fidelity says. Advisors can also conduct Monte Carlo simulations.
One option to advisors is to choose the “Standard” plan, which allows them to evaluate a client’s existing financial strategy; analyze their life, disability insurance, and estate planning needs; create duplicate plans and perform multiple “what if” scenarios; and calculate taxes.