UPGRADES

At the Fidelity Brokerage Company’s Executive Forum, President Ellyn McColgan said FBC is increasing overall technology spending to $950 million. “We’ve probably spent about $10 million a year on technology just for RIAs,” she said, “we’re going to bring that up to $30 million this year.” The recipient of that largesse, Fidelity Registered Investment Advisor Group, will enhance its Advisor Channel platform to include online cashiering and customer service requests, and the ability to pre-fill new account applications and other forms using Microsoft’s .NET technology…

. . . A report by Schwab Institutional and Moss Adams, Recruiting Advisors Transitioning to Independence, reveals that advisors fleeing the wirehouses are primarily interested in joining established RIA firms because they offer the benefits of independence combined with an existing platform. . .