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Broker/Dealer Briefing: Fidelity Enhances Broker Workstation

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Fidelity’s National Financial unit announced July 13 enhancements to its Streetscape brokerage platform, including the addition of Thomson One wealth management applications, that will be made available to all 300 of its correspondent broker/dealers and their affiliated representatives by September. Thomson Reuters’ Thomson One suite is currently in use by some 100,000 brokers, providing market data, news, research, and book and wealth management tools. Streetscape itself is currently in use by 85,000 reps.

Mark Healy, executive VP for National Financial, said the Streetscape & Thomson One offering marks the “first time a correspondent clearing firm has rolled out such an integrated suite,” particularly one, he says, “with this level of customization.” Fidelity sees three main markets for the offering: broker/dealer reps, breakaway brokers, and self-clearing firms. Healy also said that the sophisticated offering will be helpful in recruiting breakaway brokers, particularly because of its adaptability.

Based on a Microsoft.NET technical framework and in pilot with certain National Financial users since the fourth quarter of 2008, the suite offers news, market data, charts, and Lipper ratings for investments (Lipper is now owned by Thomson Reuters), but also offers strong book management and investment planning features, says Healy. Each advisor can create up to 10 dashboards to help with book management, using buckets of data drawn from a library that the broker/dealer sets up or using parameters set by the advisor himself. Those collections of data will allow a rep to monitor client portfolios that might have potential risks, and will allow the rep to view and analyze holistic customer views, accounts, and securities across his entire book.

The investment planning tools include a “CRM light” application, integrated financial planning using technology from Financeware, and performance reporting using Thomson’s Portia technology, all of which can create compliance-approved customized illustrations and reports for clients that are archived for three years, then burned onto a CD and delivered to the advisor. Streetscape & Thomson One also includes trading and order management cpabilities and asset allocation tools. Next year the platform will integrate’s CRM application as well.

Healy says National Financial’s decision to add the capabilities were driven by the “breadth and depth” of Thomson One, and the fact that with the two firms’ compatible technology architectures, the look and feel of Streetscape would be retained. Moreover, Healy says that the “entitlement-driven” nature of the platform allows a broker/dealer’s home office to dictate the features, and reports, that its reps can use.