Fidelity added new tools to its advisor technology platform Wealthscape that it says will help advisors “get smarter” and “move faster.”
According to Tim Morello, vice president of product management at Fidelity Institutional, most advisors and firm leaders did not enter the wealth management business because they were “obsessed with technology.”
“Our role is to provide them with technology options they can be confident will complement their existing operations and grow with their firms, and we are significantly raising the bar this year,” Morello said in a statement. “We make this all accessible through our open architecture framework while, importantly, fueling our tools with robust data. This is how we’ll help advisors get smarter about their clients and move faster — a pace that is necessary to scale their businesses.”
The new capabilities — Consolidated Data, Insights + Analytics, and Wealthscape Integration Xchange — will be accessible via Wealthscape later in 2018.
The “Consolidated Data” tool, which will pilot in the third quarter of 2018, aggregates information from external accounts to provide advisors with a full view of client assets across financial institutions.
Fidelity will aggregate data on an ongoing basis from multiple sources, including Fidelity data, assets under administration, client-permissioned data, market data, customer relationship management (CRM) data and firm-provided data.
The new Insights + Analytics tool, which will also pilot in the third quarter of 2018, explores how quantitative techniques — including artificial intelligence, machine learning and predictive analytics — can help advisors save time, grow their businesses and enhance their relationships with clients.
The first custom-built solution within Insights + Analytics will be a set of book analytics capabilities, developed closely with client feedback and Fidelity practice management expertise to create a “story-based” interface that helps advisors answer real business questions.
The Wealthscape Integration Xchange, which is expected to be available in Q3 2018, will provide advisors with an open architecture digital marketplace that enables them to select appropriate data integrations, including application programming interfaces (APIs) and connections between more than 100 third-party technology solutions.
Wealthscape began to roll out in 2016 and 2017 — first with Fidelity’s integrations with planning software from eMoney Advisor, and following up with access to Fidelity’s Performance Measurement solution and Fidelity AMP (Automated Managed Platform), a digital advice offering co-developed with eMoney.
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