Six months after its official launch, Fidelity’s Wealthscape Integration Xchange, its open architecture digital store, has added more options to help wealth management firms build their own customized technology platforms.
Applications from Addepar, a wealth management platform that specializes in data aggregation and performance reporting analytics, and from Wealthbox, a web and mobile CRM application for financial advisors, are now on the platform which already includes tools from Orion Advisor Services, Black Diamond Wealth Platform, Envestnet | Tamarac, Junxure Cloud and MoneyGuidePro – all in one place.
Through the Wealthscape Integration Xchange, advisory firms have access to more than 120 third-party tools, which provide them the ability to streamline business processes and workflows through application programming interfaces (APIs), data feeds and more. Those tools include CRM and financial planning apps, analytics and compliance tools, data aggregation, digital advice, and research and trading apps.
Lisa Burns, who heads platform technology at Fidelity Institutional tells ThinkAdvisor that the latest additions to the integration platform, as well as previous ones, reflect the needs and requests of the custodian’s clients.
“Clients are the drivers,” says Burns, who noted that Fidelity expects to continue to add vendors on the Integration Xchange and deepen relationship with those who are already on it. “Clients are always looking for ways to drive efficiency,” says Burns.
Along with the new vendors, Fidelity has expanded its integrations with Orion for account openings and real-time brokerage information.
Over 150 financial firms use the exchange since its official opening in October.
Any client of Fidelity Custody and Clearing can access the integration Xchange; firms that don’t participate on the exchange can still use its vendors and Fidelity will do the integration, says Burns. Firms can also use the platform to research potential vendors, then get the benefit of the integration afterward.
More than 13,500 financial advisory firms use Fidelity for investment and technology solutions. The privately held firm has $2.6 trillion assets under management as of the end of March and another $4.8 trillion under administration.
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