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January 27, 2020 at 02:58 PM
(Photo: Shutterstock)
Fidelity Clearing & Custody Solutions has launched a new digital account onboarding capability among many other new features in its advisor technology platform known as Wealthscape.
The new onboarding experience allows advisors to digitally open individual brokerage accounts, fund the accounts through the transfer of assets and add features such as authorization to move assets. The integrated workflow will free up time for advisors to focus on financial planning and other client-focused activities, Fidelity says.
Their clients, in turn, will receive a concise snapshot of all the relevant data and disclosures needed for a transaction, reducing the number of pages they need to read by approximately 75%, according to Fidelity. It is a “complete departure from print-centric forms,” said Fidelity. Transactions are grouped and sequenced for easier investor access.
“Time is the most valuable commodity advisors have, and more than half of advisors we surveyed said they lose out on valuable client face time because of account opening paperwork, so we completely digitized the onboarding experience to give advisors, home offices and investors a more efficient way to handle many of their everyday tasks,” said Lisa Burns, head of platform technology, Fidelity Institutional, in a statement.
For firms that integrate their own technology with Weathscape, Fidelity is rolling out enhanced APIs for onboarding, account maintenance and funding, enabling firms to integrate the latest Wealthscape updates with their own solutions. They will be available through Fidelity’s Wealthscape Integration Xchange.
