Fidelity Investments launches WealthCentral platform with flexible workstation designed for Registered Investment Advisors’ (RIA) to operate better client reporting, integrating planning and trading systems.
WealthCentral is Web-based wealth management platform. It combines portfolio management, customer relationship management (CRM), financial planning, portfolio rebalancing and trading into one unified workstation. The system has been implemented with 25 clients, and will be rolled out to Fidelity’s remaining 3,500 RIA clients throughout 2009 and 2010.
Among the key features of WealthCentral are more streamlined workflows, a comprehensive client view, and centralized support, all via a single interface. Platforms core applications are all compatible with each other, so that advisors will only have to enter client information into their system once. The system then automatically updates, and through the integration of Advent(R)Back Office Services (ABOS), reconciles information across the platform’s various applications. So WealthCentral chandes the way advisors run their business making all the process more facilitated.
Advisors can also benefit from the integration of market-leading third-party capabilities:
– Financial Planning. Utilizing Emerging Information System Inc.’s NaviPlan Central, this application offers advisors holistic, goal- and cash flow-based plans to help them address the complex planning needs of their clients.
– Account Servicing and Trading. All of the third-party capabilities within WealthCentral are integrated with Fidelity’s account servicing and trading platform. Advisors can conduct online cashiering, service requests, and new account opening, helping them enhance customer service by maintaining control over their service transactions and reduce errors.
– Portfolio Management. Utilizing Advent’s APX-hosted multi-custodial platform via ABOS, this application can help enable quicker trading decisions and more reliable client reporting.
– Portfolio Rebalancing. Leveraging the technology and portfolio modeling and rebalancing expertise of Northfield Information Services, these tools allow advisors to use rules and risk factors to help identify, measure and manage overall portfolio risk for their accounts.
– CRM. A customized version of Oracle’s(R) CRM On Demand system specifically designed for RIAs to manage all aspects of their client and prospect relationships.
RIA clients are highly interested in the integration because they realise greater operational efficiencies, followed by improved productivity and reduced manual input time. Such fact is indicated in the new Fidelity research. Approximately 64 % state that a single, integrated platform would be valuable to their business. And over two-thirds (69 %) mention they are either integrating systems or have attempted to do so at some point in their firms’ history.
According to the research integration still remains a challenge for some firms due to its inability to identify an appropriate application.
WealthCentral isn’t just another technology architecture for advisors, it’s a platform that can help facilitate a better way of doing business,” says Edward O’Brien, senior vice president, Fidelity Institutional Wealth Services. “We believe there’s a reason why no other custodian has been able to deliver anything like this before: Because building a single platform requires a significant capital investment and a tremendous commitment of staff time and resources to seamlessly integrate separate business applications.
With WealthCentral, Fidelity is offering both a line-up of ‘best-of-breed’ third-party business applications and an unprecedented level of technology integration, says Pirker, senior analyst, Aite Group. The result of this combination is a well-rounded wealth management platform for registered investment advisors.”Aite Group’s most recent research indicates that RIAs are demanding this type of advisor platform. Fidelity is leading the way in addressing these requirements.”
L.D.