While at the T3 Technology Conference for financial advisors today, Fidelity® announced new technology tools – that will be accessible via WealthscapeSM – designed to help registered investment advisors, broker/dealers, banks and family offices “get smarter and go faster.”
Attendees of the Technology Tools for Today (T3) Conference in Ft. Lauderdale, Florida can visit Fidelity at Booth #500 to learn more about Wealthscape and the availability of a suite of tools to extend the power of the platform.
Tim Morello, Fidelity Investments, will also be presenting at the T3 conference on the main stage, February 7, 2018, from 1:00 – 1:40 pm in the Caribbean Ballroom. In “Get Smarter, Go Faster: 2018 Will Be the Year to Turn Data into Insights” advisors will learn how they can leverage technology to create the most value in their relationships with clients.
Advisors can also visit go.fidelity.com/wealthscape or contact their Fidelity relationship manager to learn more about the tools designed to help them digitize their businesses and deepen relationships with their clients.
GET SMARTER, GO FASTER
Wealthscape began to roll out in 2016 and 2017, first with Fidelity’s deep integrations with planning software from eMoney Advisor,[i] 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. New capabilities that will be accessible via Wealthscape are coming to market in 2018, including: Consolidated Data, Insights +Analytics, Advanced Modeling & Rebalancing and Wealthscape Integration Xchange.[ii]
“2018 will be the year to turn data into insights – and that will be an advisor’s competitive differentiator,” said Tim Morello, vice president of product management, Fidelity Institutional. “Advisors have always known how important data is, but now through the Consolidated Data offering, they will be able to access and leverage data to help them efficiently make informed decisions about – and for – their clients. That’s the key to unlocking the true growth potential in their firms.”
According to Fidelity’s benchmarking research,[iii] firms are more committed than ever to making client segmentation a strategic priority. While understanding client segments and then spending time with clients accordingly is shown to drive productivity and firm growth,[iv] determining the best path forward to implement a segmentation strategy – including finding the best technology to fuel it – leaves many firms in limbo.
“Most advisors and firm leaders did not enter the wealth management business because they were obsessed with technology,” said Morello. “They want to help their clients achieve financial wellness and build better futures, not spend time agonizing over technology decisions and making it all work together.
“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. 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,” continued Morello.
CONSOLIDATED DATA TO PILOT Q3 2018
One of the key expansions accessible through Wealthscape will be an integrated Consolidated Data offering,[v] which should allow advisors access to a comprehensive view of client assets across financial institutions.
As more investors expect holistic advice, it is vital that advisors have access to their clients’ overall financial picture. To solve for this, many of Fidelity’s broker/dealer, bank, and RIA clients have either been developing their own data solutions or paying for data from outside vendors. These solutions face potential obstacles, such as flawed reconciliation, a disjointed experience and costliness to maintain. Fidelity aimed to solve these problems, focusing on quality and reliability, with Consolidated Data.
Firms will be able to use Consolidated Data from Fidelity with Wealthscape’s existing Portfolio Tools, such as Performance Measurement, Advanced Modeling & Rebalancing, or with their firms’ proprietary and third-party tools.[viii] Additional solutions that will be powered by Consolidated Data from Fidelity will include Proposal Generation, Fee Billing and Insights + Analytics — all to be accessible through and integrated within Wealthscape. The Consolidated Data is planned to pilot in Q3 2018 with Fidelity Clearing & Custody Solutions broker-dealer, RIA, family office and bank clients.
INSIGHTS + ANALYTICS TO PILOT Q3 2018
One of the first tools that Consolidated Data from Fidelity will fuel is Insights + Analytics, an offering which 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 Insights + Analytics solution will fill a gap in the marketplace by not just presenting aggregated data, but also helping interpret this complex data so that it is meaningful and actionable for businesses. Insights + Analytics will allow advisors and firms to:
Insights + Analytics will automate manual tasks and is scalable across a firm, allowing advisors to spend less time analyzing data and more time implementing their informed decisions. Advisors will be able to interpret insights and leverage their personal experiences and relationships to take action.
Insights + Analytics has been built so that it can grow as client needs expand and new data becomes available. When Insights + Analytics begins to pilot in Q3 2018, it will leverage Fidelity-only data through the Consolidated Data offering. In the later phases of Insights + Analytics, the tool will be fueled by multi-custodial data and client CRM feeds, and have the potential to analyze data that helps answer business questions around inter-generational connectivity, client life events, next best action and inter-firm benchmarking.[ix]
WEALTHSCAPE INTEGRATION XCHANGE EXPECTED TO BE AVAILABLE IN Q3 2018
With the myriad of technology options available today, connectivity and integration must be a top priority. However, how that connectivity takes place varies by firm. Some firms have their own proprietary offering, others prefer a “one-stop-shop” tech solution, while some prefer to mix and match between Fidelity’s solutions, third parties and their own technology. Flexibility is key, and Wealthscape Integration Xchange meets all of these needs by offering two categories of integrations: Integration Services and Third Party Tools.
As the store evolves in the future, firms will have the flexibility to explore and test integrations so that they can simplify deployment.
For more information on Integration Xchange visit: go.fidelity.com/IntegrationXchange.
WEALTHSCAPE SOLUTIONS GAIN TRACTION
Solutions available through Wealthscape began to roll out in 2016 and are succeeding in market with advisors:
ABOUT FIDELITY INVESTMENTS
Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses it serves. With assets under administration of $6.8 trillion, including managed assets of $2.4 trillion as of December 31, 2017, Fidelity focuses on meeting the unique needs of a diverse set of customers: helping more than 26 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 12,500 financial advisory firms with investment and technology solutions to invest their own clients’ money. Privately held for 70 years, Fidelity employs more than 40,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.