Fidelity Investments has expanded independent advisors’ access to third-party providers within its WealthCentral custodial platform by integrating a portfolio management solution from Black Diamond Performance Reporting.
The Web-based BlueSky portfolio and reporting platform allows advisors to outsource and automate daily reconciliation of their clients’ investment information, including aggregation of assets that are held-away from Fidelity. It also runs comprehensive, customized reports on demand.
“WealthCentral isn't just another technology architecture for advisors; it's a better way of doing business,” said Fidelity spokesman Stephen Austin. “Our ability to establish deep integration with market-leading third-party providers such as Black Diamond, along with open architecture, differentiates WealthCentral from other platforms and reinforces our commitment to helping advisors achieve greater efficiencies and accelerate growth.”
WealthCentral, which was launched late last year, is currently used by more than 600 RIA firms. The platform offers advisors third-party applications in areas such as portfolio management, financial planning, CRM and portfolio modeling and rebalancing. Among the features the Black Diamond platform will offer include ad hoc and batch client reporting, composite reporting and maintenance, client billing, multiple levels of account/asset aggregation and customized target/asset allocation models.
Using feedback from WealthCentral Clients, Fidelity and Black Diamond are planning a series of operational and technology integrations that are aimed at improving advisors’ efficiency. Included in these upgrades are single sign on and contextual links in WealthCentral that enables click access to accounts and portfolios within the BlueSky platform. Cost basis data will also be synchronized between WealthCentral and the BlueSky platform aimed at generating consistency that supports the new cost basis reporting requirements that are expected to be phased in by the IRS in January.