eMoney Picks Fidelity Insider as CEO
Six months after the departure of its outspoken founder Edmond Walters, eMoney has replaced him with a longtime executive of its parent company Fidelity.
Edward O'Brien, former senior vice president and head of platform technology for Fidelity Institutional, has a long history working in financial technology, particularly on platforms for advisors.
Fidelity purchased eMoney, a popular technology platform for advisors last year.
O'Brien also has experience as an entrepreneur, which is relevant right now as eMoney evolves from startup to a larger operation. Earlier in his career, O'Brien launched his own company AdvisorTech, which provided platforms for advisors abroad. In 2011, he and his team earned a patent for the technology design behind Fidelity's platform for RIAs and family offices.
"Throughout my career, whether at Fidelity or at a startup, I've always looked for opportunities to bring new opportunities to life," O'Brien says. "I think eMoney just represents the right place to do more of that."
For the past six months, Fidelity's president of its Wealth Strategies division, Michael Durbin, has served as interim CEO.
FROM 275 TO 350 EMPLOYEES
In that time, eMoney has moved to new headquarters in Radnor, Pa. It has also grown the assets on its platform from $1.5 trillion to $1.7 trillion, according to Kelly Waltrich, eMoney's senior vice president of marketing and communications.
It's also has bulked up from 275 employees last fall to more than 350 today and plans to hire another 25 by the end of the year.
The company's revenues are on the rise despite a year of very rapid change, Durbin says.
"Last year was a big year for them," he says. "They had a significant technology release. They put themselves up for sale [to Fidelity]. They had the resignation of their founder and they still did just under 25% revenue growth for the year."
Like Durbin before him, O'Brien says he will be committed to helping eMoney to maintain the unique culture established by Walters and his cofounder.
"I feel really good about getting immersed in the culture," he says.