Fidelity Investments has enhanced its custodial platform, WealthCentral, for registered investment advisors, so that it is now possible to create block orders from the portfolio modeling and rebalancing tool, as well as conduct searches more effectively.
These and other enhancements, including automated alerts on short-term redemption fees, are in response to client feedback, Fidelity announced Tuesday. The platform is just over 1-1/2 years old, having launched in December 2008, but it has more than 600 clients—which are expected to double in the next year. Other functions include detailed fixed income holding reports.
Already key to the WealthCentral platform are an Oracle-powered customer relationship management, financial planning tools, portfolio rebalancing and trading, all on a unified, open architecture workstation.
“WealthCentral is already helping hundreds of advisers through an unprecedented level of sophisticated integration that can help reduce their administrative burdens and free up more time to spend with clients,” said Michael R. Durbin, president, Fidelity Institutional Wealth Services.
Fidelity client Rick Adkins, president and chief executive officer of The Arkansas Financial Group, commented: “With single sign-on connecting you to all of WealthCentral’s applications and integration allowing these systems to share information, WealthCentral has proved to be a time saver, allowing us to spend less time on maintaining our technology infrastructure and more time taking care of clients.”
Capstone Financial Solutions Vice President Doug Willingham adds that because his company used to use a standalone contact management system, it was necessary to export data to the wealth management platform. "With the integration of the systems and tighter controls, it's giving us more accurate data," Willingham said.
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