Fidelity Investments this week launched Fidelity WealthCentral, a best-of-breed wealth management platform touted as one that will transform the way advisors conduct business day to day. The platform integrates portfolio management, customer relationship management, financial planning, portfolio rebalancing and trading into one workstation for RIAs, using various technology from Oracle, Advent, Emerging Information Systems and Northfield Information Services.
WealthCentral is designed to boost efficiency by lessening the burdens of managing technology and performing data reconciliation. In announcing the launch, Fidelity released results from a Moss Adams study concluding that RIA firms that have integrated technology applications make 36 percent more revenue and 30% greater profits per owner than firms that don't.
The platform is being used by 25 clients, and will be rolled out to Fidelity's remaining 3,500 RIA clients throughout 2009 and 2010, company spokesmen said.
"Since we announced the development of WealthCentral, the response from advisors has been overwhelming," says Scott Dell'Orfano, executive vice president of Fidelity Institutional Wealth Services. "Now more than ever, advisors see that efficiency is a way to help enhance profitability."