Fidelity has unveiled new technology tools designed to help registered investment advisors, broker-dealers, banks and family offices “digitize their businesses and deepen relationships with their clients.”
These tools will be available via Wealthscape, a platform that began to roll out in 2016 and 2017.
The new capabilities will be coming to market in 2018, including:
- Consolidated Data
- Insights + Analytics
- Advanced Modeling & Rebalancing and Wealthscape Integration Xchange
The Consolidated Data offering, which Fidelity says should allow advisors access to a comprehensive view of client assets across financial institutions, has its pilot slated for the third quarter. Fidelity says it will aggregate data on an ongoing basis from multiple sources, including: Fidelity data, assets under administration, client-permissioned data, market data, customer relationship management (CRM) data and firm-provided data. According to a press release, Consolidated Data from Fidelity will be “normalized and streamlined across sources, including accounts, positions, balances, transactions, and client-provided data. Then, if necessary, an analyst will remediate data issues to help better achieve accuracy and completeness.”
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. 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
Also slated for a Q3 2018 pilot, one of the first tools that Consolidated Data from Fidelity will fuel is something called “Insights + Analytics,” an offering that Fidelity says 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 which were developed with client feedback and Fidelity practice management expertise to create a “story-based” interface that helps advisors answer real business questions, according to the press release.
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.
Available in Q3 2018, Fidelity says that Wealthscape Integration Xchange will offer two categories of integrations: Integration Services and Third Party Tools. The former will provide direct links between firm technology systems and Wealthscape data and products and will be available through a digital store, expected beginning in Q3 2018.
More information on Integration Xchange is available here.
