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Fidelity Expands and Enhances Tech Platform for Advisors

  • AdvisorEngine, Advyzon, Agreement Express, Laser App, Orion and 55ip Among New and Enhanced Integrations
  • Fidelity Increased Real-Time Integrations by 200% Since 2018; New Integration Xchange Capabilities Streamline the Deployment and Management of 200+ Available Fintech Integrations

Andrew Welsh (Barron's) -- Fidelity is expanding the depth and breadth of digital integrations on its platform for registered investment advisors amid rising demand for more technology choices.

The company’s institutional unit, which serves more than 13,000 financial institutions, is rolling out enhancements including a new dashboard; self-service capabilities to help advisors better manage and control the data they share with fintechs; and APIs to streamline operations.

Fidelity’s announcement underscores the growing importance of fintech providers to advisors’ practices and growth. Indeed, RIAs that custody with Fidelity report using on average five or six different fintechs, according to Lisa Burns, head of platform technology at Fidelity Institutional. And the number of third-party fintechs on Fidelity’s platform, dubbed Integration Xchange, has doubled to more than 200 since 2018.

Ensuring “all those different providers are seamlessly integrated is critical to making sure advisors are efficient and can take advantage of all of the technologies available to them,” Burns says.

Of third-party tech firms, Fidelity announced new or enhanced integrations with AdvisorEngine, Advyzon, Agreement Express, Laser App, Orion, 55ip, and others.

“You can be as efficient as possible and use multiple platforms so long as data flows seamlessly across them—that you don’t need to log in and log out and re-enter data,” Burns says. 

Fidelity says it has improved integrations with AdvisorEngine, for account opening, transfer of assets, trading, billing, document delivery. The firm’s partnership with Agreement Express enables advisors using the software provider to smooth client onboarding by prefilling and eSigning select custody forms. Burns says this is a service that’s in demand from advisors.

Advisors are also generally looking for more technology options, seeing them as a differentiator for their businesses, Burns says. Fidelity plans additional tech updates for later this year.

“This is an area where we are not seeing any slowdown in interest,” Burns says. “Integrations are top of mind for investors, advisors, fintech firms. It just continues to be an area that everyone is chasing.” 

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