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June 7, 2019updated 17 Jun 2019 11:42am

Fidelity to launch new wealth management platform for managed accounts

Fidelity Institutional is set to roll out a new wealth management platform to support the increasing demand for managed accounts.

Dubbed Fidelity Managed Account Xchange (FMAX), the new open architecture platform will offer access to managed account and model portfolio solutions from Fidelity along with services from third parties.

Fidelity said that the platform will allow advisers to “plan, propose, invest and report in one streamlined workflow”.

Eventually, the platform is said to support planning-oriented as well as non-planning managed account users.

Expected to be made available from next year, the new proposition will integrate with Wealthscape, eMoney Advisor and Envestnet technology.

The platform will also integrate with Fidelity’s digital advice solution Fidelity Automated Managed Platform (AMP).

In announcing the platform, Fidelity cited data from Cerulli Associates.

According to the data, managed accounts’ AUM is expected to reach $8.1 trillion by 2020 from $5.7 trillion in the second quarter of 2017.

Fidelity Institutional head of investments and technology group Anthony Rochte said: “There’s been a clear shift in demand toward both planning-led experiences and fee-based business models, and managed accounts can help advisers deliver on both.

“Fidelity is building on our significant experience and proven success in the managed accounts space with this new offering, which should make it easier for advisers to efficiently access and manage a range of investment solutions from both Fidelity and third-party providers.”



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