Fidelity is set to add Envestnet, Redtail, Morningstar, AppCrown and Salesforce to WealthCentral
Early to the integration game, the Boston giant will seek to pad its lead -- but it could take a while to execute
Related Moves
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Oisín's Doubletakes: Clara Shih returns to Salesforce after 11-year hiatus • Focus reloads for M&A with $500 million debt raise, taking its credit north of $1.5 billion • Goldman Sach's 2020 partners list looks less homogenous -- even 'accretive' of women
Former HearSay CEO returns to her mother corporation • Focus Financial Partners debt levels soar 50% on fresh debt issuance • Goldman adds diversity, but snubs Marcus partnerships
February 6, 2021 at 2:39 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
See more related moves
SalesForce
CRM Software
Top Executive: Marc Benioff
AppCrown, LLC
Outsourcer, CRM Software, Tech: Other
Top Executive: Ted Tsung
Redtail Technology
CRM Software
Top Executive: Brian McLaughlin
Doug Lawson
It is impressive to see the industry as whole grap onto techology to support the RIA. The fee based advisor is becoming ever more attractive to the end consumer. The investor continues to become more sophisticated and is asking for alternative investments, greater accountability, and more education. The more tools Investment Advisors have at their disposal, the greater the relationship with the customer.
Stephen Winks
As long as the industry is focusing advisory services support as a series of disparate technologies without a simplifying and unifying expert prudent process, it will just add to complexity that the advisor must manage.
Simplifying wholistic prudent process solutions, expert authentication and streamlining cost particularly in portfolio construction construction, monitoring and management will win the day. Out dated legacy systems, massive overhead that does not directly add value and the shirking of accountability and responsibility are sure to loose the day.
The sweet spot is the intersection of authenticated expert prudent process and advanced technology. Most of what we know of advisory services support today is already obsolete as it is of limited value, is terribly expensive and is far too complex for each individual advisor to achieve expert standing.
SCW
