Fidelity Investments has agreed to acquire eMoney Advisor, a leading wealth planning software company. The terms of the deal were not disclosed.
eMoney Advisor’s account aggregation, advisor portals and client portals are widely regarded as industry best of breed. The platform also includes financial planning software, robust alert capabilities, high-quality marketing materials, collaborative tools and a host of other features. eMoney’s software is used to track more than $1.4 trillion in assets managed by 25,000 clients, including RIAs, banks, accounting firms, broker-dealers and insurance companies.
Fidelity spends $2.5 billion annually on technology across the enterprise. The firm employs approximately 10,000 technology workers around the globe, constituting a quarter of the company’s workforce.
"We apply design-thinking in our labs, incubate new companies and work with some of the brightest minds in the country -- all for the benefit of our clients,” said Michael Wilens, president of Fidelity Enterprise Services. “eMoney Advisor is another important vehicle through which Fidelity can exceed client expectations and maintain its edge in a rapidly changing technology environment.”
Fidelity’s investment in eMoney Advisor, which is subject to customary closing conditions and regulatory approvals, is part of Fidelity’s larger vision to continue enhancing its digital offerings across its retail, workplace and institutional channels.
eMoney Advisor will operate with the same entrepreneurial spirit that earned it success to date, continue on its strategic growth path, and remain focused on serving a wide range of financial services providers. eMoney Advisor’s leadership will remain in place with its founder Edmond Walters continuing to serve as its chief executive officer.
“Our affiliation with Fidelity, and its multi-billion-dollar commitment to technology, only adds to eMoney Advisor’s already aggressive growth and innovation path,” said Walters. “We have a long track record with many of Fidelity’s 10,000 advisory firm clients and hope to extend our growth among that base, while deepening and expanding our many relationships beyond the Fidelity footprint.” eMoney Advisor will also maintain its current offices in Pennsylvania and California.
Clients of Fidelity Institutional, the division of Fidelity Investments that provides clearing, custody and investment management products to registered investment advisors (RIAs), retirement recordkeepers, broker-dealers, family offices and banks, will be among the first who can benefit from the affiliation with eMoney Advisor.
eMoney Advisor will help Fidelity deliver on several elements of its next-generation broker and advisor platform. The platform, which builds on significant investments Fidelity has already made in its Streetscape and WealthCentral workstations, will evolve further to offer comprehensive data management, efficient and integrated office capabilities, and collaborative tools for investors, advisors and home offices. eMoney Advisor is expected to accelerate Fidelity’s efforts on data aggregation and collaboration -- and in a more integrated fashion.
According to Ed O’ Brien, head of platform technology for Fidelity Institutional, “Many of our clients urged us to buy eMoney, and after careful consideration, we concluded that our clients were right. The platform is very powerful, yet it is intuitive and easy to use. eMoney is part of our vison for our next-generation advisor platform, but we will not stop there. We will continue to invest heavily in Streetscape and WealthCentral in our quest to provide the best platform for advisors.”
For more information about Fidelity Investments, visit www.fidelity.com. For more information about eMoney, please visit: www.emoneyadvisor.