Financial advisors are now able to trade stocks, mutual funds and ETF's through Fidelity's WealthCentral Android and iPhone apps.
The updated versions of these apps provide a simplified trade ticket as well as immediate order status once the trade has been placed. Functionality is limited to individual trades at the account level, according to Fidelity Senior Vice President Edward O'Brien.
The apps allow advisors to access client account balances, holdings and transaction activity, including client profile information, positions and balances for brokerage and non-brokerage accounts, transaction history details, account, market news and quotes.
Fidelity plans to release an iPad application that will include expanded trading capabilities, account details and interactive charting. Block trading capabilities are not on the immediate horizon for the smartphone apps due to screen size limitations, O'Brien said.
Thirty-six percent of advisors say they likely will pursue mobile tools to improve communications with clients, according to Fidelity. Based upon download and unique log-ins data, over 30% of current WealthCentral users are using a WealthCentral mobile app regularly. Fidelity expects usage to rise as advisors expand the use of mobility devices within their practices.