Step-by-step tutorial videos and other support resources for self-service are also included in the latest update.
A new WealthScape integration with AdvisorEngine will allow account opening, ACH, ACATs, non-ACATS, delivery of an IPS and a daily data feed that AdvisorEngine can use to provide performance analysis and reporting for advisors and end-clients, and to calculate advisory fee billing.
WealthScape’s single sign-on can now be used to seamlessly access BlackRock’s Advisor Center, and advisors using Fidelity’s custody and clearing platform can now analyze Fidelity model portfolios along side BlackRock model portfolios using BlackRock’s tools and compare portfolios, identify areas of risk, anticipate tax impacts and create client proposals.
A Black Diamond integration allows contextual linking capabilities, and allows Fidelity alerts to be viewed within Black Diamond. Real-time alerts from WealthScape have also been integrated into Orion Insight Tiles and Redtail’s CRM. And advisors can now add Fidelity clients in Riskalyze and sync account data, including positions and balances on-demand and intra-day.
Fidelity’s Technology Study survey, released earlier this month, also found that 67% of advisors felt that Covid-19 was prompting their firms to look at new technologies to potentially add to their existing platforms.
“One challenge firms have struggled with is getting advisors to really adopt the technology they have available to them and get the most of of their tools,” said Burns. “Now, adoption is being driven by a need to use digital solutions. Instead of us pushing adoption, advisors are wanting to adopt technology at an increasing pace.”
The survey also found that 82% of respondents expect the importance of integrations to increase over the time – none of the respondents expected it to decrease. For a number of these respondents, 25%, keeping up with the latest technology solutions presented a serious challenge during the Covid-19 crisis, and 32% of the respondents expected staying up-to-date to be one of their biggest technology challenges post-pandemic.
Integrations are becoming more important to advisors as they’re faced with more choices and as they adopt solutions from a greater of vendor, said Burns. While building custom technology solutions via APIs was once primarily the realm of large broker-dealers and a handful of super-sized RIAs, smaller RIAs are now seeking integrations.
Integration Xchange launched in October 2018 as more of an an educational platform to help firms tailor their own technology platforms.
“We recognized that it would be great to have a single destination where clients and third-party vendors could go to do that early exploration and experiment on their own,” said Burns. “That evolved to expand into more self service, with the ability to test out APIs for our developer’s community.”