Fidelity Institutional has announced plans to launch a set of tools this year to help advisors gather and manage their data for strategic planning.
The three products, all launching at separate times later this year, will focus on data aggregation, data analysis and giving advisors the ability to integrate their data with a variety of proprietary, third-party tools, according to the company.
"Once [advisors] have all the data, we can provide a lot of tools" for advisors to use it in their practices, said Tim Morello, vice president of product management at Fidelity Institutional, while announcing the launch at the Technology Tools for Today (T3) conference in Fort Lauderdale, Fla., on Wednesday.
The new products include "Consolidated Data," an account aggregation solution that Fidelity says will be able to collect asset information from a variety of outside institutions; Insights + Analytics, a tool that allows advisors to analyze the data they collect, as well as their books of business; and Wealthscape Integration Xchange, which is essentially an open architecture marketplace that will allow advisors to integrate their data with an assortment of tools spanning those offered by both Fidelity and third-party vendors.
The Consolidated Data offering is launching as a pilot program in the third quarter and should be widely available to the general advisor community in the fourth quarter, Morello said.
The product will aggregate data on an ongoing basis for advisors, spanning sources that include Fidelity. This data includes assets under administration, client-permission data, market data, customer relationship management (CRM) data and firm-provided data. Consolidated Data will streamline and normalize the data to ensure its accuracy. Advisors will be able to manage this data, using it for generating reports, for example, in a single interface, Morello said.
The aggregated data will be the foundation for Insights + Analytics, which will launch as a pilot program in the third quarter. The tool will allow advisors to parse their data to analyze their books of business, their clients and their operations, according to Fidelity. For example, Morello told advisors at T3, an Insights + Analytics user will be able to separate clients into tiers, based on factors such as revenues, age and profitability.
"We're trying to find different ways to help advisors find different ways to look at this data," he said.
Wealthscape Integration Xchange will launch in the third quarter and is designed to give advisors the flexibility to use the applications of their choice to use their data, Morello said.
The Wealthscape platform was rolled out in 2016 and 2017 as an offering designed to help RIAs, broker-dealers, banks and family offices transition to digital technologies, according to Fidelity.