Fidelity Adds Multi-Account Opening, Multi-TOA (Transfer-of-Assets) Capabilities and More to its Fully Digital Onboarding Experience
Fidelity Expands Digital Service Tools, Leveraging the Power of its Deep Investment in Advanced Technology Like Artificial Intelligence, and Enhances Wealthscape Investor℠ to Further Help Advisors Digitize Their Businesses
BOSTON–(BUSINESS WIRE)–Fidelity Institutional℠ today announced updates to the Wealthscape℠ advisor technology platform including enhancements to its fully digital onboarding capabilities, more digital service functionality and a refreshed Wealthscape Investor experience, helping advisors work more efficiently and deliver more value to investors.
“Simplifying work for advisors and their clients has always been a priority for us, and it’s especially been a focus this year, beginning with the fully digital onboarding experience we launched in January and through to the platform enhancements we’re announcing today, as well as what’s on our roadmap for 2021,” said Lisa Burns, head of Platform Technology, Fidelity Institutional. “Advisors rapidly adopted digital tools at the start of the pandemic and continue to look for ways to save time and deliver on client expectations in today’s challenging environment. We’re helping them do that through our continued innovation.”
Digital Onboarding Experience Streamlines Workflow for Advisors and Their Clients
In January 2020, Fidelity began rolling out a new, fully digital account onboarding experience to save advisors time and simplify account opening, which more than one-third of advisors indicate is the most cumbersome part of client interactions.i The integrated workflow helps advisors work more efficiently so they can scale their business and spend more time adding greater value for clients through activities like financial planning.
- Advisors can initiate account opening 44% faster
- Advisors can complete transactions in 42% fewer clicks
- Advisors’ clients review around 75% fewer pages to open an account
- Advisors’ clients review nearly 20% less information throughout onboarding process
Since January, Fidelity added:
- Multi-account opening, which allows advisors to easily open, fund and add features to more than one account, and supports up to five onboarding packages for an investor to digitally authorize. This makes it easy for advisors and investors to open and manage accounts at the family level, including seamlessly leveraging personal data across an individual’s accounts to eliminate rekeying of data and the ability to add account nicknames to personalize the experience so family members can easily collaborate. A new “shopping cart” style interface adds efficiency and flexibility by allowing advisors to include multiple accounts in the “cart” and quickly add, remove or modify the contents all at once.
- Multi-TOA (transfer-of-assets) capabilities streamline account funding; advisors can fund each account with up to three transfers from different sources during account opening.
- Support for trust and other registration types (including joint, transfer on death and retirement) and more features (including prime brokerage, beneficiary and standing instructions) further simplify workflows and enable advisors to seamlessly manage an even wider variety of investments and solutions for their clients.
“We had a great response to our digital onboarding experience and worked with advisors to prioritize enhancements that further meet their needs, including support for the trust registration type through fully digital workflows – something we heard there was a real need for in the market,” added Burns.
Fidelity continues to expand the onboarding experience, with support for managed accounts, additional transaction types, and more integrations to provide streamlined end to end workflows. A new simplified investor signing experience further increases efficiency and minimizes investor errors during account opening, and will begin rolling out in early 2021.
Expanded Digital Service Tools Help Advisors Work Smarter
Fidelity also continues to enhance the digital service tools it launched in May 2020 to help advisors optimize their efficiency so that they have more time to engage with their clients.
- Wealthscape Virtual Assistant, which gives advisors quick answers to everyday questions about using the platform, has been expanded to support more than 100 topics, up from the 25 topics it supported at launch, and can now answer hundreds of questions related to taxes, trading, retirement, account maintenance, platform navigation and more, right within advisors’ existing workflows. The tool uses artificial intelligence to predict what information users might need based on their activity and quickly delivers meaningful answers within the platform.
- Fidelity expanded its Smart Walkthrough integrated learning experiences, which lead advisors through the most effective ways to use the Wealthscape platform to drive digital adoption, ease transactional pain points and improve efficiency.
Wealthscape Investor℠ Enhancements Will Help Firms Deliver on Clients’ Digital Expectations
Fidelity is now piloting a refreshed Wealthscape Investor experience that makes it easier for investors to view their portfolios at a glance, quickly find the information they need, and engage with their advisors. The new experience delivers a simplified design and customer-focused workflow, leveraging design techniques that improve accessibility and reduce friction for all users. It will continue to be enhanced based on client and investor feedback. Updates now in pilot include:
- Simplified browser experience: Investors can quickly answer “how am I doing?” through improved portfolio visibility on the home page, including tiles highlighting recent transactions, asset allocation, top holdings, tax form timing and more. Design enhancements throughout the experience include more graphics and streamlined interfaces that mirror what investors are accustomed to in retail experiences, so that key information is more digestible and actionable. Wealthscape Investor can be customized with a firms’ branding for a cohesive experience throughout the client engagement journey.
- Redesigned mobile app: The Wealthscape Investor app already gives investors 24/7 access to brokerage account positions, balances and transaction history from their mobile device (including support for biometric authorization), and Fidelity is now piloting an updated app with easier navigation and a new look designed to meet the high expectations of today’s investors. The Wealthscape Investor app is available through the Apple App Store and Google Play Store.
For more information about Wealthscape, please visit go.fidelity.com/Wealthscape.
About Fidelity Investments
Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $8.7 trillion, including discretionary assets of $3.4 trillion as of October 31, 2020, we focus on meeting the unique needs of a diverse set of customers: helping more than 32 million people invest their own life savings, 22,000 businesses manage employee benefit programs, as well as providing more than 13,500 institutions with investment and technology solutions to invest their own clients’ money. Privately held for more than 70 years, Fidelity employs more than 47,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.
The content provided herein is general in nature and is for informational purposes only. This information is not individualized and is not intended to serve as the primary or sole basis for your decisions as there may be other factors you should consider. Fidelity Institutional℠ does not provide financial or investment advice. You should conduct your own due diligence and analysis based on your specific needs.
Fidelity Institutional℠ provides investment products via Fidelity Distributors Company LLC.
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i The 2019 Fidelity Financial Advisor Community – Account Opening Study. The study was an online blind survey (Fidelity not identified) and was fielded during the period November 7 through November 13, 2019. Participants included 486 advisors who manage or advise upon client assets either individually or as a team, and work primarily with individual investors. Advisor firm types included a mix of banks, independent broker-dealers, insurance companies, regional broker-dealers, RIAs, and national brokerage firms (commonly referred to as wirehouses), with findings weighted to reflect industry composition. The study was conducted by an independent firm not affiliated with Fidelity Investments.
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