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Fidelity, Envestnet Increase Collaboration On Managed Accounts

Improvements and integrations to the custodian's FMAX platform and Envestnet's Insurance Exchange are among the updates to rollout.

Fidelity Investments and Envestnet have revealed several new and upcoming upgrades to the Fidelity Managed Account Xchange (FMAX) platform.

FMAX now includes tax management for model portfolios, including Fidelity Custom Models.

In addition, a slimmed-down version of the platform, FMAX Essentials, is planned for rollout later this year and is geared toward small- and mid-sized firms.

FMAX integrations with Envestnet are also planned to begin later in the year and will include Envestnet’s Insurance Exchange and the company’s Vantage institutional data aggregation product.

Envestnet’s Insurance Exchange exited the pilot stage and became available widely in 2019, offering annuities from Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Company, Nationwide and Prudential Financial.

The Vantage integration will allow the advisor to view positions and portfolios on and off Fidelity’s brokerage platform.

Envestnet and Fidelity Investments will release these integrations on a rolling basis through the end of this year and into 2025.

“All of these enhancements are a result of advisor needs and also where we see the market going, particularly with the complexity of what advisors are dealing with today,” said Gary Gallagher, head of wealth advisory and portfolio solutions at Fidelity Institutional.

Advisors on the FMAX platform currently have access to Fidelity Institutional Wealth Adviser, which includes research on Fidelity and third-party investment managers, Fidelity’s investment consultants and portfolio solutions team and Fidelity’s Wealth Advisory Institute. Gallagher said over 1,000 advisors have enrolled in the Wealth Advisory Institute’s modular educational program so far.

Fidelity first revealed it was working on the FMAX platform in 2019 and deployed it in late 2020.

Fidelity Investments and Envestnet now collectively manage accounts totaling over $500 billion.

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