Fidelity is building a managed account solution, with plans to launch it to the broader market next year. Called Fidelity Managed Account Xchange (FMAX), the solution is a response to client demand for more financial planning and the ubiquity of fee-based models, according to an announcement by the company.
The platform will come with plenty of accessories and is open architecture. Fidelity described plans for “deep integrations” with Wealthscape, eMoney Advisor and Envestnet, which now owns financial planning tool MoneyGuide. While integrations with planning software are planned, the platform designers are leaving room to incorporate nonplanning managed account users at some point in the future, according to the firm.
“The platform will make it easier for advisors to work with a range of managed account solutions, streamlining the money management function and freeing advisors up to spend more time and energy on financial planning and other value-adds for their clients,” said Gary Gallagher, head of investment and managed solutions for Fidelity Institutional.
Users of FMAX will have access to Fidelity personnel to answer questions and troubleshoot, as well as provide guidance on implementation. The FMAX client experience will be under the unified service model of a new RIA, called Fidelity Institutional Wealth Adviser LLC.
FMAX will be accessible to advisors via Wealthscape or eMoney.