Fidelity and Envestnet Build Out Wealth Management Platform

Fidelity Investments and Envestnet announced an effort to build Fidelity’s wealth management platform, the Fidelity Managed Account Xchange (FMAX), into a comprehensive wealth and advisory offering by adding various technology features over time.

Over 60% of advisors assemble their technology stacks with solutions that address a single need but would prefer an all-in-one technology platform that serves most or all their business needs, according to Envestnet’s 2024 Market Intelligence Survey.

Fidelity and Envestnet said they were combining technology and service with proprietary data management and investment solutions to help firms and their advisors embrace this industry shift.

“Investment management will always be the foundation of an advisor’s offering, but the rising demand for holistic wealth management means they must be more deliberate about where and how they spend their time,” said Gary Gallagher, who heads Fidelity Institutional’s wealth advisory and portfolio solutions.

The offering will make it easier for advisors to manage their books of business, provide sophisticated investment management and integrate more financial planning services to help them remain competitive, he added.