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Fidelity Rolls Out Robo for Advisors

By Alex Padalka September 14, 2017

Fidelity has launched a robo-advice platform for advisors who want to expand their services with digital advice offerings, the company says in a press release.

The Automated Managed Platform, developed in partnership with eMoney Advisor, is now available to advisors affiliated with Fidelity’s Clearing and Custody Solutions through Wealthscape, Fidelity’s technology platform.

Fidelity says the new robo can be customized for the end investor with the advisor’s own branding and marketing materials. AMP also gives advisors flexibility with the robo’s questionnaire, according to the press release. Advisors whose clients opt to transition from automated advice to more hands-on financial planning can manage all of them through one platform. It’s as yet unclear how much Fidelity will charge advisors for using the platform.

Clients using the robo can do the onboarding process themselves, set goals, monitor account performance, and open and fund accounts through Fidelity’s brokerage, according to the firm. The company claims several advisors have already signed on while several RIAs, broker-dealers and banks are “committed” to implementing it.

Fidelity also says it plans to continue tinkering with the platform to expand its usability. Next year the company plans to start offering customized investment modeling based on their clients’ risk tolerance and investor profile questionnaires.

The company says it’s trying to meet growing interest from advisors who want to supplement their traditional advice service with robo offerings. A survey of 542 advisors Fidelity conducted earlier this year found the number of firms already exploring adding a robo has swelled by 80% in one year, although it’s still only 40% of the firms.

Since robo-advice pioneers Betterment and Wealthfront have rolled out standalone digital advice platforms, many traditional financial institutions have begun offering their own. Fidelity launched a client-facing robo last summer. Most recently, United Capital rolled out a robo aimed at older investors. Citizens Bank also launched a digital advice service earlier this month. Charles Schwab, Vanguard and Merrill Lynch have all introduced robo-advisors over the past two years. And Wells Fargo started testing a robo platform earlier this year, while Morgan Stanley is expected to roll one out later this year.