Fidelity Institutional announced Monday it has reached $100billion in managed account assets on its web-based Envestnet Inc.platform.
|The growth on Fidelity’s managed account platform is twice thatof the overall industry rate, according to a statement from the twocompanies.
|Fidelity cites three reasons to explain why its managed accountplatform is growing so fast.
|Managed accounts allow advisors to foster deeper clientrelationships, according to Fidelity’s explanation. And thanks tothe technology behind Fidelity’s managed accounts, advisors arebetter able to demonstrate their value proposition to clients, itsaid.
|Managed accounts also give RIAs increased opportunity forrecurring revenue. That possibility is driving more RIAs to marketthe accounts to their client base, according to Fidelity.
|According to research from Boston-based Cerulli Associates, themanaged account market is expected to climb to $6.7 trillion by2017.
|“Our industry has reached a critical tipping point whereadvisors who embrace new ideas and technology are seeing theirbusinesses grow,” said Jud Bergman, CEO of the Chicago-basedEnvestnet.
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