Fidelity Institutional announced Monday it has reached $100 billion in managed account assets on its web-based Envestnet Inc. platform.

The growth on Fidelity’s managed account platform is twice that of the overall industry rate, according to a statement from the two companies.

Fidelity cites three reasons to explain why its managed account platform is growing so fast.

Managed accounts allow advisors to foster deeper client relationships, according to Fidelity’s explanation. And thanks to the technology behind Fidelity’s managed accounts, advisors are better able to demonstrate their value proposition to clients, it said.

Managed accounts also give RIAs increased opportunity for recurring revenue. That possibility is driving more RIAs to market the accounts to their client base, according to Fidelity.

According to research from Boston-based Cerulli Associates, the managed account market is expected to climb to $6.7 trillion by 2017.

“Our industry has reached a critical tipping point where advisors who embrace new ideas and technology are seeing their businesses grow,” said Jud Bergman, CEO of the Chicago-based Envestnet.

Instant Insights /

Fidelity&rsquo;s managed account platform reaches $100 billion

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Fidelity’s managed account platform reaches $100 billion