Fidelity Institutional and LearnVest have announced a collaboration to help advisors digitize their practices.
Fidelity research has indicated that advisors should begin now to use digital strategies, given that 55 percent have said they plan to pursue emerging and mass-affluent investors over the next five years. That group is comfortable with online transactions and, Fidelity said, "craves more clarity and simplicity in their finances."
This means advisors will have to adjust to new ways of doing business, because 70 percent of firms report that their current focus is on investors older than 49 who have $1 million or more in assets.
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The LearnVest connection, said Fidelity, will give advisors the opportunity to offer their clients "access to an educational 'financial wellness' microsite, featuring LearnVest content, as well as preferred pricing for LearnVest's technology-enabled financial planning program.
"Advisors are seeking out efficient and scalable solutions to help the next generation of clients get engaged in improving their own financial outcomes," Michael Durbin, president, Fidelity Institutional Wealth Services, said in a statement.
He added that one of "advisors' most pressing needs" is "'options to digitize my practice.'"
Fidelity Institutional Wealth Services already collaborates with Betterment Institutional and the new alliance will allow RIAs the opportunity to add a client-facing digital platform specifically to engage growing investor segments like the emerging affluent.
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