Fidelity® to Offer Envestnet Retirement Solutions' Integrated Workstation to Retirement Advisors

Number of Advisory Firms Moving into Retirement Plan Space has Increased 51 Percent Since 2013; New Workstation to Serve as an Integrated, Streamlined Solution to Help Advisors Manage and Grow their Retirement Businesses

  • Technology
  • Technology
  • Technology
  • Technology
  • Technology

BOSTON— Since 2013, Fidelity has seen a 51 percent increase in the number of "emerging" retirement advisors ─ advisory firms moving from accommodating retirement plan requests to growing their retirement plan businesses1. As this growth accelerates, so, too, does the need for solutions to help advisors manage that growth in an efficient and scalable way. According to new Fidelity research, the No. 1 way in which technology can help retirement plan advisors is to create efficiencies in their workloads.2

Fidelity Clearing & Custody, the division of Fidelity that provides clearing and custody to registered investment advisors, retirement recordkeepers, broker-dealer firms, banks and insurance companies, today announced a relationship with Envestnet Retirement Solutions to offer its new workstation to retirement plan advisors. The desktop workstation will be accessible via single sign-on through Fidelity’s WealthCentral® and Streetscape® platforms, providing advisory firms access to retirement plan data and service providers in one central location.

"The industry has realized the opportunity that retirement plans present; now, many firms are focused on scale and asking how do we grow this side of the business efficiently?" said Meg Kelleher, senior vice president, retirement advisor and recordkeeper segment, Fidelity Clearing & Custody. "We see this workstation as the first important step in our open architecture platform which will drive efficiency for retirement plan advisors."

While new Fidelity research identified time and resources as top challenges among advisors offering retirement plan services, the research also found that they see technology as a means to overcome these challenges. However, only one-third of retirement advisors admit that they are leveraging technology to the fullest.3

"This new Envestnet Retirement Solutions workstation will help advisors more easily put technology to work for their businesses by integrating into the systems and service providers they are already using," said Babu Sivadasan, Group President of Envestnet | Retirement Solutions (ERS), a majority-owned subsidiary of Envestnet, Inc. (NYSE: ENV). "It will also serve as a single solution for needs that are often outsourced or pieced together by firms, including compliance reporting and plan reporting."

The Envestnet Retirement Solutions workstation will be available to Fidelity Clearing & Custody clients beginning Q1 2016.

About Fidelity Investments

Fidelity's goal is to make financial expertise broadly accessible and effective in helping people live the lives they want. With assets under administration of $5.0 trillion, including managed assets of $2.0 trillion as of September 30, 2015, we focus on meeting the unique needs of a diverse set of customers: helping more than 24 million people invest their own life savings, nearly 20,000 businesses manage employee benefit programs, as well as providing nearly 10,000 advisory firms with technology solutions to invest their own clients' money. Privately held for nearly 70 years, Fidelity employs 42,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.

About Envestnet | Retirement Solutions

Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective and fully-aligned standard of care, and empower advisors to deliver better outcomes.

Envestnet | Retirement Solutions (ERS), a majority-owned subsidiary of Envestnet, Inc., provides retirement advisors with an integrated platform that combines one of the industry's leading practice management technology, research and due diligence, data aggregation, compliance tools, and intelligent managed account solutions. ERS leverages Envestnet's advanced capabilities and resources, along with its experience in investment research, portfolio construction and investment management, to meet the specialized needs of each retirement plan stakeholder, from plan participants to sponsors, advisors to home offices and record keepers to DCIOs. For more information on Envestnet | Retirement Solutions, please visit www.envestnet.com.

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