Advisors who embrace technology have more assets, higher compensation - Fidelity U.S. study

TORONTO, Sept. 6, 2018 /CNW/ - The implementation of simple, comprehensive technology to an advisor's practice is a clear business opportunity, according to a recent study by U.S.-based Fidelity Clearing & Custody Solutions. Fidelity's research shows that financial advisors who embrace technology, also known as "eAdvisors", have more than 40% higher AUM and generate nearly 25% higher compensation.

In Canada, technology, back office and administrative support are major focus areas for financial advisors. In the recent Investment Executive Advisors' Report Card, advisors gave back office support an overall average importance rating of 9.3ⁱ, compared to an average performance rating of 7.5. This gap indicates advisors are unsatisfied with their back office support.

Fidelity Clearing Canada (FCC), the second largest clearing and custody firm in the country, identifies technology as a major competitive advantage for back office support. "We understand it's a competitive market out there. Every minute spent on back office and administrative support is time away from the end-investor. Having the right technology allows our clients to focus their attention back on building relationships and other value-add activities" says Scott MacKenzie, CEO of FCC.

As part of a multi-year, multi-million dollar technology strategy, FCC announced today the launch of uniFide™, a fully-integrated web solution that delivers processing efficiencies, consolidated information, enhanced tools and robust support to Canadian introducing brokers and portfolio managers.

"We've spent years listening to what advisors want and built a solution catering to those needs. What we've come up with is a turnkey, web-based solution that will eliminate cost and complexity for our clients," says MacKenzie. "By engaging with our clients we are able to deliver a single integrated platform tailored to the priorities that grow their business."

Release 1.0 of uniFide™ allows for online account opening and maintenance and features comprehensive book analytics, time-saving tools and real-time, business critical information. Upcoming enhancements will focus on increasing advisor-client engagement.

"uniFide™ is expertly designed to take back office concerns off our clients' plates, allowing them to focus on their priorities, grow their business and serve the needs of their end-investors," says MacKenzie.

About Fidelity Clearing Canada
Fidelity Clearing Canada (FCC) provides clearing, custody and trade execution services to Canadian registered broker/dealers and portfolio managers. FCC helps clients thrive by enhancing their operational efficiency and supporting the growth of their businesses, driving confidence, clarity and results. For more information, please visit www.clearing.fidelity.ca.

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i Source: Investment Executive Research. Based on a scale of zero to 10

SOURCE Fidelity Clearing Canada

Chris Pepper, Vice-President, Corporate Affairs, Fidelity Investments Canada ULC, T: [phone], M: [phone], [email protected]