Boston-based Fidelity Investments has launched WealthCentral, a web-based wealth management platform that integrates registered investment advisors' operational systems.

WealthCentral brings together portfolio management, customer relationship management, financial planning, portfolio rebalancing and trading in one workstation. The platform has already been implemented with 25 clients, and will be rolled out to Fidelity's remaining 3,500 registered investment advisory clients throughout 2009 and 2010.

Fidelity also released results from a study conducted by Moss Adams accountants on its behalf that found that RIAs that have integrated core technology applications made 36 per cent higher revenue per professional and 30 per cent higher profits per owner, compared to those firms that have not integrated.

"Since we announced the development of WealthCentral, the response from advisors has been overwhelming," said Scott Dell'Orfano, executive vice president of Fidelity Institutional Wealth Services. "Now more than ever, advisors see that efficiency is a way to help enhance profitability,” he added.

"With WealthCentral, Fidelity is offering both a line-up third-party business applications and an unprecedented level of technology integration. The result of this combination is a well-rounded wealth management platform for registered investment advisors," said Alois Pirker, senior analyst, Aite Group. "Aite Group's most recent research indicates that RIAs are demanding this type of advisor platform."

WealthCentral  streamlines workflows and offers a comprehensive client view, and centralised support, via a single web interface.  

Its core applications are all compatible with each other, so that advisors will only have to enter client information into their system once. The system automatically updates, and through the integration of Advent Back Office Services, reconciles information across the platform's various applications.

Because WealthCentral is Web-based, with all applications and client data hosted by Fidelity and third-party providers, it can help simplify an advisor's need to manage technology.

"A team of over 250 individuals has spent two years working closely with our third-party business providers to develop hundreds of modules in order to get the systems to virtually talk with one another. WealthCentral's architecture is unique in our industry - that's why we have a patent pending," added O'Brien.

Fidelity Investments has custodied assets of nearly $2.7 trillion, including managed assets of over $1.2 trillion as of 31 October 2008.

Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to 24 million individuals and institutions as well as through 5,500 financial intermediary firms.