Black Diamond’s BlueSky portfolio management and reporting platform, a Web-based product, allows advisers to outsource and automate daily reconciliation of their clients’ investment information, including aggregation of assets including those not held within Fidelity. They can also run customized reports on demand or view data on Black Diamond’s online platform.
Through WealthCentral, advisers can use Black Diamond tools for a range of tasks, including ad hoc and batch client reporting, composite reporting and maintenance, client billing, multiple levels of account/asset aggregation, customized target/asset allocation models, cost basis tracking, tax lot entry, and a private-labeled customer Web portal that includes vault capabilities for their clients’ performance reports. It also provides RIA firms the ability to customize their asset classifications, homepage and reports.
“Working strategically with proven firms such as Black Diamond to establish deep integration differentiates WealthCentral from other platforms and reinforces our commitment to helping advisers achieve greater efficiencies and accelerate their growth,” said Michael R. Durbin, president, Fidelity Institutional Wealth Services.
The agreement with Black Diamond is the latest addition to WealthCentral’s collection of third-party providers, which already include Oracle, Emerging Information Systems, Inc. (EISI), Advent Software, Inc. and Northfield Information Services, Inc (see “Fidelity’s Web-Based Tool Attracting RIAs“). Fidelity expects to integrate additional third-party solutions in the future.