The Streetscape Fee-Based Tools are designed for the more than 3,000 independent registered investment advisers (RIA) client firms that use Fidelity WealthCentral. The purpose of the tools is to bring together trading and account management capabilities with third-party portfolio modeling applications in a Web-based environment within National Financial’s workstation.
According to a press release, the five major components of the offering include:
- Block Trading: Allows users to place a single trade that when executed, can be allocated to multiple client accounts with each benefitting from the same average share price.
- Rebalancing/Modeling: Enables the management of client portfolios to assigned models (adviser-created or imported) and the generation of trades required to bring positions back to within defined tolerances.
- Account Grouping: Provides ability to group client accounts to assist with viewing and generating transactions across multiple accounts.
- Data Import and Export: Allows for the import or export of customer account data and orders to feed between third-party or proprietary applications such as Advent Software, Inc. and Morningstar, Inc. enabling users to conduct analysis and trading more efficiently.
- Reporting: Generates reports to help simplify the management of accounts and help provide enhanced customer service. Examples include: Transaction Report that tracks transaction history either on a daily basis or using specific date range; and Percent Invested Report which identifies accounts that are either under or over-invested to a specified cash level.
“As a provider of one of the most extensive offerings for hybrid brokers and advisers, the fee-based tools are the latest demonstration of how we’re leveraging the best of Fidelity on behalf of our clients,” said Sanjiv Mirchandani, president, National Financial. “The entire suite of tools integrated into Streetscape can help strengthen the ability of our clients to recruit and retain advisers and brokers by allowing them to more effectively manage their clients’ commission- and fee-based accounts.”