Fidelity, Schwab, TDA & BNY Mellon Deepening Fintech Offerings

Fintech Offerings

When we read items like the one below, none of this surprises us one bit.  The integrated fintech offerings of the top 4 custodians – Fidelity, TD Ameritrade, Schwab and BNY Mellon are growing deeper by the minute, and they are at their competition as well.  The whole key is integration and you’ll see more and more of these major players teaming up with other complimentary firms to ensure a seamless experience for wealth managers, who in turn, are able to better serve customers.  And then do it all at Starbucks from a laptop & smartphone.  We see it all the time.  It’s what we live for at FintekNews.  
(Cindy Taylor/Publisher)

The nation’s largest custodians are racing to align with — and in some cases, buy — the strongest fintech available, as each of the major players seeks to win over advisers by providing the ultimate technology platform.

“One of the biggest challenges is to have the marketplace understand you’re not just a custody and clearing provider,” said Tom McCarthy, head of platform technology at Fidelity Institutional. “It’s a mindset shift that our clients are getting used to, and they are happy that technology is increasingly coming as an integrated package, and that we are managing it for them.”

Custodians are bringing advisers technology that makes their workflow more efficient, boosts their ability to collaborate digitally with clients, offers robo-advice and delivers insight into an adviser’s operations and management.

Looking into next year, large custodians promise to put artificial intelligence and proactive analytics to work to further enhance the planning and advice arena.

“In the fintech space, there are so many third-party firms that are offering unique capabilities that advisers are using, but a lot of those capabilities need to have some semblance of integration with custodians,” said Ed Obuchowski, senior vice president for technology solutions at Schwab Advisor Services.

Buying integrated fintech through a custodian also gives advisers confidence that the vendor isn’t going to go out of business….”

Full Story at Investment News