Modern investors expect more from their technology and the professionals they hire to provide it. In fact, nearly two in three investors prefer to get financial advice from both human and digital sources1. And those numbers are even more staggering when looking exclusively at the next generation of investors.
- 64% of millennials say they prefer hybrid investment advice over either a dedicated human adviser or conventional robo-advisory services1
So while automated advice platforms have long been available to the investor population, advisors offering a new model that combines a self-guided investment experience with the planning-focus and expertise only a trusted advisor can provide, stand to win big in the market.
That’s why we collaborated with Fidelity to co-develop the industry’s first fully integrated, planning-centric digital advice platform delivered through financial advisors, Fidelity AMP.
What is Fidelity AMP?
Fidelity and eMoney co-developed Fidelity Automated Managed Platform (AMP) – a digital advice solution built specifically to enable firms and advisors to provide efficient financial planning and execution through an automated platform. It is completely integrated with eMoney’s emX® platform and Fidelity Wealthscape – enabling joint clients to manage digital and fully-advised end investors side-by-side, and easily evolve clients from automated to collaborative service as their financial planning needs grow.
For advisors and firms, that now means you’ll have:
- Smart and dynamic lead generation, onboarding, goal selection, and investor self-registration tools that consolidate costs and processes to acquire and serve new clients.
- A configurable Investment Profile Questionnaire at the firm-level to incorporate your unique expertise and experience into the delivery of digital advice.
- For shared clients, a gateway to Fidelity’s brokerage capabilities, for a smart and action oriented experience that meets a clients’ growing expectations for automation.
- Access to powerful Analytics that provide a view of both digitally and fully-advised clients, to provide a complete view of all opportunities.
- The full extent of eMoney’s emX® suite capabilities, including interactive and advanced financial planning tools, to take the relationship to the next level when and if it’s the appropriate time.
How does digital advice work?
To enroll in AMP contact your Fidelity Relationship Manager to start the process. Agreements with FCCS, Geode Investment Management, and eMoney are necessary, and Firms are required to develop an Investment Profile Questionnaire to help investors determine the appropriate investment for their salutation. Once these are in place, you launch your digital advice platform by following the steps below:
Step 1. Develop Your Digital Advice Strategy
Make sure you have a solid business strategy in mind for incorporating a digital advice model into your business. Check out Fidelity’s practice management guide, Navigating Digital Advice, to get started.
Step 2. Enable the Integration
If you haven’t done so already, be sure your Fidelity integration has been enabled. View our detailed instructions for Broker-Dealers and RIAs or check out our Fidelity Integration User Guide for steps on launching and using the integration.
Step 3. Setup Your Lead Capture Settings to Promote Digital to Prospects
Customize your Lead Capture landing page to align with your marketing to target this new segment of digital investors. Go to Settings on your Advisor Navigation Bar and select Lead Capture under Preferences. Here you can go to the Digital tab and create the Headline, Body text and copy the unique Link to your Digital Advice module. Or can you reference our Digital Investor Marketing templates available here.
Step 4. Enable Your Client Site for Digital Investors
Give your digital clients access to new self-guided features available in the client site. In the Advisor site, click the Manage Client Website page, Features tab, then check the Goals checkbox under the Primary Features section. The Client Site Goals feature toggle must be enabled to see the Goals checkbox on this page.
Step 5. Consider Which Existing Clients a Digital Model May Be Appropriate For
Not only does this platform allow you to meet the needs of more new clients but it also, in some situations, enables you to more appropriately meet the needs of existing clients. You can easily select which clients or prospects should have access to Fidelity AMP by clicking on their name and selecting Digital from the Designations section of the drop-down menu.
Why is digital advice important for advisors?
Modern investors are expecting more from their technology and the professionals they hire to provide it.
40 to 45 percent of affluent consumers who switched their primary wealth management firm in the past 24 months moved to a direct, digitally-led firm—in many cases choosing to work with a phone-based advisor at those firms.
Digital Advice infuses eMoney’s planning-focused philosophy into a self-directed digital model, which enables more investors to benefit from the financial planning process and positions advisors to better address a large gap in the wealth management industry.
How do investors benefit from a digital advice model?
Nearly two in three investors prefer to get financial advice from both human and digital sources 1. So it’s important that advisors meet their potential investors where they are.
With access to eMoney’s award-winning client portal and other tools to promote self-direction, like an interactive goal planning playground, you can provide the kind of self-service platform today’s investors crave.
And with a cohesive and consistent technology experience, clients will experience a seamless transition when evolving from the digital to traditional model.
How do I position digital advice to investors?
We’ve got that covered! Visit our Investor Resource Center for materials to help attract, retain, and eventually convert prospects to digital clients.
Our Resource Center includes materials like:
- Informational PDF’s
- User Guides
- Email Campaigns
- Social Media Campaigns
- And more
More questions on Digital Advice? Click here to visit our FAQ.