Fidelity opens mobile check deposits to advisers, B-Ds

Institutional users now caught up to retail customers who have embraced the technology

By Mark Schoeff Jr.

Sep 10, 2013 @ 8:23 pm (Updated 8:31 pm) EST

fidelity, mobile, technology

Fidelity Investments today launched mobile check deposit capabilities for its financial advisers, broker-dealers and family office professionals.

Financial professionals who custody with or clear through Fidelity can now take a picture of a check using their smartphone or tablet and securely deposit the funds directly into their clients’ brokerage accounts.

The capability brings Fidelity’s advisers and broker-dealers up to speed with the Fidelity’s individual investors, who have had access to mobile check deposit since it was first introduced in 2011. Investors have deposited nearly $2.5 million a day using the mobile app.

According to a news release, Fidelity Institutional’s mobile applications have been downloaded 22,000 times. Through the app, mobile check deposit will become available to financial advisers who custody with Fidelity Institutional Wealth Services, broker-dealers clearing with National Financial, and family office clients of Fidelity Family Office Services.

“This new mobile offering illustrates our commitment to anticipating technology shifts and helping our clients leverage new innovations effectively,” said senior vice president and head of platform technology, Fidelity Institutional, Edward O’Brien, in the news release. “Mobile check deposit -- a wildly popular consumer app -- was a ‘given’ to adapt for our ‘anywhere advisers’ and family office professionals.”

  @IN Wire

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