Fidelity's eMoney Advisor partners with Schwab

Tech vendor says, professional rivalry aside, integration with Schwab's OpenView Gateway upholds its commitment to support advisers regardless of where they custody assets

Nov 15, 2017 @ 2:22 pm

By Ryan W. Neal

Financial planning technology firm eMoney Advisor plans to integrate with Schwab Advisor Services' OpenView Gateway, eMoney announced today at the annual Charles Schwab IMPACT conference in Chicago.

The move is interesting given the competitive history between Schwab and eMoney's parent company, Fidelity, but not necessarily surprising. Since Fidelity acquired eMoney in February 2015 for an estimated $250 million, both companies have assured advisers that eMoney would operate as an independent technology company that supports advisers regardless of where they custody assets.

Last week, eMoney's head of business development, Stephen Langlois, announced two new executive hires – Jeffery Schwantz as senior vice president and head of enterprise sales, and Shannon Porro as vice president of strategic partnerships – as part of a new commitment to expand eMoney's presence with banks, insurance, large broker-dealers and, apparently, custodians.

The technology firm from Radnor, Pa., has traditionally focused on independent advisers. Sixty percent of eMoney's 50,000 users are affiliated with individual advisers, while the other 40% are with firms, larger financial institutions and enterprises.


Mr. Langlois, who came to eMoney in May from Fidelity Wealth Technologies, said part of the strategy behind the eMoney acquisition was to provide advisers affiliated with Fidelity access to leading financial planning tools. The other side of the equation was a belief that the future of advice is planning-led, and eMoney could apply broadly across the industry.

"If you want to have a dominant market share or be a market leader, you have to support not only advisers and institutions that work with Fidelity, but also work with Fidelity's competitors. People who custody with Schwab; people who clear with Pershing," Mr. Langlois told InvestmentNews, comparing it to the way investment products are distributed among businesses that traditionally competed for assets. "We operate in an open-architecture world."

Mr. Langlois said partnering with financial institutions is proof that eMoney won't bias future development and innovation towards Fidelity advisers, leaving other users with second-class technology.

Schwab was unavailable to comment, but John Connor, vice president of Schwab Advisor Services technology solutions, said in a statement that the integration with eMoney would, "provide our mutual clients with an efficient, integrated experience."


Mike Byrnes, president of Byrnes Consulting, said that while the integrations are a testament to eMoney as a tool for advisers, being available to multiple advisers at multiple custodians could have a downside.

"As custodians choose to offer the same tools to their RIA clients, they will continue to have to look for new ways to differentiate themselves from one another," Mr. Byrnes said.

At the IMPACT conference, eMoney also revealed additional details about its 2018 product roadmap, including an integration with Envestnet's updated Tamarac software for bi-directional data flow and single sign-on access, and cloud content management firm Box to let users access content from the eMoney Vault. The company also has plans to integrate CapitalRock's RightBRIDGE product recommendation software.

(More: A sneak peek at eMoney's product roadmap.)

After implementation, eMoney will count 20 integration partners on its financial planning system.

In a statement, Jessica Liberi, eMoney's senior vice president of product management, said, "the number of potential integration partners in the marketplace today reflects the growing complexities of an adviser's practice."


What do you think?

View comments

Recommended for you

Upcoming Event

Jul 10


Women Adviser Summit

The InvestmentNews Women Adviser Summit, a one-day workshop now held in four cities due to popular demand, is uniquely designed for the sophisticated female adviser who wants to take her personal and professional self to the next level.... Learn more

Featured video


Behind the scenes at Pershing Insite 2018

What goes on behind the scenes at one of the industry's biggest conferences? Join us for an all-access sneak peek!

Latest news & opinion

Advisor Group acquires Signator Investors and plans on folding it into Royal Alliance

Advisor Group takes 'orphan' broker-dealer off the hands of John Hancock Financial Services.

It's official: DOL fiduciary rule is dead

The 5th Circuit Court of Appeals issued a mandate Thursday making its March 15 decision to strike down the regulation effective.

Supreme Court curbs SEC administrative law judges

'Buckets of Money' adviser Raymond Lucia is entitled to a new hearing, court rules.

Opaque, outdated 401(k) plan disclosures harming investors, advisers

Morningstar report: Lack of data on fees, investments makes advice on rollovers costlier and more challenging for investors.

Mutual funds feel the pinch of platform fees

No-transaction-fee options are a big hit with investors, but funds wind up paying the costs — and passing them on.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print