Fidelity Investments today announced the latest addition to its WealthCentral platform for financial advisers: Black Diamond Performance Reporting.
Black Diamond will be integrating its BlueSky portfolio management and reporting system with WealthCentral in a phased rollout over the coming months.
In addition to performance reporting and report generation, the web-based BlueSky platform provides advisers with automated daily reconciliation of client accounts, including held-away assets.
“We've been working on this for the last few months, and the first priority with this integration is providing single sign-on access and contextual links between WealthCentral and BlueSky,” said Edward O'Brien, senior vice president and head of technology with Fidelity Institutional Wealth Services.
“That will enable advisers to have one-click access to portfolios and accounts within the BlueSky portfolio management and reporting platform, which should be completed later this year,” he added.
The next step will be fully automated bidirectional updating of account and client data between BlueSky and WealthCentral. That, in turn, will be followed by fully bidirectional integrations with other core WealthCentral applications.
“Clearly, the ones that are top of mind and make the most logical sense are allocation and re-balancing,” Mr. O'Brien said.
Additionally, cost basis data will be synchronized between WealthCentral and the BlueSky platform to help facilitate consistency in support of the proposed cost-basis-reporting requirements that the Internal Revenue Service is scheduled to phase in starting Jan. 1.
Look for additional details to be covered on our technology blog in the coming days.