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Fidelity is doubling down on digital advice: The firm is ending its alliance with Betterment Institutional and plans to announce its new digital platform, including plans for a digital offering for advisors.
At the same time, the financial services giant is in the pilot stages of developing a direct-to-consumer robo advisor, company representatives confirmed.
The advisor platform Fidelity is developing will be unveiled in early 2016, Fidelity spokeswoman Erica Birke says, and is intended to allow advisors to fully digitize their practices.
In a sign of just how rapidly the digital wealth management space is changing, just 13 months ago, Fidelity struck its partnership with Betterment, the industry's leading independent robo advisor. However, Fidelity look a big leap in February when it made a $250 million acquisition of eMoney Advisor, providing it with the industry's most popular financial planning software.
"After a year of engaging with Betterment...