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Fidelity has uprooted Pershing from a dual custodian arrangement to take over all clearing services and client assets for the sixth largest independent broker-dealer.
Lincoln Financial Network and Fidelity Clearing & Custody Solutions have developed more than 30 new enhancements to the IBD’s platform during the past three years, Lincoln announced this week. The Philadelphia-based Lincoln moved almost all of its assets into Fidelity’s custody in September.
The first fruits of the collaboration include remote check deposits, tailored marketing and one gateway for all types of client accounts and investment products. A second phase, which is slated for late 2018 or early 2019, will usher in a robo advisor and improved delivery of clients’ comprehensive financial plans.
Fidelity’s tech investments, especially its 2015 acquisition of eMoney Advisor, gave it a head start on rival custodians, says Tim Welsh, president of consulting firm Nexus Strategy. Pershing, Charles Schwab and TD Ameritrade have...