RIA custodian touts early-innings success of its practice-management portal. Fidelity Institutional Wealth Services (Fidelity IWS) says it is saving its clients money on marketing. Firms using the RIA custody provider's Marketing Consulting program, a component of the PracticePerks practice-management portal it launched earlier this year, have saved between 40% and 50% on marketing services.

"The marketing services Fidelity provided enabled us to not only create a stronger and more unified brand but also significantly advanced the brand's visibility to prospective clients," says Jack Thurman, president of Springfield, Mo.-based BKD Wealth Advisors. "In fact, we marked our best year ever immediately following the implementation of the new branding platform, increasing our assets and accelerating our growth plan."

To date, Fidelity IWS has completed about 60 consultations through its Marketing Consulting program.

Tools

Fidelity IWS also has a roster of about 75 service and product providers on its PracticePerks preferred-provider list. Among them are

Citrix GoToMyPC, remote-access PC software

DentalPlans.com, discount dental plans

Executive Essentials, office accessories

Laserfiche, e-document management, storage and retrieval software

Fidelity IWS says "the negotiated discounted pricing and customized offers available through" its practice-management program has saved its clients more than $500,000 in business-service costs so far this year.

But there's more to PracticePerks than cost savings, according to Fidelity IWS executive v.p. Gail Graham. "It's the hands-on consultative relationship we form with clients that really differentiates our program and enables us to help our clients thrive and potentially grow profitably," she says.

"As RIAs realize unprecedented growth, the need to develop and execute disciplined yet flexible strategic practice management plans is critical to their future success," adds Graham -- who used to run Fidelity Private Access, a high-end private-client service platform of Fidelity Brokerage Services.

Fidelity IWS is a division of Boston-based Fidelity Investments. It provides trading, custody and brokerage services to more than 3,800 RIAs, trust companies and third-party pension-plan administrators with more than $355 billion in end-client assets. -FWR

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