Fidelity Institutional Wealth Services is working with Betterment Institutional, to assist RIA clients and prospects seeking to add a digital solution to their firms.

Fidelity Institutional Wealth Services is working with Betterment Institutional to assist RIA clients and prospects seeking to add a digital solution to their firms.

Fidelity Institutional Wealth Services is Fidelity’s custody business that works with nearly 3,000 RIA firms as well as prospects, offering them custodial capabilities and practice management solutions.

“Fidelity Institutional Wealth Services’ RIA clients and prospects have been following the digital advisor evolution with great interest and have been coming to Fidelity for help to better understand the landscape and learn about the options available to them,” Fidelity told Family Wealth Report.

The firm noted that many RIA and broker-dealer firm leaders plan to embrace digital advice by incorporating it into their existing businesses or partnering with a digital advisor (56 per cent), according to recent research it carried out.

Betterment Institutional provides tax-efficient portfolio management, automated billing and reporting, paperless onboarding, web and mobile apps, technical support and “bank-level” security. Crucially, clients can see their firm's brand and access contact information within the client portal.

The new funding also included repeat investors Bessemer Venture Partners, Menlo Ventures and Anthemis Group, according to the Financial Times.

Jon Stein is the founder and chief executive of Betterment.