Print this article
Digital Digest: The Latest Tech News - BBVA Compass, Envestnet
Editorial Staff
6 June 2018
BBVA Compass, a US group operating in multiple states with many in the Sunbelt such as Texas, has adopted the SEI Wealth PlatformSM of technology and investment solutions group SEI. The platform is designed to support how the firm manages client relationships. "Like most industries, wealth management is changing, which requires firms to adapt. We are seeing a growing number of institutions recognize the value of upgrading their technology infrastructure, and we are proud to be one of the only industry partners that can provide a truly modern, web-based solution,” Al Chiaradonna, senior vice president of Private Banking at SEI, said. The platform, launched in 2013, now has 22 clients. Of that number, 13 private banking firms have already installed, and another nine clients are in various stages of implementation. BBVA Compass operates 649 branches, including 336 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. Envestnet The platform features analytics, portfolio assessment and performance reporting tools. Clients can use Fidelity's trade execution, custody and client reporting capabilities. The firms aim to ride the wave of growth in discretionary brokerages in Canada; according to figures cited by FCC and Envestnet in their statement, 2013 and 2018, assets under management in this channel jumped from $136 billion to $268 billion, representing a 25.5 per cent increase. "FCC is addressing the growing demand for sophisticated fee-based and managed solutions," Scott MacKenzie, CEO of Fidelity Clearing Canada, said.
Envestnet, an operating system for wealth managers in North America, is collaborating with Fidelity Clearing Canada, a major trade execution, custody and back-office support firm to give clients a platform for managed accounts.