Sanjiv Mirchandani, currently president of National Financial has been appointed as president of the newly-combined Fidelity Clearing and Custody unit, and Michael Durbin, president of Fidelity Institutional Wealth Services, will become president of Fidelity Wealth Technologies.

“These new leadership roles are part of a long-term strategy to recognize the growing, emerging and converging business models in the financial advice industry and to organize the clearing and custody units to better serve clients,” Fidelity, which has an annual technology spend of $2.5 billion, said.

Indeed, in 2013 the firm aligned several client segments in an organizational restructure “to better reflect the marketplace.” Banks and broker-dealers were brought under National Financial, while registered investment advisors, professional asset managers, strategic acquirers and retirement advisors and record-keepers were moved under Fidelity Institutional Wealth Services.

In a sign of how quickly the technology landscape is evolving in wealth management, the firm had back then integrated its technology platform groups into one team under the leadership of Ron DePoalo, Fidelity Institutional’s chief information officer. Today sees the launch of a dedicated division off the back of acquisitions and other platform investments.

New reporting lines

Upon closing of the pending transaction of eMoney Advisor, Edmond Walters, its founder and CEO, will report to Durbin and Fidelity Wealth Technologies .

Meanwhile, Mirchandani will continue to report to Gerard McGraw, president of Fidelity Institutional, and Durbin will report to Michael Wilens, president of Fidelity Enterprise Services. The Fidelity Institutional Wealth Services leadership team, which previously reported to Durbin, will now report to Mirchandani.