Fidelity Investments is using technology from Yodlee to give investors the ability to aggregate information from independent financial institutions through one centralised service, Full View, on Fidelity.com.
Using Full View, Fidelity retail customers can consolidate their online financial account information including investments, banks, credit cards, loans and mortgages, as well as e-mail and airline frequent flyer miles.
Fidelity's arrival in the online aggregation arena coincides with news of a similar Yodlee-powered offering from Charles Schwab. Fidelity says it is taking the concept of aggregation one step further, however, by enabling customers to re-use the consolidated pool of financial data in a proprietary, online planning and analysis tool.
Scheduled to launch early this year, the tool will help customers analyse their current Fidelity and Full View consolidated holdings, says the brokerage, showing their overall diversification by asset class, international versus domestic exposure and industry sector. The service uses portfolio analysis methodology developed by Strategic Advisers, a Fidelity Investments company.
"Aggregation means more than just offering our retail customers the ability to consolidate their Fidelity and non-Fidelity account information," says Tracey Esherick, executive vice president, Fidelity Online Brokerage. "By providing them with the ability to prepopulate their information into an online planning tool, we're making it even easier for them to monitor, manage and interpret that information so they can make even more informed investment decisions."