Fidelity says its latest investment in eMoney Advisor is part of the firm's larger vision to continue enhancing its digital solutions across its retail, workplace and institutional channels.

Fidelity Investments is to acquire the renowned Conshohocken, PA-based wealth planning software firm eMoney Advisor, in a move highlighting the growing influence technology is having on the sector and how many players are joining forces to leverage the opportunities.

The terms of the deal were not disclosed.

Fidelity, which has an annual technology spend of $2.5 billion, said buying eMoney Advisor will help it deliver on several elements of its broker and advisor platform by offering: comprehensive data management, efficient and integrated office capabilities and collaborative tools for investors, advisors and home offices.

eMoney Advisor was founded in 2000 by former financial advisor Edmond Walters to help financial professionals serve clients’ comprehensive wealth management needs and run their businesses more effectively. Indeed, there has been an intense focus in recent years on how various technologies can help wealth managers boost productivity by streamlining operations and in turn give investors a more seamless client experience. 

Today, eMoney’s software tracks over $1.4 trillion in client assets managed by 25,000 financial professionals across a network of independent RIAs, banks and accounting firms, as well as 50 broker-dealers and insurance companies.

The deal remains subject to customary closing conditions and regulatory approvals. eMoney Advisor’s leadership will remain in place, with Walters continuing to serve as chief executive. It will also maintain its current offices in Pennsylvania and California.