Richardson Wealth to adopt Fidelity Clearing’s advisor tech platform

Richardson Wealth Ltd. has entered an agreement with Fidelity Clearing Canada ULC for custody, clearing and trade settlement services, the firms said on Thursday, giving Richardson advisors access to Fidelity’s advisor technology platform.

Fidelity Clearing’s uniFide platform will provide Richardson Wealth advisors with a suite of customizable tools intended to improve both the client and advisor experience, a release from the firms said.

“The scalability that comes from the agreement with Fidelity Clearing Canada to take advantage of their world-class technology puts us in a stronger position to focus more intently on our core business of providing exceptional wealth management services,” said Kish Kapoor, president and CEO of RF Capital Group Inc., Richardson Wealth’s parent company, in a release.

Leveraging Fidelity Clearing’s scale will save costs and reduce the need for future technology investments, Kapoor said, freeing up capital for advisor recruitment and growth. Richardson Wealth, which manages $34 billion in client assets, has set a strategic target of tripling its assets to $100 billion.

Earlier this year, Richardson partnered with Envestnet to provide a unified managed account platform and portfolio management tools for advisors.

Fidelity Clearing Canada, together with Fidelity Investments Canada ULC, represent more than $222 billion in assets under administration and management.

Richardson expects to move to Fidelity’s platform in fall 2022 pending regulatory approval. RF Securities Clearing LP, another RF Capital subsidiary, currently provides clearing services for Richardson.

In an email to Advisor’s Edge, Kapoor said it’s “business as usual” at RF Securities Clearing  while the firm migrates to Fidelity’s systems. “As part of that process, we will determine next steps for RF Securities Clearing LP,” he said.

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