Fidelity Investments is deepening its footprint in the managed accounts space by expanding access to its custom model portfolios—now incorporating private market assets—via the Vestmark platform.
The move gives RIAs and broker/dealers broader access to Fidelity’s open-architecture investment solutions that integrate traditional and alternative vehicles within a unified custodial account.
Through Vestmark, advisors can now build fully customized portfolios that combine semi-liquid interval funds, separately managed accounts (SMAs), mutual funds, and ETFs. The platform supports a seamless allocation experience, with select participating firms able to access these capabilities at no additional cost when routed through Fidelity.
This latest expansion mirrors Fidelity’s recent integration of its custom models—including alternatives—on the Envestnet platform, signaling a clear strategy to bring institutional-level portfolio construction tools to independent advisors at scale.
"We’re excited to collaborate with Fidelity to deliver personalized model portfolios that integrate Vestmark’s tax-aware technology," said Karl Roessner, CEO of Vestmark. "Our platform is built to help advisors better tailor portfolios to individual client goals while optimizing for after-tax returns."
Amanda Robinson, head of Fidelity’s wealth advisory managed solutions specialist distribution, echoed that sentiment. "This partnership with Vestmark broadens access to customized open-architecture portfolios and semi-liquid alternative investments," she said. "We’re combining the best of Fidelity’s research and asset management with Vestmark’s portfolio management infrastructure."
The broader trend is unmistakable: demand among RIAs and wealth managers for personalized, tax-efficient portfolios that include private market assets is accelerating. Over the past several quarters, fintech providers and asset managers alike have rushed to embed private investments into unified managed account (UMA) structures.
Vestmark, for example, recently partnered with iCapital and BlackRock to integrate private market funds into tax-managed UMAs for advisors affiliated with Dynasty Financial Partners. That agreement built on a prior Vestmark-BlackRock partnership aimed at expanding access to custom models tailored to the needs of high-net-worth clients.
Meanwhile, Vestmark’s chief rival, Envestnet, continues to scale its own ecosystem of customized portfolios with alternative exposure. Recent collaborations have included BlackRock, State Street Global Advisors, Franklin Templeton, and Fidelity itself. Similarly, Goldman Sachs Asset Management teamed up with TAMP provider GeoWealth to bring open-architecture custom model portfolios to its UMA platform, underscoring the momentum behind tailored portfolio construction in the RIA channel.
For wealth advisors seeking to deliver institutional-caliber, tax-aware portfolios with expanded access to alternatives, these technology integrations represent a meaningful shift. As client expectations rise around personalization, tax efficiency, and access to differentiated investments, the ability to deliver bespoke strategies through platforms like Vestmark and Envestnet is quickly becoming table stakes.
