One of the burgeoning areas for startups is taking the institutional and high-net-worth separate account business and bringing down stream to investors who would not otherwise have the funds to afford a separate account. Now one of these sites -- myMoneyPro.com of Sunnyvale, California -- has joined with Fidelity Investments Institutional Brokerage Group (FIIBG) to offer its clients account services, brokerage execution and clearing from the fund behemoth.

MyMoneyPro is just one of a number of sites that promise to use the Web to bring investors separate account products for balances of as little as $50,000 in some cases. Its competitors include San Diego-based RunMoney.com, Minneapolis-based PrivateAccounts.com, and WrapManager.com an affiliate of The Investment Center, Inc. which is located in Bridgewater, New Jersey.

FIIBG said that it will offer a number of tolls to myMoneyPro.com clients, including its Advisor CHANNEL portfolio management, analysis, trading and reporting system.

"Our relationship with FIIBG for brokerage and custodial services and advanced money management technologies is a tremendous benefit for investors and money managers alike," said Mike Apker, co-founder and chief executive officer of myMoneyPro.com. "In addition to its strengths in technology and client support, FIIBG carries with it one of the most trusted names in financial services. This alliance will be especially helpful for those among our investors who already have Fidelity accounts, since existing assets can be used as investors build relationships with us."

FIIBG will provide myMoneyPro investors a transactional view of trade confirmations and a statement of monthly account activity. Fidelity will also hold investor's securities in a FIIBG brokerage account. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE