Ed O’Brien has stepped down as CEO of eMoney Advisor to return to the financial planning software’s parent company, Fidelity Investments.
O’Brien will take over as head of technology at Fidelity Institutional, the branch of the company that serves RIAs, broker-dealers and institutional investors. Susan McKenna, previously eMoney’s head of marketing and business development, has been named eMoney’s interim CEO. The change is effective immediately, though O’Brien said he will be around to aid with the transition.
The move comes just one month after Jessica Liberi, formerly eMoney’s head of product, similarly left to join Fidelity Institutional as head of platform technology — a role once held by O’Brien. However, this isn’t an indication of a changing relationship between eMoney and Fidelity, O’Brien said.
“It’s just interesting timing, quite frankly,” O’Brien said. “I’ve always been clear that [eMoney] was never the final stop on my career journey.”
O’Brien spent 12 years with Fidelity Institutional and had a collective 30 years with Fidelity across his career before joining eMoney in 2016. He took over for founder Edmond Walter, who resigned six months earlier in the wake of eMoney’s sale to Fidelity.
Naming O’Brien CEO was initially met with skepticism among eMoney’s user base of independent advisors, who already feared Fidelity would cut out advisors who didn’t bring over assets held at other custodians.
Six years later, eMoney remains open-architecture and has seen significant growth under O’Brien. Clients have increased from 25,000 in 2015 to 98,000 in 2021, and households served has grown from 1.1 million to 4.5 million.
"Under [O'Brien], eMoney has had a very successful run," Joel Bruckenstein, producer of the T3 advisor technology conference, said in an email. "They have substantially improved the platform, they have improved the core product, and they have launched new initiatives."
Now, O'Brien is returning to the Fidelity mothership.
“This is one of those bittersweet moments,” O’Brien said. “I love eMoney. It has been a highlight of my career, and we’ve accomplished a lot in six years.”
McKenna joined eMoney in 2018 and has been a driving force of the company's growth, O’Brien said, adding that the leadership shake-up is not because the company has missed any growth targets. Under her leadership, eMoney had its most successful year to date in 2021, including a deal with Wells Fargo to make the software available to the bank’s 13,000 financial advisors.
“I have a simple philosophy … you’re always better off making changes in a position of strength,” O’Brien said.
Echoing O’Brien’s “bittersweet” comment, McKenna added that it is a privilege to take the baton and ensure eMoney sustains the momentum. She will continue leading eMoney’s marketing and business development in addition to assuming CEO duties as the board of directors conducts a search for a new executive.
“We have a lot going on — diversifying and adding to the portfolio, and the underlying demand for advice continues to grow and grow,” McKenna said. “I feel like we are in a position of strength to continue.”
The financial planning software will continue to operate independently of Fidelity, though O’Brien will remain on eMoney’s board, according to Mike Wilens, the president of enterprise services at Fidelity Investments. Citing O’Brien’s track record with eMoney, Wilens said Fidelity wants to bring over “his fintech knowledge, strong industry relationships and understanding of the unique challenges facing financial advisors back to Fidelity.”
