Fidelity Investments is buying eMoney, a 270 person wealth management software company, for $250m. Fidelity says that they have no intention of using the data from the acquisition to solicit customers of eMoney clients.

A third of Fidelity's client's use eMoney and the firm plans to apply the technology to all the channels it serves - including perhaps the retail and 401k businesses.

Other eMoney users remain concerned. Prior to the acquisition, eMoney was custodian-agnostic and this new partnership may mean a competitive advantage for Fidelity affiliated RIAs.