Postscript to the Fidelity Executive Forum article: The RIA perspective
Abigail Johnson sent the right message with her presence and her speech, advisors say
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 – 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 – 10:36 PM
As an attendee there was one other aspect of the conference that encouraged me: the new practice of bringing the RIA and clearing clients together into one meeting.
I have worked with organizations that had relationships with both sides of Fidelity, and it always perplexed me why they were always kept so separate – to the point that there were times one side would not even admit the other side existed.
There is a clear trend toward the hybrid office. I most recently ran a firm that targeted those firms as clients. Fido’s commitment to bring the two sides of their organization together to better serve those firms is a welcome trend.