News, Vision & Voice for the Advisory Community


Fidelity launches gigantic referral database to give advisors a shortcut to wealthy prospects

Advisors gain from referrals, but hate asking for them

Author Lisa Shidler March 4, 2011 at 3:30 PM
no description available
David Canter: This lets advisors in a really targeted way identify high net worth individuals that they wish to pursue as prospects.

Related Moves

Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor

Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.

April 29, 2023 at 1:36 AM

Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees

The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors

February 17, 2023 at 2:49 AM

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 at 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 at 10:36 PM

See more related moves

Rich and Co.

Rich and Co.

March 7, 2011 — 3:31 PM

Crossing a Boundary? Fidelity Enabling “Stalking” of High Net-Worth Families?

Is no one safe anymore from the “Asset Gathering Monster in Boston?” Fidelity is spreading across the name a real-time database of ALL high net-worth families’ identification information.

They are using it to enlist on the ground support of local brokers and advisors.

We are not against aggressive sales and marketing – we are against a wholesale® campaign that could violate the families of families.

Of course, with this database goes the ability to visually identify and track people’s homes using Google maps – 24/7/365.

What’s interesting is that Fidelity sidesteps the reputation riks of this hyper-competitive tactic by laying that off on the local advisor. Sounds like a win-win for Fidelity. For the advisor and high net-worth families – not so much.

More at our blog — http://richandco.toublr.com

Rich and Co.

Rich and Co.

March 7, 2011 — 4:25 PM

“What we’re they thinking!?” Here is our full blog post on this: http://bit.ly/dQms3z

We used the Infinata data when it was in pilot years ago. Not only does it not work but is causes severe “piling-up” of advisors calling these folks — which they see as harassment, intrusion on their privacy, etc. “Blowback” ensues.

These databases are the WMDs of our business — it’s the equivalent of “mutually assured destruction” of your market. All the brokers have this data and all other firms will get this data out as well. Once everyone is using the same database – what’s the value or point of differentiation?

Of course, if you go out to advisors and say “We’re going to give your 'free’ data!” What are they going to say? It’s like going to a room of 1st graders and asking if they want free ice cream and candy! No disrespect to advisors! lol

This is what happens when important decisions are driven by sales needs of the moment and no real marketing strategy. Didn’t anyone at Fido test this data? We have no where near their resources and we found the data quickly useless. ??

(Material Interest Disclosure – We have none on this matter. In fact, this tactic will likely help our marketing and sales consulting business, since once everyone has the same data, new, reality-based sales and marketing strategies will be the differentiator.)

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo