Fidelity steps up effort to bestow its marketing magic on RIAs
Schwab, Pershing and TD Ameritrade are all quietly amping advisors to win new business, too
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
Bravo Fidelity. I believe the most important part of the strategy is the involvement of a Fidelity professional that will facilitate the inplementation of the plan.
The plans uptimate success however rests with the advisor who needs to make the calls (salesy).
Nice effort by Fido IWS, but unfortunately “knowing more” about marketing is not going to help advisory firms do a better job at marketing. Just like efficient market theory, all the [marketing and sales] knowledge is already out there within easy grasp. The hard part in growing a firm is developing a strategic marketing plan that works for the particular firm (not generic “how to” content) and even more importantly, holding individuals accountable for executing their specific actions, learning from the results, and adapting to changing conditions. This is an “in house” job that is often overlooked.
Yes, Jeff has it right in his comment, the involvement of Fidelity’s relationship team can help the advisor move the ball forward, as long as the advisor remains engaged in the process as the leader. Most advisors don’t have the marketing and sales background and experience that Fidelity can offer, so this can be a nice win-win.