News, Vision & Voice for the Advisory Community


As Fidelity divorces American Express, Schwab steps in to launch AmEx cards -- with help from RIAs -- as part of broader effort

Fidelity says the average user got $1,500 in cash back last year, suggesting the average annual card-holder spend is around $75,000

Author Sanders Wommack May 2, 2016 at 6:37 PM
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Schwab teamed with AmEx months after rival Fidelity switched from AmEx to Visa



June 19, 2016 — 7:37 PM

Your title is a little misleading.

Fidelity “Amex” card was not a credit card issued by Amex.

The card was issued by FIA (Bank of America) that ran on the Amex network.



September 30, 2016 — 7:16 PM
In connection with its switch to the Fidelity Visa card from American Express, Fidelity failed to inform its customers that it's Full View service (akin to Mint and expense aggregating services) would not interface with the newcard's transaction history until at least the 3rd quarter of 2017. This undisclosed shortcoming constitutes a major inconvenience for Fidelity customer who use its rewards card and also relied on its Full View services for budgeting and expense tracking. It's a puzzling failure for Fidlity which continues to tout both Full View and its Visa rewards card without disclosing this significant shortcoming.

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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 lands RIA whisperer from Schwab in a coup, apparently using quality-of-life perks as lure

Kelly Smith chose the Boston rival for greater flexibility, better pay and a chance to move upmarket to sell family office services to RIAs that mix with the ultra-high-net-worth elite.

February 10, 2023 at 3:39 AM

RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors

Schwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.

November 3, 2022 at 1:59 AM

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