News, Vision & Voice for the Advisory Community


Fidelity Investments rewrites the 401(k) rollover script by allowing plan participants -- with a small catch -- to skip the IRA and have the plan sponsor hold the account post-employment

The $1.8 trillion AUA recordkeeping king eschews its own defined contribution scripture to reflect reality of inertia, better technology and the fact that IRAs are no longer yield so much milk and honey in a zero-fee, zero-commission world

Tuesday, February 25, 2020 – 2:46 AM by By Lisa Shidler
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Fidelity's David Gray: Some of the conventional thinking that 401(k) plan was cheaper than brokerage accounts continues to evolve.

Related Moves

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

TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor

The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing

July 23, 2019 – 4:30 AM

Capital Group miraculously recovered after deep 2008 dive but RIA help may get No. 2 American Funds through the next downturn under new CEO

Matthew O’Connor takes the CEO helm of the giant LA-based active manager from Kevin Clifford with conviction not to jam the rudder hard but to be open to new markets

November 2, 2018 – 9:26 PM

Ron A Rhoades

Ron A Rhoades

February 28, 2020 — 9:55 PM
Is limiting the fund choices available to a retiree in an ERISA-covered plan to Fidelity's proprietary TDF funds a breach of the plan sponsor's fiduciary obligations? In my opinion ... yes. No plan sponsor should permit Fidelity to impose such a condition. Plan sponsors should provide a range of investment options to all employees - each selected only after undertaking due diligence. Accepting a recordkeeper-imposed requirement to use only the recordkeeper's proprietary funds for some of the plan's participants is, quite frankly, an abrogation of the plan sponsor's due diligence requirements. ERISA's due diligence requirement is not null just because a participant is a retiree.

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