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Articles tagged "Fidelity"


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David Canter was known for harmonious relations across the RIA business.

David Canter is the latest to leave Fidelity Investments amid the ongoing changing of the guard across the company, a 'huge loss,' says RIA CEO

Beloved by mega RIAs for high intelligence and low ego, the RIA custody chief and ex-Schwabie is moving on amid a wider company script of turnover, new job descriptions, ' and wild amounts of hiring

July 13, 2022 – 1:15 AM

Jamil Nazarali starts July as CEO of the Fidelity-Schwab-Citadel et al. venture.

With crypto landmines to fear greater than each other, Schwab and Fidelity co-invest in a cryptocurrency mega-startup with Citadel, Virtu and VCs Sequoia and Paradigm

The discount brokerage super-rivals are investing in a market maker venture with fellow [crypto retail] come-latelies, Virtu and Citadel -- a sign that the crypto winter hasn't chilled big investment in digital assets, even if liquidity occasionally freezes up.

June 30, 2022 – 1:49 AM

Tom O'Shea: '[The FidFolios launch] is really provocative, and, I would say, groundbreaking.'

Fidelity Investments strikes right back at Schwab with retail direct indexing that offers two apparent advantages -- it shaves $95,000 off the minimum and already is accepting assets

The Boston giant launches FidFolios today (Apr. 1) in a covering move that goes one better than Schwab with a radically lower barrier, though Schwab questions its utility in the real world.

April 2, 2022 – 12:52 AM

Mark McCombe: [We're] using our aggregation power to face off against the insurance company.

BlackRock's no longer secretive strategy to gain ground on Vanguard and Fidelity in $10.3 trillion DC market will now be tested on 120,000 employees at five US companies where it might work -- or not

BlackRock has about $1 trillion of defined contribution assets while Fidelity and Vanguard both administer multiple trillions, so the New York giant is dangling defined benefits as a way to win the defined contributions game.

October 29, 2021 – 11:54 PM

Roger Aliaga-Diaz: 'There is no enduring economic or investment rationale to expect cryptocurrencies to generate positive real returns.'

Charles Schwab & Co. dials in what it may consider SEC's all-clear signal on bitcoin, while Vanguard's take includes nothing to turn a red light green

The Westlake, Tex., brokerage is taking a hyper-pragmatic, outward-looking approach and the Malvern, Pa. giant is relying on its inner compass, vision of reality.

June 4, 2021 – 1:45 AM

Tim Buckley:  'Establishing a new office in Dallas reflects our continued commitment to hiring top advisor and technology talent.'

Vanguard Group to open CFP-poaching battle front in Schwab-Fido-Pershing backyard, after its human RIA grows AUM 72% to $231 billion

The Malvern, Pa, manager of $7.5 trillion moves aggressively on Dallas metro area where its big rivals employ tens of thousands, showing Vanguard CEO Tim Buckley's faith in the RIA business model

May 21, 2021 – 2:30 AM

Kathleen Murphy: 'I’d always had 57 penciled in, in terms of taking stock … I’m so over New England Winters, too.'

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

Mike Durbin keeps executing on Abby Johnson's directive for removing unconstructive internal borders.

Fidelity's Mike Durbin unleashes FMAX as 'Schwabitrade' takes life, but if they build it, will leery advisors buy into it?

The Fidelity Institutional head is betting RIAs will go for the 'killer app,' a one-vendor, one-fee bundle that will free time and mindspace by having the eMoney plan implement itself as a collection of products.

December 3, 2020 – 4:59 AM

Greg Davis: These specific municipal money markets no longer offer the market depth needed to prudently provide these state-specific products in all market conditions.

Vanguard's shuttering of municipal money market funds sends clarion call to RIAs to get ahead of COVID-19 squeeze, even if Schwab and Fidelity see fit to ride out the storm

The Malvern, Pa., giant cites market-specific liquidity issues and an interest rate squeeze; Federated Hermes and BNY Mellon have made similar 'canary in the coal mine' moves.

October 14, 2020 – 2:58 AM

Mike Durbin:  '[The growth of FCCS] has been meteoric [thanks to removing internal walls] so now we're widening that [wall-less approach] out.'

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

Joseph Martel: We think they can afford to take more equity risk.

T. Rowe Price takes on the risk of its target date fund retirees outliving their savings -- by jacking up equity exposure even on the glide path

The Baltimore patriarch is using both actuarial and behavioral science as the basis for the contrarian move whose downside is accentuated as coronavirus gives the approach a rough start

March 2, 2020 – 6:13 PM

Fidelity's David Gray:  Some of the conventional thinking that 401(k) plan was cheaper than brokerage accounts continues to evolve.

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

February 25, 2020 – 2:46 AM

James Gorman: We’ll take on Schwab. We'll take on Fidelity

James Gorman delivers chilling remarks to E*Trade RIAs after doing no-money-down deal for the zero-commission discount broker

The Morgan Stanley CEO is arbitraging his puffed-up shares for downtrodden E*trade stock and admits old Trust Company of America custody unit is an afterthought in bigger game

February 21, 2020 – 3:45 AM

David Canter: 'With the changes in the marketplace over the past year, it was a natural point in time to have these discussions.'

Fidelity Investments will broaden custody fees in July, while Schwab counters with pledge: 'No custody fees and no intention to raise them'

The Boston giant adds a few hundred advisors and opt-out safety valve and really had no choice in zero commission world, analysts say

February 14, 2020 – 3:17 PM

Scott Ignall: Fidelity’s size, private structure, and leading positions across various marketplaces  are unmatched. in our industry and put us in a unique position to deliver greater value.

Fidelity beats Schwab to market with free fractional share trading, after Schwab beat Fido by months with promises, but has yet to deliver

The Boston-based giant is reporting the capability simultaneous with its launch -- albeit not for RIAs, for now

February 1, 2020 – 8:27 AM

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