In a move to attract and retain registered investment advisers and independent-broker-dealer clients, Fidelity Investments has introduced a program that it says offers financial advisers access to market analysis and industry insights.
In a move to attract and retain registered investment advisers and independent-broker-dealer clients, Fidelity Investments has introduced a program that it says offers financial advisers access to market analysis and industry insights.
The online program, called Insight & Outlook, is being offered through Fidelity's RIA custody business, Fidelity Institutional Wealth Services, and its clearing business, National Financial Services LLC.
“With the market crisis last fall there are a lot of cases where advisers' discipline and experience were called into question,” said Mike Durbin, president of Fidelity Institutional Wealth Services, in an interview. “Our clients started asking us last year, "Tell us what Fidelity thinks.'”
The program will include a Monday conference call in which Fidelity Capital Markets strategists will review the equity and fixed-income markets directly from that unit's trading floor. “It's a 20-minute hard-hitting distillation of the crush of data that is affecting our clients,” Mr. Durbin said.
In addition to the weekly calls, advisers and independent broker-dealers will also have access to Fidelity market analysis, business insights and industry research.
Fidelity's announcement is the latest in a string of plays by custodians to get business from RIAs and independent broker-dealers, said Mark Elzweig, president of an eponymous executive search firm.
Recently, The Charles Schwab Corp. said that it will offer its own exchange-traded funds commission-free in a play for this market.
“Everyone is convinced that the RIA and independent-broker-dealer space is going to grow,” Mr. Elzweig said. “Now Fidelity is adding more bells and whistles to its platform to attract and retain these advisers.”
E-mail Jessica Toonkel Marquez at jmarquez@investmentnews.com.
