As brokers and registered investment advisers brace for declines in fee income on the accounts of Baby Boom retirees drawing assets down, the head of Fidelity Investments' brokerage unit says "we don't know yet" how to deal with it - but that intermediaries must be flexible enough to adjust.

Ellyn McColgan, president of Fidelity Brokerage, told sister flagship publication American Banker in an interview that some RIAs would treat the movement of 76 million Baby Boomers toward retirement as an opportunity but that others would be absorbed if they are unable to make adjustments.

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