Fidelity Institutional has formed a new centralized client experience organization to improve service for registered investment advisors, broker/dealers, traders and family offices.
Headed by Maggie Serravalli, the unit’s first initiative is the formation of wealth service teams comprised of a client service manager and professionals from key functional areas, including transfer of assets, new accounts and money movement.
“Fidelity has always been focused on delivering exceptional client service using the best combination of people, processes and technology,” said Gerard J. McGraw, president of Fidelity Institutional. “This new organization is a true industry differentiator and a good example of Fidelity’s philosophy to continually look for new and better ways to enhance the overall client experience.”
Serravalli was previously executive vice president, client experience for the operations and services group. Before joining Fidelity in 2007, she held senior management positions in the investment bank division of JPMorgan and its predecessor firms.
“I’m very excited about this organization, as it reinforces Fidelity’s commitment of always delivering the best possible client experience,” Serravalli said. “The enhanced RIA service model is a great example of this commitment. Each client now has access to a dedicated cross-functional team with an end-to-end view of their firm, allowing for faster response time, as well as the ability to offer creative service solutions.”
Working together on specific client accounts from the same location, Fidelity’s cross-functional teams will be able to gain a deeper level of knowledge and understanding about each client’s business needs, goals, people and processes, she added.
Fidelity actually began using the model a few months ago, and has since found that 97% of client requests are completed in the agreed-upon timeframe, and not-in-good-order issues have been reduced by 50%.
As one client, James Barnyak, chief operating officer of Freestone Capital Management, commented on the new approach: “The service a custodian provides is critical to out ability to delivery world-class service to our high-net-worth clients. Fidelity has always had good service, but this new model takes its service platform to a higher level. Our client-facing professionals really appreciate the combination of excellent service, strong technology and a responsive team that is well-informed about our business and clients.”