Fidelity Investments is expanding its wealth management business by adding new services, investor centers and personnel, all tailored to affluent investors and the registered investment advisors and broker-dealers who serve them, the company announced today.
For high-net-worth retail clients, Fidelity plans to include individual fixed-income securities in its separate account management program, the company said. That will be offered through the company's Private Portfolio Services and will be available to clients with portfolios of at least $1 million. Over the next several months, the company also plans to add five Private Access programs to the 35 it currently runs. Those programs offer personalized service to investors with at least $3 million.
Fidelity will also add 350 employees and nine investor centers in New York, Chicago, Arizona, California and New Jersey by the end of the year, bringing the total to 87. Fidelity plans to expand the investor center network over the course of the next five years, according to the company.
For RIAs and broker-dealers, Fidelity Institutional Brokerage Group will offer Fidelity Advisor Access, a referral program that helps investors who are looking for investment management find eligible investment advisors on Fidelity's platform, the company said. Beginning in July, the fund group will also introduce several new products including a multi-manager separate account supermarket, a structured equity products program, and a new bundled separate account management program, the company said.