Fidelity’s institutional service organization’s first big initiative is new tools and service upgrades for National Financial broker/dealers to reduce their administrative tasks and help them focus on clients. Fidelity developed the tools after discovering that brokers spend nearly one-third of their time on admin tasks.
The improvements include real-time, streamlined account setup, and the ability to track asset transfer requests, thereby reducing not in good order items. Brokers can also now send clients an e-mail notification or an alert the day after their account is set up or a trade is made.
“We will continue to look for ways to enhance the overall experience of our clients through our people, processes and technology,” said Maggie Serravalli, executive vice president of Fidelity Institutional’s newly formed client experience organization.
“Automation is critical to the efficient transition of large accounts for our client base of sophisticated investors,” said Bryan Pfister, senior vice president of operations at Northern Trust Securities. “National Financial’s tool helped contribute to a 44% reduction in NIGOs over a nine-month period for Northern Trust and allowed a significant majority of our transfers of assets to be processed straight-through."