Fidelity Management Shuffle Causes Concern Among Advisers

With the recent departure of Ellyn McColgan from Fidelity Investments as head of distribution earlier this month, financial advisers and analysts are saying they are, indeed, wondering about the firm’s future, the Boston Herald reports.

“It’s a bit unsettling,” said certified financial planner and principal of Collins Financial Advisers Neil Collins. “I’d be happier if it was clearer who will by in charge over the next generation.”

Louis Harvey, president of Dalbar, agrees, saying that the departure of McColgan and Chief Operating Officer Robert Reynolds “certainly would give advisers pause to think” about recommending the firm’s products to investors, adding that the changes are bad publicity.