Fidelity Investments is making its single family offices services available to advisers serving this market as well as ultra-high-net-worth clients with investable assets of $50 million or more.
Besides standard custody and brokerage services, this new program includes a dedicated relationship management team and investment analyst/trader that can respond to each client’s needs, access to complex strategies including alternative assets, an open-architecture reporting system that supports partnership services and general ledger exports, and private events where they can network with other family offices to learn about best practices.
Fidelity Family Office Services also offers trust services, partnership accounting and private foundation services.
“The typically complex account structures and sophisticated investment needs of ultra-high-net-worth families often require advisers to offer a more advanced set of solutions,” said Michael R. Durbin, president of Fidelity Institutional Wealth Services.
Previously, Fidelity made its multi-family office services available to registered investment advisers. Fidelity said it is currently working with three RIAs serving the ultra-HNW market and is speaking with another 50 RIAs interested in the market.