Fidelity Investments is expanding its wealth management service offerings to high-net-worth clients with a new program ,Wealth Advisor Solutions. The program offers Fidelity’s customers the ability to establish relationships with qualified, independent registered investment advisor clients of Fidelity.Customers will receive personalized services offered by fee-based advisors, as well as investment advice and access to a broad range of investment products and services. These might include separately managed accounts, discretionary management using individual securities, wealth preservation, legacy planning and wealth transfer strategies.
“Some of our clients want to work with an independent adviser to complement the guidance they receive from Fidelity, or to receive more personalized service for which they are willing to pay an advisory fee,” said Gail Graham, senior vice president in Fidelity’s personal investments division.
The program will be integrated into Fidelity’s consumer marketing efforts and builds on the company’s nationwide Fidelity Advisor Access program, which initially will be available in San Francisco, Chicago and New England, with a nationwide rollout anticipated for 2007.
As part of the program, Fidelity will evaluate customers’ advice needs, the complexity of their financial situation, scope of their total assets and their desire to work with a financial adviser. If appropriate, customers will be introduced to a qualified independent adviser.
Also, there is a rigorous selection process advisers must go through to qualify for the program, involving detailed evaluation of their business model, firm reputation, level of experience and the products and services they offer. The advisers will be reviewed annually.