Assets that Fidelity Investments manages as custodian for registered investment advisors grew more than 12% in 2001 to $58 billion. During the year, Fidelity added nearly 300 new RIA clients, including The Savant Group, First Mercantile Trust and Asset Planning Services.

RIAs that signed on with Fidelity said they did so because Fidelity has the resources to help their companies grow, said Jay Lanigan, executive vice president and head of Fidelity's RIA business through its Investments Institutional Brokerage Group.

"The RIA marketplace just completed one of its most challenging years ever," Lanigan added. "While 2002 will continue to be challenging, there has never been a better time for independent advisors to take advantage of market opportunities, like IRA rollovers and wealth management" through financial planning, Lanigan said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.