Fidelity Investments recognizes power of RIAs in 401(k) market and has increased efforts to work with advisors
With plan sponsors demanding advice, the Boston-based king of DC retirement plans decides to go with the fiduciary flow -- and some experts see it as a blink while others call it a Fidelity bonanza
Stephen Winks
RIAs like CapTrust at $80 billion with extremely high expertise targeting very specific market segments like 401(k)and HNW are easily winning massive market share at an accelerating rate.They will breal $100 billion this year.
Very few sole practitioner brokers with no scale who are selling a packaged solution that minimizes value added and client service at the sponsor and participant level can compete based on cost, service, value and margins at the advisor level.
We are beginning to see this sort of market segmentation unfold in the Foundation and Endowment space as well as the small DB plan, Public Fund, Profit Sharing and Taft Hartley spaces. All are built around highly structured processes, work flow management, advanced technology and expert standing.
Not only does process trump product, but technology trumps product in ways that materially enhanse counsel while driving down cost.It is what you do with products, or process, that adds value not product in and of itself.
Fidelity is wise to empower advisors in the 401(k) space as advisors control the space and are the value proposition. Innovation advanced by advisors in the consumer’s best interest wins the day.
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Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
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Fidelity Investments pulls out stops on perks to raise headcount by 7,000 -- by hiring 9,000 -- to shrug off labor shortages, escalating wages and call center attrition
The 53,000-employee Boston firm is offering Google-type benefits and Merrill Lynch-style training--no financial experience necessary-- to reach 60,000 staffers by Christmas to meet crushing demand for service and still advance mega-projects like crypto and youth accounts
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Cerulli Associates
Consulting Firm
Top Executive: Kurt Cerulli
