Charles Goldman Finds New Home at Fidelity

Former Schwab Institutional leader assumes broader role at competitor

Fidelity Investments announced November 25 that it had hired Charles Goldman, the former head of Schwab Institutional, to serve as president of Institutional Platforms for Fidelity Institutional Products Group. In that newly created position, he will report to Michael Clark, president of the Products Group, and "will oversee the major platforms" serving advisors at Fidelity, according to Fidelity spokesman Steve Austin. Those platforms include the RIA custody group, Fidelity Institutional Wealth Services; the correspondent broker/dealer clearing unit, National Financial; and Fidelity Family Office Services. Goldman will also be responsible for HybridOne, the Fidelity technology platform that is being rolled out that serves both fee- and commission-based advisors.

The leader of National Financial, Norm Malo, and the newly named head of Fidelity Institutional Wealth Services, Michael Durbin, will both report to Goldman. Goldman reports to Clark, who in turn reports to Fidelity President Rodger Lawson.

On November 17, Schwab had announced a reorganization of its advisor unit under the leadership of Jim McCool, a long-time associate of Walt Bettinger, who assumed the role of Schwab Corp. CEO on October 1. That reorganization combined Schwab Institutional, its RIA custody business, with its third-party administrator and corporate benefits plan units. Goldman thus left Schwab Institutional, which he had headed since May 2007.

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