No More "FRIAG"

Following a months-long review, Fidelity Investments announced September 18 that it is renaming its advisor custody unit Fidelity Institutional Wealth Services to reflect the “evolving role that trust institutions and third-party administrators (TPAs) also play in meeting the wealth management needs of investors,” noting that assets in personal trusts are expected to in crease from $3 trillion now to $7 trillion by 2010.

Jack Callahan, president of the unit, said in a statement that the change from Fidelity Registered Investment Advisor Group (FRIAG) reflected the “growing reliance on workplace retirement plans, the maturing of the Baby Boomers, and greater consumer demand for access to sophisticated wealth management products and services.”