At a time when growth in the RIA channel has been robust to say the least, the two largest custodians have announced executive changes and restructuring of their units serving RIAs.
First off, Charles Goldman, who came to Fidelity in late 2008 from competitor Charles Schwab to serve as president of Institutional Platforms for Fidelity Institutional Products Group–which includes Institutional Wealth Services (its RIA custodial unit); National Financial (its correspondent clearing arm for B/Ds); and its family office business–will be leaving the Boston-based firm at the end of March.
It was reported in late January that Goldman would be leaving the company to pursue outside interests and as of yet there has been no announcement of plans for a replacement. The executives heading the business units under Goldman’s leadership will all remain in their posts and report to Fidelity Institutional President Gerard McGraw.
In other news from Fidelity affecting RIAs, on February 4, Fidelity’s Institutional Wealth Services unit announced that it would reduce the commissions it charges for online U.S. equity and options trades for its clients with commission-based pricing to $7.95. At the same time Fidelity is offering commission-free online trades for a suite of 25 iShares ETFs and the Fidelity Nasdaq Composite Index Tracking Fund (ONEQ).