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On March 15, Fidelity Investments announced the creation of a new “client experience” organization designed to meet the evolving demands of Fidelity’s advisor clients across the firm’s different businesses–Fidelity Institutional Wealth Services, National Financial, Fidelity Family Office Services, and Fidelity Capital Markets. The new organization is headed by Executive VP Maggie Serravalli, who has overseen client experience for Fidelity’s Operations and Services Group since June 2007. She explained what the new organization will mean for advisors in a phone conversation with Managing Editor Bob Keane.

What will the Client Experience organization entail?

The new organization is really a differentiator for us in the marketplace and the reason for that is we are going to be looking at the end-to-end experience from our clients’ perspective starting with the sales process, through the onboarding experience and then into the day-to-day and ongoing relationship management, so that it truly looks at the entire experience.

How is this different from the way you have been working with advisors?

We’ve been very much focused on client experience within the individual lines of business. So from that perspective it’s been very positive in focusing on the best service for that particular client….On an advisor side, they’re looking for a more personalized approach to service and the broker/dealers are looking for a more immediate direct access to subject matter experts within the organization and we tailor our services to provide that….We want to ensure that we consistently provide a stellar service experience across all of our Fidelity businesses. We want to have the opportunity to connect our clients to best practices and we want to be able to proactively evolve the service experience to meet the clients’ needs as their needs evolve.

How do the service teams work?

What we’re doing is providing our advisor clients with a dedicated team that’s made up of a client service manager–sort of like a quarterback for the team–that’s the single point of contact for advisors within that team. But that service manager is supported by a group of professionals with subject matter expertise within functions such as the transfer of assets process, the cashiering process, and new accounts. What we’ve done is co-located these professionals into a small team, all sitting near each other, almost like a pod, that allows them to work very closely together and supporting a small group of clients so that day in and day out they become extremely familiar with their advisor clients, better understand the nuances of each practice and not only that but are able to proactively work with those advisors and enhancing their experience with Fidelity and also helping them to provide a better experience to their end clients.

A strong service culture has always been part of our DNA and this new organization just allows us to enhance the overall client experience. The specific rollout of the service teams is really the first evidence of the changes that we’re putting in place as a result of having this new organization in place and that starting rolling out in 2009 and we’re confident that we’ll have it all completed in the third quarter of this year so that all of our advisors will benefit from the enhanced service model.


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