“The majority of the brokers are establishing their own or joining existing RIAs. The remainder are joining independent B/Ds that clear through National Financial,” Fidelity Investments spokesman Steve Austin told Wealth Manager.
Fidelity Institutional Wealth Services offers an RIA platform including custody, clearing and brokerage services for RIAs. Fidelity’s National Financial offers a brokerage clearing platform for independent B/Ds.
The firm has developed tools that their transition consultants use to counsel brokerage teams who are considering a move to independence. The tools help brokers, who have decided to make a move, figure out whether the move to RIA or independent B/D is right for them. Then they can use matchmaking tools to help determine whether joining an existing RIA or independent B/D firm or forming a new firm would likely work out best. The matchmaking service can be helpful to independent RIA and B/Ds who seek to add professionals to their rosters.