Fidelity Investments has introduced Options for Independence, a comprehensive program designed to help breakaway brokers understand the evolving range of options available to them when going independent, the firm announced Wednesday. Fidelity, a custodian and clearing firm, has helped more than 500 broker teams transition to independence during the past three years, according to the company.
Fidelity’s new program consists of an enhanced client service model to strengthen and streamline the support of independent firms that conduct commission- and fee-based business at Fidelity, and it is supported by new educational resources.
As brokers evaluate their options for independence, they need to decide whether they will support both commission and fee investment services. For both new and existing clients who conduct a mix of fee and commission business across Fidelity’s RIA custody and National Financial broker-dealer clearing businesses, the firm has introduced an enhanced client service model. This features a dedicated client experience leader who will work with professionals across Fidelity to help address each client’s distinct end-to-end service and processing needs.
“We recognize the growing number of ways an advisor can affiliate with a firm, whether it’s joining an existing RIA, starting their own RIA, starting a broker/dealer and so many others,” says Mike Durbin, president of Fidelity’s RIA unit. “When an advisor comes to us, we perform an in-depth, comprehensive study of their firm and make recommendations as to the affiliation model that will work best.”