Fidelity announced Monday that it has named David Canter to succeed Bob Oros as head of the RIA segment at Fidelity Clearing & Custody Solutions.
Canter joined Fidelity as COO of the RIA business in 2009, and has led the custodian’s practice management and consulting business for RIAs. Canter will be succeeded in that role by fellow Fidelity veteran Matt Chisholm, who has worked on both the broker-dealer clearing and RIA custody aisles for Fidelity for the past 11 years; he most recently was senior vice president of business analytics and consulting.
After five years of running Fidelity’s RIA business, Oros left Fidelity in January to become CEO of HD Vest, the CPA-heavy independent broker-dealer bought for $580 million last year by Blucora, the maker of TaxAct software.
Sanjiv Mirchandani, president of Fidelity Clearing & Custody, said of Canter that “his fresh vision will continue to help our clients and talented associates succeed and grow today and in the future.”
When asked in a telphone interview Monday what constituted RIAs’ biggest challenges, Canter listed the importance of human capital in advisory firms, which in a previous interview Canter said made a big difference in firm valuations (see RIA Buyers Getting More Selective: Fidelity M&A Report).
But then there’s the broader issue of how advisors “create more value” for clients, which in turn should inform RIAs’ pricing. “If revenue yield is going down” while growth of RIA firms is slowing (see Stagnant RIA Growth Demands Pricing Change), “how can you grow as profitably as possible?” he asked. How can advisors be more efficient in controlling their expenses while being “more scaled” in their service offerings?