Fidelity Clearing to Partner With Goldman, US Bank; Expand Loans to Wealth Clients

“GS Select was built upon our wealth management and lending expertise to help independent advisors enhance their client relationships,” said Andrew Kaiser, head of the Goldman Sachs Private Bank, in a statement. “By applying technology across the life cycle of a loan — from origination through collateral management — we are able to more quickly and effectively meet the needs of financial advisors and their clients.”

Fidelity says its clearing unit will continue to offer margin borrowing and non-purpose loans to wealth management clients of advisor and brokerage firms it works with, as well as products like credit cards, debit cards, checking and bill payment.

U.S. Bank is working with Fidelity to offer wealth clients non-purpose loans secured by assets on the Fidelity platform. In addition to securities-based lending, wealth management firms can access other credit products via U.S. Bank’s Private Banking team.

“In today’s competitive marketplace, adding custom banking products to an advisor’s practice can be an important advantage, enabling advisors to offer more financial options to their clients than ever before and helping them to build stronger client relationships,” said Rachel Ferguson, national private banking director for U.S. Bank, in a statement.

Fidelity currently works with assets under administration of $6.2 trillion, including managed assets of $2.3 trillion as of June 30. It partners with more than 12,500 financial advisory firms.