Privately owned Fidelity released its latest financial report, saying it had some $8.3 trillion in assets under administration on Dec. 31. This was up 20% from 2018, thanks largely to strong market performance.
The firm grew its total revenue about 2.5% to $20.9 billion in 2019, and operating earnings jumped 9.5% to $6.9 billion.
Fidelity’s Clearing and Custody Services (FCCS) unit — which works with RIAs and other types of firms — ended the year with $2.6 trillion in assets under administration, a 24% jump from $2.1 trillion in 2018. It had about $120 billion in net new asset flows from RIAs and other clients in 2019.
Rival Charles Schwab’s RIA-focused operations, which it labels Advisor Services, ended 2019 with $1.91 trillion. The unit had net new asset flows of $107.2 billion last year.
Of course, that situation could change dramatically if Schwab gets regulatory approval to buy TD Ameritrade for about $26 billion.
That deal, announced in February, could create a firm with $5.1 trillion in total RIA/discretionary and retail investor/non-discretionary assets. Its combined RIA assets are estimated to be about $2.4 trillion.