What You Need to Know
- David Canter will step down as head of the Fidelity Investments RIA segment at the end of this month.
- Consultants characterize Canter as an emotionally intelligent leader and confidante to top RIAs.
- Canter's future plans were not immediately known.
The decision by David Canter to step down as head of the Fidelity Investments RIA segment after five years in that role deals a blow to the firm, according to industry experts.
“David has decided to pursue an opportunity outside of Fidelity, and we are not at liberty to disclose his next role at this time,” a company spokesperson told ThinkAdvisor on Tuesday.
“This is a natural next step in David’s career and Fidelity is fully supportive of his decision to make this move,” the spokesperson said, adding “he leaves Fidelity at the end of July.”
Fidelity is “evaluating what David’s succession looks like based on the needs of our RIA and Family Office clients with the goal of bolstering our strength in the custodian space,” the spokesperson noted.
“David leaves behind a strong RIA and Family Office business with an exceptional team of leaders and associates who all remain committed to strengthening relationships with these clients, as well as delivering the best solutions and services to meet their needs,” the spokesperson added. “They will report to Rohit Mahna, Fidelity Institutional’s Head of Client Growth, on an interim basis.”
Canter did not immediately respond to a request for comment on Tuesday. News of his departure from Fidelity was first reported by Citywire.
“I do believe this is a big setback for Fidelity, particularly with their biggest and largest RIAs who relied on Canter personally to help them refine their business strategies and position their firms for change,” Timothy Welsh, CEO, president and founder of Nexus Strategy, told ThinkAdvisor by email.