BOSTON, February 1, 2006-Fidelity Investments today announced that National Financial, its clearing business, and its registered investment advisor (RIA) custody business each introduced a flexible managed account program designed to meet the distinct needs of correspondent broker/dealer firms and RIAs, respectively.

Integrated into the company's Streetscape^® broker workstation, National Financial's Managed Account Solutions^SM is a flexible program designed to help broker/dealer firms increase their fee-based revenue, acquire affluent investors and recruit top brokers. Originally announced in April 2005, National Financial's offering is being introduced to the company's more than 350 clients, who collectively have more than 65,000 brokers.

Fidelity Managed Account Resources^SM, being developed in collaboration with Chicago-based Envestnet Asset Management Inc., will be the first open architecture unified managed account (UMA) platform delivered by an RIA-focused custodian. This program will allow Fidelity's more than 3,000 RIA clients to create a unified managed account on an integrated platform that provides a range of investment choices combined with operations resources such as performance reporting and model management tools. The program is in pilot phase and is expected to be generally available in spring 2006.

"With more than $17 trillion in untapped investable assets,¹ U.S. investors will likely demand more advice than ever over the coming years," said Norman Malo, president and CEO, National Financial. "A likely beneficiary of this demand will be managed accounts, where advice is at the core.

"Managed Account Solutions sets a new standard for managed account programs by providing broker/dealer firms access to an integrated, flexible offering that can help them effectively and efficiently grow their fee-based businesses," said Malo. "While we are in the beginning stages of introducing to broker/dealer clients, we are receiving substantial interest from our clients for Managed Account Solutions."

"For years, RIAs have been turning to custodians to outsource not only clearing and custody but also non-core competencies, such as technology. What is new, however, is the degree with which RIAs are expanding their outsourcing of investment management," said William Carey, president, Fidelity Registered Investment Advisor Group. "Fidelity is redefining RIA outsourcing by providing a unified managed account that is designed to offer RIAs a flexible and customizable solution they can tailor to the way they do business."

National Financial's Managed Account Solutions for Broker/Dealers

National Financial's Managed Account Solutions is a comprehensive, integrated, easy-to-use, and flexible offering that allows broker/dealer firms and their brokers, with appropriate firm and broker registrations, to select from four fee-based investment advisory programs that include mutual fund advisory, multi-manager account, separate account and rep as portfolio manager.

Each investment advisory program, whether the broker uses one, some, or all four options, features a wide array of investment services and business-building resources, such as client profiling, portfolio diagnostic and proposal tools, consolidated reporting and model management capabilities, that are integrated into National Financial's Streetscape workstation and client services infrastructure. This integration can help facilitate greater oversight and control for broker/dealer firms.

As part of the overall offering, National Financial also has developed a complete end-to-end broker adoption program designed to help broker/dealer firms effectively and efficiently drive Managed Account Solutions growth. Business building resources include turn-key selling tools, ongoing sales support, as well as training and education.

National Financial collaborated with Envestnet, the largest independent provider of comprehensive wealth management solutions², and Strategic Advisers, Inc., a Fidelity Investments company, to develop Managed Account Solutions. Strategic Advisers, Inc., one of the industry's largest providers of mutual fund wrap services, will sub-advise the mutual fund wrap program within Managed Account Solutions.

Fidelity Managed Account Resources for RIAs

Fidelity Managed Account Resources will provide RIAs with the flexibility to allocate client assets, within a single portfolio, to a range of investment advisory programs that include mutual fund wrap, multi-manager account, separately managed account, alternative investments and exchange traded funds. As with National Financial's offering, Fidelity Managed Account Resources' mutual fund wrap program will offer Strategic Advisers, Inc. as a sub-manager later this year.

Fidelity Managed Account Resources is being designed to simplify RIAs' back-office operations and portfolio administration by providing them with a selection of operations resources. These resources can be purchased in two packages or on an a la carte basis based on the specific needs of the RIA.

In addition to Fidelity Managed Account Resources, Fidelity also offers RIAs access to a range of third-party turnkey asset management providers (TAMPs).

"Servicing high-net-worth clients and managing operations without adding overhead costs-or overextending existing resources-can be a challenge," said Carey. "Fidelity Managed Account Resources will offer RIAs the ability to use-and pay for-only those resources they need to support their business model. In addition, as an integrated UMA, our program will give RIAs the benefit of a single contract across multiple investment managers, helping to reduce the amount of paperwork, legal, regulatory and administrative complexity."

Specific to separately managed accounts, Fidelity Managed Account Resources will offer two distinct programs based on whether or not an advisor wants to perform his own due diligence and select separate account managers. Manager Resource Wrap is a traditional separate account wrap program that includes due diligence and performance reporting. Manager Resource Network is an open architecture program that provides RIAs that wish to perform their own due diligence direct access to separate account managers at pre-negotiated fees and account minimums that may be lower than those associated with dual contract separate account programs. Moreover, RIAs will be able to access these managers through a single investment contract, thereby streamlining the paperwork associated with interacting with these sub-advisors.

About National Financial

National Financial, a Fidelity Investments company, offers Integrated Brokerage Solutions^SM to more than 350 clients ranging from retail broker/dealer to institutional investment firms. Collectively, National Financial's clients have more than 65,000 brokers. As of December 31, 2005, National Financial custodied more than $545 billion in assets representing approximately 5.2 million customer accounts. Integrated Brokerage Solutions incorporates innovative technology, products and programs, supported by dedicated client service professionals and trusted industry partners. This holistic, solutions-oriented approach is designed to help client firms attain competitive advantage by driving growth, creating efficiency and managing risk. For more information about National Financial and Integrated Brokerage Solutions, please visit www.nationalfinancial.com.

About Fidelity Registered Investment Advisor Group

Fidelity is the second largest provider of custody and brokerage services to the registered investment advisor marketplace, with more than $175 billion in assets on behalf of nearly 3,000 RIA as of December 31, 2005. Fidelity provides access to a flexible, open technology environment, extensive practice management resources, and wealth management investments and services--all backed by the long-term commitment of a private company. Dedicated relationship professionals work consultatively to help RIA choose the products and services that are in the best interests of their clients and make the most sense for their business. For more information about Fidelity's services for RIA, please visit www.ria.fidelity.com.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.4 trillion, including managed assets of more than $1.2 trillion as of December 31, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 21 million individuals and institutions as well as through 5,500 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

¹Tiburon Strategic Research, January 2004.

²Based upon assets under management for independent turnkey asset management providers. Tiburon Strategic Advisors, Inc., March 2005.

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National Financial's Managed Account Solutions service and Fidelity Managed Account Resources service are provided by Envestnet Asset Management Inc. ("Envestnet"), a third-party provider of investment management services. National Financial and Fidelity Registered Investment Advisor Group do not provide investment advisory services in connection with these services. Envestnet is not a corporate affiliate of National Financial or Fidelity.

Strategic Advisers, Inc. is a registered investment adviser and a Fidelity Investments company.

Clearing, custody, or other brokerage services may be provided by National Financial Services LLC or Fidelity Brokerage Services LLC. Members NYSE, SIPC.