Financial Advisors Play Critical Role
in Helping Millionaires Meet Investment Needs

BOSTON, March 19, 2007 -- Fidelity Registered Investment Advisor Group today announced the results of a new analytical indicator, the Fidelity Millionaire Outlook^SM. This national measure of millionaires' confidence on the state of the economy is based on a survey of more than 2,500 financial decision makers at households with at least $1 million in investable assets*.

Using a scale where +100 represents the highest favorable view of economic conditions, -100 the maximum negative outlook, and zero being neutral, Fidelity's Millionaire Outlook^SM measures millionaires' confidence levels across five key areas -- the stock market, consumer spending, the economy, business spending and the value of real estate. The inaugural Index reveals that while millionaires feel optimistic about the present state of the U.S. economy (+41), they are much more cautious when it comes to their outlook one year from now (+6).

"When we conducted this survey three months ago coming off a strong market year, we were surprised to see how cautious millionaires were about the future," said Emily Chien, senior vice president, Fidelity Registered Investment Advisor Group. "However, the recent stock market volatility reminds all of us that past performance is not always an indicator of future success."

According to the Fidelity survey, millionaires' skepticism of future economic conditions is driven by a more tentative outlook for the stock market and the value of real estate, in particular. Despite this cautiousness, only 6 percent of millionaires plan to decrease their exposure to stocks this year, while 30 percent plan to increase.

"What this shows is that a tentative outlook by millionaires does not necessarily mean a reduction in investment activity," said Chien. "While some investors see a stock market or real estate drop as cause to get out or sit on the sidelines, millionaires may view it as a good opportunity to buy."

Millionaires Value Professional Investment Advice

The survey found that the majority (70%) of millionaires have an established relationship with at least one financial professional, and among this group, 34 percent report having two or more. Individuals first worked with an advisor at the average age of 43 and the average length of a relationship is 10 years. The main reasons why millionaires first hired a financial professional include: getting a recommendation from a trusted person, reaching a certain level of wealth, and starting to plan for retirement.

Of the 30 percent of millionaires who do not currently use an advisor, 13 percent report they are likely to get one in the next 12 months. The leading reasons include seeking to improve portfolio performance, looking for investment recommendations, and getting help with comprehensive financial planning.

Independent Advisors Valued by Millionaires

According to the survey, independent advisors are used by 22 percent of millionaires, and they hold, on average, 56 percent of their investable assets -- the largest share among any other financial provider. Millionaires cite the top 3 reasons for using an independent advisor are their: 1) Focus on the client's interests, not those of the firm (73%), 2) Objectivity (68%), and 3) Not pushing a firm's products (61%).

"Millionaires told us that while they seek control and validation in their investments, they recognize they need help in managing certain aspects of their finances, such as tax advice and charitable giving," said Jim Dario, executive vice president, Fidelity Registered Investment Advisor Group. "Independent advisors are well positioned to attract and service millionaires not only by offering the sophisticated wealth management capabilities they desire, but also positioning themselves as objective partners who can play the role of sounding board or decision-maker, based on each client's distinct needs."

Fidelity Wealth Advisor Solutions

Recognizing the value that many millionaires place in advisors and that many often tap multiple providers to meet a variety of sophisticated financial needs, Fidelity recently introduced a referral program for its high-net-worth customers, Wealth Advisor Solutions^SM. An expansion of the wealth management services Fidelity currently offers, Wealth Advisor Solutions offers customers the ability to establish relationships with qualified, independent registered investment advisor (RIA) clients of Fidelity. Wealth Advisor Solutions is designed to offer more choices to Fidelity's customers, whether they are self-directed or seeking the help of an independent advisor, as their portfolios and personal needs become more complex.

*About the Fidelity Millionaire Outlook^SM

A national survey was conducted for Fidelity Registered Investment Advisor Group by Burke, Inc., an independent firm that has been conducting research since 1931. The survey included more than 2,500 financial decision makers at households with at least $1 million in investable assets, excluding workplace retirement accounts and real estate. The research analyzed millionaires' investment attitudes and behaviors on a variety of topics including financial concerns, use of a financial advisor and outlook for the economy. Fidelity expects to report its Millionaire Outlook^SM findings annually.

About Fidelity Registered Investment Advisor Group

Fidelity is a leading provider of wealth management, custody and brokerage services to financial intermediaries. The company custodies more than $247 billion in assets on behalf of over 3,500 RIAs, bank trust and TPA firms, as of February 28, 2007. 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 clients 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, please visit http://ria.fidelity.com.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $3.0 trillion, including managed assets of $1.4 trillion as of February 28, 2007. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 23 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, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

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