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75 New Providers Added to PracticePerks, Fidelity's Innovative Online Marketplace
BOSTON, September 3, 2008 -- Fidelity Investments today announced that it has expanded its Practice Management Program with the addition of 75 product and service providers to its PracticePerks1 offering since it was launched earlier this year. Some of the new providers include DentalPlans.comsm, Laserfiche®, Citrix GotomyPC®, and Executive Essentials, among others.
Fidelity also said that since it launched its Marketing Consulting program earlier this year that approximately 60 marketing consultations have been completed and that, on average, advisors using the program have realized 40-50 percent savings on marketing services. One Fidelity client, BKD Wealth2 Advisors, stated that they realized solid growth in assets that they attribute, in part, to Fidelity's help in implementing a new branding campaign.
"While the cost savings are important, especially in an era in which RIAs' expenses have been rising faster than revenue, they don't entirely demonstrate the full value of our program," said Gail Graham, executive vice president, Fidelity Institutional Wealth Services. "It's the hands-on consultative relationship we form with clients that really differentiates our program and enables us to help our clients thrive and potentially grow profitably."
"In an increasingly competitive market, it is critical to differentiate yourself from the advisory firm across the street," said Jack Thurman, president of BKD Wealth Advisors.
"The marketing services Fidelity provided enabled us to not only create a stronger and more unified brand but also significantly advanced the brand's visibility to prospective clients. In fact, we marked our best year ever immediately following the implementation of the new branding platform, increasing our assets and accelerating our growth plan."
New Alliances Meet Broad Array of Needs
Fidelity PracticePerks is an innovative online marketplace that offers RIAs preferred pricing and access to essential business services from third-party retailers and service providers. Since its introduction earlier this year, more than 550 RIA firms have signed up for the program. Some of the new providers include:
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Citrix GoToMyPC®: Citrix Online, a division of Citrix Systems, provides secure, easy-to-use online solutions including GoToMyPC® which allows customers to access and work on a remote PC anywhere at anytime.
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DentalPlans.comSM: Offers individuals, families and groups discount dental plans.
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Executive Essentials: Provides business and office accessories including an assortment of leather desk pads and portfolios, desk clocks, and computer cases to individuals and businesses.
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Laserfiche®: Offers electronic document management, storage and retrieval software solutions.
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Since launching earlier this year, the negotiated discounted pricing and customized offers available through the Fidelity Practice Management Program have saved clients more than $510,000 on business services.
Practice Management and Marketing Workshops
Fidelity introduced a series of regional practice management seminars designed to help RIAs learn and share best practices, as well as specialized forums that can assist advisors in the development of strategic marketing programs.
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Inside Track Events: Provides advisors with numerous practice management resources and strategies from both Fidelity professionals and external business leaders. Tracks include: "The Key to Retaining Millionaire Clients" and "Understanding the Trends Helping to Shape the Financial Services Industry." Fidelity has held four Inside Track sessions so far in 2008 with two more (Southern California and Boston) scheduled before the end of the year.
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Marketing Boot Camps: Educational forums designed to assist advisors in the development of innovative, high impact marketing campaigns that can help grow their business. Fidelity has conducted one Marketing Boot Camp this year and has scheduled one more (Southern California) in the fall.
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"As RIAs realize unprecedented growth, the need to develop and execute disciplined, yet flexible, strategic practice management plans is critical to their future success," said Graham. "As one of the most comprehensive in the industry, our practice management program is designed to offer our clients access to the ideas, products and services they need to help them accelerate growth, streamline operations and manage risk."
About Fidelity Institutional Wealth Services
Fidelity Institutional Wealth Services is a leading provider of trading, custody and brokerage services to Registered Investment Advisors, Trust Institutions and Third Party Administrators. The company is able to leverage the capital, resources and expertise of the Fidelity organization, one of the world's largest financial services companies, on behalf of its clients. This includes access to a comprehensive set of products and services, innovative investment tools and research, an integrated brokerage and trust platform, and dedicated client service professionals -- all designed to help its clients thrive by growing their businesses, more effectively meeting customer needs, and enhancing operational efficiency and profitability. Fidelity Institutional Wealth Services custodies more than $355 billion in assets on behalf of over 3,800 clients, as of June 30, 2008. For more information about Fidelity Institutional Wealth Services, please visit http://fiws.fidelity.com.
About Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of more than $3.2 trillion, including managed assets of $1.5 trillion as of July 31, 2008. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to 24 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.
1PracticePerks is offered by Next Jump, Inc a third party vendor. All product and service providers have contractual relationships exclusively with Next Jump, Inc., who receives compensation directly from the providers.
2BKD Wealth Advisors is a client of Fidelity Institutional Wealth Services (IWS). Their business needs and results may not reflect the experience of other IWS clients.
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Trademarks and service marks appearing herein are the property of FMR LLC.
The third party marks appearing herein are the property of their respective owners.
The third party service providers listed are independent companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity.
Clearing, custody, or other brokerage services may be provided by National Financial Services LLC or Fidelity Brokerage Services LLC, Member NYSE, SIPC.
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