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THIRD-QUARTER 2008 BROKERAGE RESULTS:
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Fidelity Investments today announced that it added more than 200,000 net new client accounts in Q3 2008 across its three brokerage units (Fidelity Retail Brokerage, Fidelity Institutional Wealth ServicesSM and National Financial®), totaling 18.3 million accounts, a 4 percent increase compared to one year ago. The company attributes the growth in part to individual investors seeking a firm with the strength and reputation of Fidelity.
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Market conditions contributed to record trading activity across Fidelity's three brokerage units. Daily average commissionable trades were 437,899 in the third quarter of 2008, up 19 percent from one year ago.
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Fidelity added $18.4 billion in net new client assets under administration across all its brokerage businesses in the third quarter.
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Fidelity Retail Brokerage saw $20.7 billion in net new client assets under administration in the third quarter, a 41 percent increase compared to one year ago.
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The three brokerage units also reported total ending client assets of $1.778 trillion.
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YEAR TO DATE 2008 BROKERAGE RESULTS
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Daily average commissionable trades across the three brokerage units reached 431,754 as of September 30, 2008. This represents a 20 percent increase when compared to the same period for 2007.
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Clients added more than $83 billion in net new client assets under administration.
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HIGHLIGHTS OF THIRD-QUARTER 2008 INITIATIVES:
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Fifty-nine breakaway brokers selected Fidelity Institutional Wealth Services as the custodian for their newly established independent RIA firms during the first nine months of 2008, bringing with them nearly $9 billion on to the Fidelity platform. This more than doubles the assets from new breakaway clients during all of 2007.
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Fidelity Institutional Wealth Services announced a new Web-based e-signature capability that will allow advisors and their clients to sign documents electronically, including Fidelity and advisor-specific forms.
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Retail Brokerage made it easier for fixed income investors to understand their cash flow projection via improved statements, which now show a rolling 12-month projected cash-flow of bond and CD interest and principal. The enhanced statements also provide customers with better advance notice of redemption events such as bond maturities, mandatory puts, and full and partial calls.
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Fidelity Institutional Wealth Services expanded its Practice Management Program with the addition of 75 product and service providers to PracticePerks1, including DentalPlans.comsm, Laserfiche® and Citrix GoToMyPC®. More than 550 RIA firms have signed up to use Fidelity PracticePerks, an innovative online marketplace that offers preferred pricing and access to essential business services from third-party retailers and service providers.
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In the first 9 months of 2008, National Financial added eight new broker/dealer firms to its client roster, seven of which are independent broker/dealers. Independents continue to represent National Financial's fastest growing client segment.
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National Financial's program that provides tools to broker/dealers to use with their recruiting efforts received 160 inquiries from broker prospects potentially interested in joining one of National Financial's correspondent firms year to date through September 30, 2008. A key component to this program includes a lead flow process, allowing our client firms the opportunity to capitalize on unprecedented interest and movement in the marketplace.
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RECENT NEWS
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Fidelity Retail Brokerage earned the top ranking in the November Kiplinger's Personal Finance article, "Best of the Online Brokers." Kiplinger's states, "Fidelity, with a wide array of investment choices and a terrific web site, takes top honors." Fidelity earned five out of five stars in the categories of Research and Tools, Investment Choices, and Ease of Use.
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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 September 30, 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. Next Jump, Inc. is an independent company and not affiliated with Fidelity Investments.
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.
Past performance is not a guarantee of future results. Current and future portfolio holdings are subject to risk.
Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.
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Fidelity Brokerage Services LLC, Member NYSE, SIPC
300 Puritan Way, Marlborough, MA 01752
National Financial Services LLC, Member NYSE, SIPC
200 Liberty Street, NY4F, New York, NY 10281
Fidelity Distributors Corporation
82 Devonshire Street, Boston, MA 02109
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