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Fidelity® Introduces Program to Help Brokers Vie For More Than $3 Trillion in Trust Assets
Integration of Trustee Match Program and Administrative Trustee Services into Streetscape® Platform Can Help Consolidate Assets, Strengthen Broker Recruiting and Client RelationshipsBOSTON – Fidelity Investments’® clearing and custody business, National Financial®, today announced it has integrated a suite of new personal trust services into its Streetscape® broker workstation, including enhanced reporting capabilities, administrative trustee services, and a trustee match program.
The incorporation of personal trust services into National Financial’s workstation is designed to help brokers build stronger relationships with high-net-worth investors, and potentially generate new opportunities for incremental revenue growth and consolidation of assets. Currently, 72 percent of households with $1 million in assets engage a personal trust services provider1, and personal trust account assets are expected to grow to more than $3 trillion by 20192.
“Integrating personal trust services into their broader service offering will not only help brokers bring on higher net-worth clients but also provide them with more opportunity to build cross-generational relationships with their investors,” said Sanjiv Mirchandani, president of National Financial.
“This new personal trust services solution is a direct response to the evolving needs of our clients and their end investors – particularly as more boomers head into retirement -- and reflects our ongoing commitment to delivering the products and services that can help them achieve sustainable growth.”
In addition, broker-dealers are increasingly recognizing the value of adding personal trusts to their overall brokerage services offering as a means to more effectively attract and retain top talent.
Fidelity’s personal trust services are a closely integrated component of the Streetscape broker workstation, not a separate system like many other trust offerings. This integration allows brokers to more effectively retain and control all of the key investment management responsibilities and provide a fuller range of wealth management products and services.
Three Specialized Services to Address Specific Investor Needs
With the roll-out of the new trust services program enhancements, Fidelity now provides brokers access to three specialized services:
Trust Reporting Services
• Provides principal and income details and allows assets held away to be displayed on statements
• Enables brokers to serve as the primary relationship contact and provide investment management services
Administrative Trustee Services
• Allows firms to manage customer assets while Fidelity Personal Trust Company, FSB , acts as the corporate trustee, assuming custody, accounting, tax and discretionary responsibilities of the trust
• Helps establish cross-generational relationships
Trustee Match Program
• Assists brokers in finding and working with trust companies they deem to be appropriate for their clients’ needs
• Provides access to select federal and state-chartered corporate trustees who delegate investment management functions to brokers’ firms
• Helps advisors focus on growing customer relationships while the selected trust company performs required trustee functions
“Fidelity offers a continuum of services to brokers and advisors that are designed to help meet the vast majority of trust needs for each of their clients, whether it’s as simple as reporting on client trust assets or something as complex as acting as a corporate trustee,” said Deborah Gaff, vice president of trust products for Fidelity.
About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.7 trillion, including managed assets of $1.6 trillion, as of April 30, 2012. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
1 Tiburon Strategic Advisors, Estate Planning & Charitable Giving Through Life Insurance & Trust Accounts, Nov. 2008.