Fidelity Institutional® to Offer Retirement Advisors and Recordkeepers Access to Fidelity's Workplace Managed Account Offering

—Portfolio Advisory Service at Work (PAS-W) has seen Rapid Adoption in Fidelity Recordkept Plans due to its Personalization, Turnkey Customer Experience, and Ability to Help Drive Outcomes
—With More Advisory Firms Moving into Retirement Plan Space, Fidelity is Now Expanding Access to Independent Advisors and Recordkeepers to Help Them Scale and Grow their Retirement Business

  • Managed Accounts
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  • Managed Accounts
  • Retirement Accounts
  • Financial Planning
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  • Managed Accounts
  • Retirement Accounts
  • Financial Planning
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  • Managed Accounts
  • Retirement Accounts

BOSTON — Managed accounts are becoming increasingly popular among plan sponsors, plan participants, and the advisors who work with them, due to an increased focus on fiduciary responsibility, financial wellness and retirement readiness.1 Based on this demand, Fidelity Institutional (FI) announced today that they are expanding access to Fidelity® Portfolio Advisory Service at Work (PAS-W) – Fidelity's managed account offering which provides investment management of workplace retirement accounts – to retirement advisors and recordkeepers.

Fidelity research has found that there's been a significant increase in the number of advisory firms moving from accommodating retirement plan requests to growing their retirement plan businesses.2 As this growth accelerates, so, too, does the need for solutions to help advisors manage that growth in an efficient and scalable way, while providing personalized solutions and better outcomes for plan participants. PAS-W can make this simpler by providing retirement advisors and recordkeepers with a managed account service that seamlessly integrates into their offering.

"Many firms are focused on scale and looking to grow their retirement business efficiently while ensuring plan participants have the customization they need," said Michael R. Durbin, head of Fidelity Institutional Product. "We see PAS-W as a way to drive efficiency and outcomes at every level: for participants, plan sponsors, retirement advisors and recordkeepers."

"Our goal with expanding access to PAS-W to retirement advisors and all recordkeepers is to provide them with a more personalized and customized investment management solution; one that goes beyond the cookie cutter solutions available today and helps them grow and scale their businesses," said Sangeeta Moorjani, head of Fidelity's Workplace Managed Accounts business. "An increasing number of employers and employees are recognizing that a managed account is a great option for people who may not have the experience or confidence to manage their own retirement savings, especially during times of market uncertainty."

The first independent recordkeepers to use the PAS-W offering – Sentinel Benefits, Alliance Benefit Group of Michigan, and Alliance Benefit Group-Rocky Mountain – have a solution that integrates directly into the FIS Relius Administration platform.

With the increasing demand for fiduciary services in the marketplace, Fidelity's PAS-W offering provides advisors with another solution to support their retirement plan business. This offering expands Fidelity's already robust offering that includes providing advisors with comprehensive retirement plan solutions via a network of independent recordkeeping firms. In addition, through third-party relationships, Fidelity provides access to solutions designed to help advisors effectively manage their retirement plan business and deliver fiduciary services to both plan sponsors and participants.

Fidelity's managed accounts platform recently surpassed one million enrolled customers with more than 300,000 of them in workplace savings plans. Fidelity has delivered asset allocation strategies to plan participants for more than 25 years, and 97 percent of employees who join PAS-W stay invested and maintain their accounts.3

Investment management for PAS-W is offered through Strategic Advisers, Inc. (SAI), a registered investment adviser and a Fidelity Investments Company. SAI acts as an ERISA 3(38) investment manager and accepts fiduciary responsibility for making investment decisions on behalf of participants.

For more information on PAS-W, advisors, recordkeepers or plan sponsors can contact their Fidelity representative or click here.

About Fidelity Investments

Fidelity's mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $6.1 trillion, including managed assets of $2.2 trillion as of April 30, 2017, we focus on meeting the unique needs of a diverse set of customers: helping more than 26 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 12,500 financial advisory firms with investment and technology solutions to invest their own clients' money. Privately held for 70 years, Fidelity employs 45,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.

About Fidelity Institutional

Fidelity Institutional offers clearing, custody, investment products, brokerage and trading services to a wide range of financial intermediary firms. More than 12,500 financial advisory firms rely on Fidelity Institutional's innovative technology and deep expertise to help more than 8 million accounts make some of the most complex, important decisions of their lives. Fidelity Institutional's goal is to help clients thrive by supporting the growth of their businesses, enhancing their operational efficiency and delivering insights that help to drive confidence, clarity and results.

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We provide financial planning and retirement options such as IRAs, annuities, and managed accounts; brokerage and cash management products; college savings accounts; and other financial services for millions of individual investors.

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