Fidelity Clearing & Custody Solutions Announces Expanded Banking Capabilities for Financial Intermediaries

Wealth Management Firms and Family Offices to Gain Greater Access to Loans for Clients Through Strategic Relationships with U.S. Bank and Goldman Sachs

  • Financial Planning
  • Loans and Debt Management
  • Wealth Planning
  • Financial Planning
  • Loans and Debt Management
  • Wealth Planning
  • Financial Planning
  • Loans and Debt Management
  • Wealth Planning

BOSTON — Fidelity Clearing & Custody Solutions (FCCS) -- the division of Fidelity Investments® that provides clearing and custody services to registered investment advisors (RIAs), broker-dealers and family offices -- today announced that it has entered into strategic relationships with U.S. Bank and Goldman Sachs to provide access to loans for eligible clients of the wealth management firms that FCCS serves.

In addition to the securities-based lending solutions that FCCS already offers, wealth management firms now have expanded access to non-purpose loans through U.S. Bank and Goldman Sachs, which are secured by the client's brokerage account assets.

"Wealth management firms are increasingly asked to manage both the asset and liability side of a client's balance sheet and are looking for a choice of lending solutions and providers, so we continue to see strong demand for these types of products," said Mike Durbin, head of Fidelity Institutional Product. "By working with several of the major providers in the lending space, our platform offers firms a full suite of options to best meet their clients' needs."

U.S. Bank

U.S. Bank's offering consists of non-purpose lending to clients secured by assets on the Fidelity platform. In addition to the securities-based lending program, wealth management firms can access other sophisticated credit products through the U.S. Bank Private Banking team.

"In today's competitive marketplace, adding custom banking products to an advisor's practice can be an important advantage, enabling advisors to offer more financial options to their clients than ever before and helping them to build stronger client relationships," said Rachel Ferguson, national private banking director for U.S. Bank. "Advisors are able to retain clients' assets and maintain the integrity of client accounts while providing their clients with access to comprehensive and customized banking solutions. This interconnected approach between the advisor and private banking team helps support clients' overall financial plans through a seamless and personalized experience."

Goldman Sachs

Goldman Sachs Private Bank Select™ (GS Select), a new online platform from the firm's Private Bank, provides advisors the ability to offer securities-based loans between $75,000 and $25 million from GS Bank USA to eligible clients. GS Select reduces the processing time for a loan from several weeks to as little as one day by digitizing the loan origination process. The platform combines proprietary technology with personalized support from a dedicated team of lending managers to streamline the borrowing process.

"To help institutions meet their clients' borrowing needs, we developed a new, digitized lending program. GS Select was built upon our wealth management and lending expertise to help independent advisors enhance their client relationships," said Andrew Kaiser, head of the Goldman Sachs Private Bank. "By applying technology across the life cycle of a loan—from origination through collateral management—we are able to more quickly and effectively meet the needs of financial advisors and their clients."

In addition to these strategic relationships with U.S. Bank and Goldman Sachs, FCCS will continue to provide margin borrowing and non-purpose loans to eligible clients of the wealth management firms they serve. FCCS will also continue to offer a comprehensive suite of cash management products to meet investors' spending and cash management needs, including credit cards, debit cards, checking, bill pay, and a variety of sophisticated money movement tools.

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 $6.2 trillion, including managed assets of $2.3 trillion as of June 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 more than 40,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.

Our Company

Personal Investing

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.

Workplace Investing

We work with employers to build benefit programs for their employees, and provide recordkeeping, investments, and servicing in defined contribution, defined benefit, health & welfare, and stock plan services.

Fidelity Institutional

We bring sophisticated technology and highly personalized service together to offer clearing, custody, investment products, brokerage, and trading services to a wide range of financial firms.

Fidelity Institutional Asset Management

Fidelity Institutional Asset Management is a distribution organization dedicated to the institutional marketplace. It serves consultants and institutional investors, such as defined benefit and defined contribution plans, endowments, and financial advisors.

Fidelity Charitable

Fidelity Charitable is an independent public charity that allows donors to establish a dedicated donor-advised fund to support their favorite charities in the short term and create a systematic plan for longer term philanthropic goals.

Fidelity Labs

Fidelity Labs explores emerging technology and harnesses innovation to benefit Fidelity's businesses and customers.

Discovery Ventures Program

The Discovery Ventures Program is a program focused on startups looking to grow their businesses in the financial services industry. The program is designed to help participating companies better understand how to engage with large enterprises so that they can accelerate their sales into large enterprises and significantly increase their growth.

Careers at Fidelity

Fidelity Careers Sales, relationship management, product, marketing, technology, operations, and corporate functions


Asset Management Careers Investment management and support