“Fidelity’s primary focus in the first quarter, as always, was to deliver outstanding customer service. The key to providing great experiences for our existing customers, as well as attracting new customers, is enhancing our digital tools and services, which is a strategic priority across all of Fidelity’s businesses.”
— ABIGAIL P. JOHNSON, CHAIRMAN AND CEO
Customer, Account, and Business
TOTAL DISCRETIONARY ASSETS1
1% from Q1 2022
ASSETS UNDER ADMINISTRATION2
2% from Q1 2022
SOCIAL MEDIA SERVICE INTERACTIONS3
178% from Q1 2022
TOTAL RETAIL ACCOUNTS4
10% from Q1 2022
NEW RETAIL ACCOUNTS
7% from Q1 2022
WORKPLACE PLAN PARTICIPANT ACCOUNTS
8% from Q1 2022
CLEARING AND CUSTODY ACCOUNTS
6% from Q1 2022
from Q1 20226, Investor and Regional Centers
RETAIL INVESTOR PLANNING INTERACTIONS
from Q1 20226
INVESTORS PRIORITIZE SAVING FOR
of all new retail accounts were opened by investors between 18 and 35 years old.
increase in funded health savings accounts, and more than $16 billion in total health savings account assets, up 14% year-over-year7.
increase in IRA accounts opened by Gen Z investors compared to Q1 2022, and 22% increase in accounts opened by Gen Z women.
Q1 business results as of March 31, 2023.
1Includes all Fidelity investment products, such as mutual funds and managed accounts.
2Fidelity Internal Information as of March 31, 2023.
3Social Media Service Interactions include proactive (platform updates, FAQs, and market topics) and reactive (responses to comments/tweets, direct messages, and secure chats) service-related questions/considerations that Personal Investing's social platforms addressed.
4Retail accounts increased slightly due to a methodology change. Previous quarters are restated here for reference: Q1 2022: 34.6 million, Q2 2022: 35.5 million.
5Customer appointments include all roles taking client appointments in investor and regional centers.
6The year-over-year changes referenced are with normalization (Q1 2022 had 12 weeks of recorded data, Q1 2023 had 13 weeks.)
7The year-over-year percent change represents January 2022 to January 2023.
ENGAGEMENT AND INNOVATION
Our Customer Inclusion Team developed a new digital hub on Fidelity.com to help employers engage and support Black plan sponsor employees to build wealth. The site addresses the specific challenges the Black and African American community contends with and offers financial fundamentals and actionable tools to strengthen financial security.
We created a new Young Investor Toolkit that helps wealth management firms and advisors better understand the different needs and preferences of Gen Y and Gen Z investors, enabling them to more effectively engage this growing segment.
Fidelity acquired fintech Shoobx. The equity management platform automates startup equity management operations and finances in a single, collaborative hub and helps companies at all growth stages up to initial public offering.
We launched Fidelity’s first business development company (BDC), growing our alternative investments product lineup by offering our clients an income-oriented strategy in the private credit markets.8
Fidelity expanded its fixed income lineup with Fidelity® Municipal Core Plus Bond Fund (FMBAX), which allows Fidelity to participate in a fast-growing segment of the municipal bond market and is available commission-free with no investment minimum to individual investors and financial advisors.
To meet the needs of the new wave of young savers focused on financial independence and retiring early, we launched the free Financial Independence Planner, offering personalized, step-by-step instructions to optimize financial habits.
Our Women Talk Money series welcomed celebrity guests Venus Williams and Jessica Alba during Women’s History Month for candid conversations to provide women with resources they need to build a better future, together.
We launched Fidelity Crypto general availability, allowing our retail customers to buy, sell, and securely custody bitcoin and ether with as little as $1.9
We beta launched FinteractSM, a community of forward-thinking financial advice professionals with growth mindsets, to help them gain insights from their peers and propel the industry forward.
We enhanced our Wealthscape platform with more data-driven, actionable insights to help advisors grow their businesses, including anomaly detection to increase advisor awareness of abnormal transactions and reduce the risk of losing assets, as well as tools to help advisors quickly examine money movement.
8As of April 28, 2023, the BDC is available in 52 states and territories, excluding Arkansas and Washington.
9Fidelity Crypto℠ is offered by Fidelity Digital Assets℠.
Investing involves risk, including risk of loss.
Crypto is highly volatile, can become illiquid at any time, and is for investors with a high-risk tolerance. Investors in crypto could lose the entire value of their investment.
Custody and trading of crypto are provided by Fidelity Digital Asset Services, LLC, a New York State-chartered limited liability trust company (NMLS ID 1773897).
Crypto is not insured by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation (“SIPC”).
Brokerage services in support of securities trading are provided by Fidelity Brokerage Services LLC (“FBS”), and related custody services are provided by National Financial Services LLC (“NFS”), each a registered broker-dealer and member NYSE and SIPC. Neither FBS nor NFS offer crypto nor provide trading or custody services for such assets.
In Q1, we deepened our investment in talent with continued hiring across our 13 regions and shared the meaningful steps we are taking to foster diversity and inclusion, creating the impetus to be mindful of our customers and associates to better support our communities.
Fidelity supported 10 BIPOC (Black, indigenous, and people of color)-led/focused organizations in skills-based volunteerism flash consulting events, engaging 60+ associates for $100K+ in social return on investments. Projects focused on technology support, vendor review, and communications.
Fidelity launched Invest in My Education (ME)SM, a $250 million social impact initiative that provides access to education and ongoing support to Black, Latino, and historically underrepresented students. The program combines student scholarships with ongoing support, including resources to complete degree programs and pathways to post-graduation employment.
Associate Quick Facts
roles filled in Q1
associates experienced internal job mobility in Q110
10Mobility can occur when an associate fills an open role or when changes occur without an open role including lateral and promotion events.
AWARDS AND RECOGNITION
Fidelity’s commitment to innovation and delivering best-in-class products to customers was recognized by a number of premier industry awards.
Glassdoor — Best Places to Work 2023
StockBrokers.com — #1 Overall Broker 2023
NerdWallet — Best Online Broker for Beginning Investors and IRA Investing 2023
Fortune — America’s Most Innovative Companies in 2023
Forbes Advisor — Best Online Broker Overall*
Fidelity Asset Management won 24 Lipper Awards across 18 funds recognizing funds and fund management firms that excel in providing strong risk-adjusted performance and consistent returns.