In Q2, Fidelity had solid customer growth across all our businesses and continued to improve the customer experience by enhancing our technology capabilities, products, services, and educational tools. Our overall goal with these efforts remains the same: to help strengthen and secure our clients’ financial well-being.
Customer growth has also been fueled by a record-breaking tax season, which delivered $104 billion in net flows to the Personal Investing business June YTD, a 25% increase over 2020.
NEW RETAIL ACCOUNTS
⮝ 39% from Q2 2020
⮝ 11% from Q2 2020
NEW RETAIL ACCOUNTS OPENED BY INVESTORS
35 YEARS OLD OR YOUNGER
⮝ 65% from Q2 2020
TOTAL RETAIL AND WORKPLACE ADVISORY ASSETS
⮝ 42% from Q2 2020
TOTAL DAILY AVERAGE TRADES2
⮝ 14% from Q2 2020
TOTAL DISCRETIONARY ASSETS3
⮝ 26% from Q2 2020
ASSETS UNDER ADMINISTRATION
⮝ 33% from Q2 2020
1Total Accounts include Personal Investing (PI) customer accounts, Workplace Investing (WI) participant accounts, and Fidelity Institutional (FI) accounts.
2Includes Total Fidelity (retail brokerage and institutional brokerage).
3Includes all Fidelity investment products, such as mutual funds and managed accounts.
To support increases in call volumes and digital engagement, Fidelity announced that we are hiring thousands of new roles across our customer support and technology functions.
Fidelity announced the opening of new retail regional call centers in Smithfield, Rhode Island and Durham, North Carolina. In addition to the six other U.S. regional centers, these will be the home bases for hundreds of new customer-facing phone associates.
NEW PRODUCT AND SERVICES
We expanded and enhanced our product line-up to help investors align their portfolios to their values, introduce financial wellness resources to young investors, and provide institutional clients with tools to help grow their businesses.
Building on Fidelity’s commitment to educate and support the next generation of investors, we launched the Fidelity Youth Account, the industry’s first no-fee saving, spending, and investing account designed exclusively for teens aged 13-17 years old.
Expanded our active fixed income exchange-traded fund (ETF) offering to include the Fidelity Preferred Securities & Income ETF, now available on Fidelity’s retail brokerage platform.
Launched five sustainable mutual funds and exchange-traded funds (ETFs) focused on companies that are addressing climate change, prioritizing and advancing women’s leadership and development, providing environmental solutions or supporting efforts to reduce their own environmental footprints, or have proven or improving sustainability practices.
Introduced Fidelity Agency LendingSM, a digital platform that manages all aspects of securities lending for asset managers and other financial institutions. Fidelity Agency Lending (FAL) also formally announced the commercial expansion of the business to non-Fidelity asset managers and other institutions.
Launched the Wealth Advisory Institute, a comprehensive wealth management educational and training program designed to help wealth management firms and their advisors grow their businesses.
We continued to modernize and enhance our digital platforms to provide a seamless customer experience.
Launched SherlockSM, a digital assets analytics solution that helps institutional investors research digital assets more efficiently by bringing together comprehensive data coverage and easy-to-use, intuitive analytics tools in one central location.
Released an improved user interface on the Fidelity mobile app with streamlined navigation and a more intuitive trading experience, including a new quote and trade ticket experience.
Launched the Fidelity Health™ App, an easy-to-navigate mobile experience that helps individuals manage their health needs on-the-go.
Released new updates to Integration Xchange, an open architecture digital store that helps wealth management firms build and manage custom technology solutions and integrations with over 200+ fintech companies.
Launched “Trends in Portfolio Construction," a digital experience showcasing trends Fidelity has seen through our analysis of over 4,000 portfolios, helping advisors evaluate next steps for their clients’ portfolios.
Continued to grow Fidelity's Reddit community to serve customers, provide educational content, and highlight new services and product features; also expanded customer support across other social platforms including Twitter and Facebook.
AWARDS AND RECOGNITION
Fidelity was named a LinkedIn Top Company for 2021.
Abby Johnson was recognized as one of Glassdoor’s top 50 CEOs.
Joel Tillinghast won Morningstar’s 2021 Outstanding Portfolio Manager award.
Fidelity was named a finalist in six categories for the 2021 WealthManagement.com Industry Awards.
HOW WE CONTINUE TO SUPPORT OUR ASSOCIATES
Fidelity continues to support current and future employees through industry-leading benefits and resources.
In celebration of Fidelity’s 75th anniversary, introduced 75 ways to make a difference in support of our communities, with a focus on organizations advocating for racial equity.
Onboarded more than 4,200 Fidelity associates* in the quarter and welcomed 1,000 summer interns.
Introduced benefits to support Fidelity India associates and their families during the second wave of COVID, including improved access to COVID vaccines.
Launched new learning programs to minimize biases and create a more inclusive workplace.
*U.S. hires as of 6/30/2021.
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