Academic journal article ABA Banking Journal

What Fidelity Does for Former CD Customers

Academic journal article ABA Banking Journal

What Fidelity Does for Former CD Customers

Article excerpt

Recognizing the masses of unsophisticated investors who have migrated from certificates of deposit to mutual funds, Boston-based mutual funds company Fidelity Investments has set a goal for itself of providing help to novices--not "advice," but "practical information." It has introduced a slew of educational workbooks, software, and seminars to help new investors find the right funds. The extra help will be provided to the company's retail customers; participants in Fidelity retirement plans; and financial intermediaries, such as insurance companies and banks, to offer their clients.

About a third of Fidelity's customers are individuals who walk into or call its Investor Centers, people who could be going to a bank brokerage unit. Fidelity Brokerage Services, Inc., handles this walk-in trade.

Traditionally, these customers have been on their own in choosing funds and deciding how much to invest. Now, the Fidelity FundMatch program offers them options: (a) they can continue to create their own portfolio; (b) they can use a workbook and self-scoring worksheet to choose a Fidelity Asset Manager Fund; or (c) they can turn to Fidelity Portfolio Advisory Services, a unit that provides investment advice for a fee of up to 1% of assets. …

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