Magazine article American Banker

Fidelity Investments Revamps Its Trading Site

Magazine article American Banker

Fidelity Investments Revamps Its Trading Site

Article excerpt

In a bid to become the leading on-line brokerage, Fidelity Investments relaunched its trading site on Monday with a slew of new services, a new brand name, and an advertising agreement with the Internet portal Lycos Inc.

The site, called Powerstreet, represents an attempt by the Boston-based mutual fund giant to move into the same league as on-line leaders such as Charles Schwab & Co. and E-Trade Group.

"We're dedicated to getting customers and prospects alike to understand that Fidelity is more than the largest mutual fund company. We also have the best brokerage offering," said Stephen Cone, the president of Fidelity customer marketing and development.

For frequent traders, the site will offer more sophisticated research tools such as Nasdaq level II quotes, and provide the ability to execute more exotic trades on-line, such as short sales. The site will also enable investors to customize a "start page" that could display news on designated companies.

Powerstreet will "extend more sophisticated tools to a broader audience, and allow customers to designate how to use our services to serve their investment needs," said Gary Burkhead, vice chairman of Fidelity's parent, FMR Corp., and of Fidelity's personal investments and brokerage group.

Besides becoming a charter advertiser on the site that Lycos has agreed to buy, Fidelity has agreed to have Lycos support its personalized start pages. In turn, Fidelity will include Lycos in its large-scale Powerstreet advertising campaign, which is scheduled for the fall.

Fidelity also plans to give away Palm VII handheld organizers to investors who open accounts next month. The firm began sending investment alerts to traders via wireless devices earlier this year. …

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