David Canter to exit Fidelity's RIA custody business

David Canter, head of the RIA custody business at Fidelity Investments, is leaving the Boston-based asset management conglomerate at the end of the month, a company representative confirmed.

The news of his departure was first reported by Citywire, which cited an internal email from Fidelity
Institutional’s head of client growth, Rohit Mahna, saying Canter has decided to pursue an opportunity outside of Fidelity, where he has worked for 13 years.

The Fidelity representative said Canter’s team will report to Mahna on an interim basis.

Canter did not immediately respond to an email requesting comment.

Tim Welsh, president of Nexus Strategy, previously worked with Canter at Charles Schwab, and Canter was also a client of Welsh’s consulting firm.

He describes Canter’s legacy at Fidelity as “unmatched for his ability to lead change and innovate new solutions for advisers.”

“David’s creativity and ability to navigate a complex organization to rally the resources, technology and products to enhance RIA businesses has been transformational, and he will be missed by advisers in that role,” Welsh added.

He said Canter managed to stay consistently ahead of the curve of industry trend, “anticipating how they would impact advisers and how he could build solutions to help them, going all the way back to the early days of the robo-advisers, creating a fintech accelerator to inspire new technologies, and to pioneering practice management content, resources and programs to make advisers successful.”

In terms of where Canter might be heading next, Welsh said, “I’m sure he’ll find an impactful role in the RIA ecosystem somewhere that will enable him to continue his focus on partnering with independent advisers to spread fiduciary advice everywhere.”

In addition to his impact on the custody business, Welsh described Canter as a “renaissance man: running marathons, playing lead guitar in a band, making friends everywhere and being an all-around great dude.”

Doug Fritz, co-founder and chief executive of F2 Strategy, described Canter as a “pillar of the RIA community who has done amazing work at Fidelity.”

“As a client and partner of David’s over the years, his leadership and energy have helped hundreds of firms deliver amazing advice to clients,” Fritz said. “David has built and fostered both respect and trust within the RIA market. Whatever he decides to do next, people will trust and likely follow him.”

Prior to his current role, Canter served as executive vice president of practice management and consulting for Fidelity Clearing & Custody Solutions, a position he assumed in August 2010. Canter also served as executive vice president and chief operating officer for Fidelity Institutional Wealth Services beginning in September 2009.

Before joining Fidelity in 2009, he was the chief legal and compliance officer for Post Advisory Group.

He also spent eight years at Charles Schwab & Co. beginning in 2000, holding various management positions within its RIA business.

Canter earned his B.A. from the University of Wisconsin in 1990 and his J.D. from the University of Baltimore School of Law in 1993.

[More: Fidelity’s outgoing RIA boss, David Canter, joining Bluespring Wealth as president]