Rival Fidelity shows up uninvited at Schwab Impact

As a record turnout of investment advisers gathered for Charles Schwab & Co.'s annual Impact conference in Denver, Colo., an uninvited guest lurked outside the gates. Refusing to let Schwab hoard all the attention of the nearly 3,600 advisers, industry executives, consultants and other attendees, Fidelity Institutional Wealth Services, the RIA custody unit of Fidelity Investments, bombarded attendees with its own marketing assault. Giant ads for Fidelity, which competes with Schwab for client assets, and its new book, “Be Greater: Why Being Good Enough Is No Longer an Option,” were posted over a parking garage directly opposite the main entrance of the convention center. Fidelity also placed ads on local buses. The rival custodian also promoted its own tweet that appeared at the top of the feed whenever attendees searched for the #SchwabIMPACT hashtag. “What are you doing to build a great business?” the ad outside the convention center asked investment advisers. Attendees were accustomed to the rivalry. Fidelity has used similar campaigns to put its name front and center at Schwab's conferences for several years. “We do see this kind of activity every year from them,” Schwab spokesman Rob Farmer said. “As the largest conference of its kind for RIAs, they know Impact is where the action is.” Fidelity's senior vice president of marketing, Ross Ozer, said in an emailed statement that Fidelity had been looking for “targeted opportunities to reach RIAs where they gather.” “At key events and trade shows, we're using billboards, bus ads and geotargeted advertising,” he said. Mr. Farmer said Schwab has not returned the favor to Fidelity, which hosts several regional conferences each year rather than one large event. However, one attendee speculated the marketing ploy was only a precursor to the battle royale that would play out next year as Schwab is planning to host its 2015 Impact conference on Fidelity's home turf in Boston.