Fidelity's 401(k) platform raised

Fidelity Advisor’s 401(k) platform offered to advisers had record growth in 2007 and total recordkeeping assets rose 26% from 2006 to $21.1 billion at the end of 2007, Boston-based Fidelity Investments announced. A record 516 new plans were funded in 2007, up 21% from 2006. The platform reached a new high for total plans serviced at 2,825, a 15% increase from 2006. A number of factors drove up the adviser-sold 401(k) market, including the Pension Protection Act of 2006 and greater individual responsibility to retirement savings. To help advisers capture more of this growing market, Fidelity said it is focusing its Advisor 401(k) efforts on ensuring that advisers are communicating with their plan sponsor clients about the importance of maximizing workplace retirement savings through plan performance, the company said in a statement. The company also reported that the end of 2007, 304 Fidelity Advisor 401(k) plans were using auto enrollment, a nearly 15-fold increase from 2006. Meanwhile, employees in Fidelity Advisor 401(k) plans offering auto enrollment had participation rates of 72% compared to 62% in plans without automatic enrollment.