Assets under administration at Fidelity increased 42.6% on a year-over-year basis in the first quarter to $10.4 trillion, the company said in a release.
The investment giant also saw a wave of younger new clients, with 1.6 million accounts out of the 4.1 million total number of retail accounts opened across Fidelity in the first quarter — up 156.3% compared to the first quarter of 2020 — being accounted for by investors 35 years old or younger. The increase in the number of younger investors was 223%, the company said.
Fidelity’s total number of accounts in the first quarter were 83.4 million, up 12.1% compared to the comparable period a year ago, and of those, 9.7 million were with Fidelity Institutional. Of those, 400,000 were net new accounts.
The proposal would end decades of paper-first delivery rules, but keeps a paper opt-out and draws early praise from fund and annuity industry groups.
The Trump accounts are “generationally changing” and bring financial literacy to youth, said IRS chief Frank Bisignano.
The Kansas-based RIA giant's latest purchase extends a run of specialized acquisitions that has defined its growth strategy through 2026.
Deal adds a $299 million tax-and-wealth practice as the RIA aggregator advances acquisition strategy around integrated financial and tax planning.
Large and mega plans show strongest appetite, but fee confusion persists.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
