Fidelity snags LPL exec to run family office program

Fidelity snags LPL exec to run family office program
Norton to run UHNW program for RIAs
APR 06, 2011
Fidelity Investments has hired Trevor A. Norton to head its ultrahigh-net-worth program for RIAs. Launched in October 2010, the program gives advisers who custody at Fidelity Institutional Wealth Services access to the firm's family office offerings. Mr. Norton, who most recently was head of LPL Financial's registered investment adviser services and financial planning group, is senior vice president of the family office unit, known as Fidelity Family Office Services. He is based in Boston and reports to Edward Orazem, president of the family office unit. "We didn't have a specific person assigned to run the [RIA] program" before Mr. Norton was brought in, Fidelity spokesman Steve Austin said. In an announcement yesterday, Fidelity said the RIA program has garnered nearly $2 billion in client assets since its launch. Some of those assets were already custodied at Fidelity, Mr. Austin said, so they're not all new to the firm. Fidelity management feels that the offering will help attract more money from its advisers' wealthier clients, however, as well as higher-end RIA firms, Mr. Austin said. Fidelity Family Office Services has 140 clients with $26 billion in assets, or about $185 million on average. Through its RIAs, the firm is targeting $50 million relationships. The program offers a custom reporting program, a dedicated relationship management team and an investment analyst/trader who deals directly with family office clients.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management