Six months after Sanjiv Mirchandani left Fidelity Institutional as part of a buyout wave, the Boston-based financial services conglomerate is bringing on a new head of client growth.
Effective in January, Rohit Mahna will step into the role vacated by Mirchandani in June, when Fidelity Investments used buyout packages to thin its ranks by about 2,000 employees, or roughly 4% of its workforce.
Mirchandani, who had been at Fidelity for 27 years, was head of RIA custody and clearing when he took the retirement package.
A Fidelity spokesperson said Mahna’s title is slightly different, but the role is “essentially” the same as Mirchandani’s.
Mahna joins Fidelity from Salesforce, where he had been senior vice president and general manager of the company’s global financial services group since 2016. Mahna will lead the Fidelity Institutional client relationship group, comprising sales and relationship management teams, and will report to Mike Durbin, president of Fidelity Institutional.
Mahna worked at Salesforce for more than 10 years, overseeing the company’s global financial services practice spanning sales, marketing, partners, and product. Financial services has grown to be Salesforce’s largest industry practice.
Before joining Salesforce in 2011, Mahna worked as the financial services industry lead at IBM, a business consultant at Conchango (now Dell EMC), and a business analyst at TD Waterhouse.
“Rohit joins us at a time when the industry is evolving at an increasingly rapid pace,” Durbin said in a statement. “He brings to Fidelity a unique set of skills at the intersection of finance and technology and knowledge of that space which will benefit all of our clients.”
Fidelity Institutional serves 13,500 clients, including wealth management firms and institutions. It administers $4 trillion in assets and manages $967 billion in discretionary assets.
Surveys show continued misconceptions and pessimism about the program, as well as bipartisan support for reforms to sustain it into the future.
With doors being opened through new legislation and executive orders, guiding clients with their best interests in mind has never been more critical.
Meanwhile, Stephens lures a JPMorgan advisor in Louisiana, while Wells Fargo adds two wirehouse veterans from RBC.
Large institutions are airing concerns that everyday investors will cut into their fee-bargaining power and stakeholder status, among other worries.
Fights over compensation are a common area of hostility between wealth management firms and their employees, including financial advisors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
