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211 Matching News Items

1.  Fidelity Investments Is Suddenly Fending Off a Fresh Wave of AI Suitors for Its Vast Recordkeeping Data Trove
RIABiz Link to more items from this source
Aug. 3, 2023
"Money can't buy petabytes of client data -- at least at Fidelity Investments, which owns eight of them, and claims it's swatting back offers from corporate giants and start-ups alike to buy its records.... The Boston broker-dealer and record-keeper, with roughly $3.2 trillion in pension assets, is playing hard to get -- or at least coy -- with access to raw data in its digital vaults going back decades[.]"
2.  Fidelity Investments Yields the Small 401(k) Plan Market to Its RIAs
RIABiz Link to more items from this source
June 5, 2013
"Fidelity Investments, the powerhouse 401(k) provider, will no longer compete with RIAs in the small and midsize 401(k) plan arena, says Ted Madden, senior vice president, sales for Fidelity. This is a major move that shows RIAs have become a major force in that arena, industry leaders say.... The actions of Fidelity make sense and deserve applause but they are likely the result of Fidelity finding it more difficult to beat RIAs -- making the choice to join them easier, according to Doug Dannemiller, principal of Duxbury, Mass.-based Dannemiller Analytics & Consulting LLC."
3.  Fidelity Investments Annual Report on State of 401(k) Industry (PDF)
Fidelity Investments Link to more items from this source
July 26, 2007
Excerpt: Building Futures is Fidelity Investments' annual report on the state of the 401(k) industry. Volume VIII provides a comprehensive analysis of over 10 million participants in nearly 13,000 corporate defined contribution (DC) plans administered by Fidelity at the end of 2006, representing $674 billion in assets. The full report will be published this fall.
4.  Comments of Fidelity Investments to SEC on Duties of Brokers, Dealers and Investment Advisers (PDF)
Fidelity Investments Link to more items from this source
July 8, 2013
"If the Commission believes that rulemaking in this area is necessary, Fidelity supports a uniform fiduciary duty that would require broker-dealers and investment advisers to act in the best interest of retail customers when offering personalized investment advice about securities to such retail customers.... We believe that the existing principles-based fiduciary duty under the Advisers Act has worked well for investment advisers and their clients and we see no reason to modify this well functioning model."
5.  Fidelity Investments Debuts Bitcoin Trades
RIABiz Link to more items from this source
Dec. 5, 2022
"Fidelity Investments is plunging deeper into the crypto black hole, but a bright light may be at the end of the tunnel -- a chance to steamroll all other crypto brands and dominate the industry. The $9.9-trillion Boston firm is executing its first Bitcoin retail trades as crypto players large and small disintegrate, Capitol Hill lawmakers decry its participation and tokens plummet in value."
6.  Fidelity Investments Wins Huge in the 'Biggest 401(k) Case in Decades'
RIABiz Link to more items from this source
Mar. 20, 2014
"This case validates the DOL's message that employers need to look more carefully at fees, says Fred Reish, an attorney with Drinker Biddle & Reath LLP.... Even though Fidelity is off the hook in this case for fees, Reish questions whether recordkeepers could get fined for excessive fees in the future.... But in this ABB case, the court didn't question Fidelity for its recordkeeping fees. Instead, the court determined that ABB failed to complete its due diligence for the recordkeeping fees paid to Fidelity. In addition, ABB didn't benchmark its recordkeeping fees." [Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014)]
7.  Fidelity Investments Changes How It Manages Its $170 Billion of Target Date Funds
RIABiz Link to more items from this source
Sept. 27, 2013
"Fidelity explains the surprising shift in its long-held conservative allocation by saying it reflects deep research into the reams of data at its fingertips -- not only as the biggest player in target date funds with $175 billion of assets but also as the 401(k) king. This includes findings that investors have more of a stomach for risk than realized based on 2008 behaviors and that investors start investing sooner and live longer than previously thought."
8.  How Exactly Fidelity Investments Extracted Itself from a Legal and HR Quagmire
RIABiz Link to more items from this source
Aug. 14, 2014
"[T]he lingering conflict here is that Fidelity is making some major league changes in how it manages the 401(k) plan of its employees. But it refuses to admit to an iota of wrongdoing.... [A] deeper look at true economic value of this deal suggests it could increase the nest eggs of employees by hundreds of millions over time as Fidelity eats more plan costs and goes bigger on its matching contributions."
9.  What to Make of DOL's Backtrack After John Kerry, Fidelity Investments and the Rest of the Riled 401(k) Industry Cried Foul
RIABiz Link to more items from this source
Aug. 1, 2012
"It all came down to the Department of Labor's willfulness versus the full force and fury of the 401(k) industry -- and some its powerful allies -- and guess who won? (Hint: The winners are at a higher pay scale and deal with real investors.) In May, the 401(k) industry was angered after its members believe they were blindsided by an eleventh-hour move by the DOL requesting that some self-directed brokerage accounts receive the same level of monitoring as other investments in 401(k) plans.... Now, it appears that the DOL has come around to the viewpoint of these record keepers and discount brokers. The rule maker for 401(k) plans announced on Monday that it will resume the policy position of allowing plan participants to pick and choose their own investments at their own peril and not require plan sponsors to monitor them in the same way as they would other investments."
10.  Here's What Could Go Wrong with Fidelity Investments Adding Bitcoin to Your 401(k)
The Washington Post; subscription may be required Link to more items from this source
Apr. 29, 2022
"[If] offering people the ability to invest in crypto boosts overall retirement savings, that's good.... Cryptocurrency isn't ready for prime time. It's unregulated. It doesn't provide protection for consumers. Consumer disclosure rules and regulations are limited or nonexistent.... The Consumers have reported losing more than $80 million to cryptocurrency investment scams[.]"
11.  DOL Proposal Would Have Hobbled Recent Help for Investors, Fidelity Says
The Wall Street Journal; subscription may be required Link to more items from this source
Sept. 4, 2015
"On Aug. 24, when the Dow Jones Industrial Average briefly plummeted more than 1,000 points in the first six minutes of trading, the volume of calls to Fidelity Investments' toll-free numbers was 50% higher than for a typical summer Monday.... Phone representatives generally urged investors with a long-term investment plan to 'stay the course.' But if a controversial proposal from the U.S. Labor Department had been in place, [said John Sweeney of Fidelity Investments,] call-center representatives at Fidelity and other companies would have been far more restricted in what they could say after the initial 'don't panic' to customers calling about 401(k) plans and other retirement accounts."
12.  Fidelity Backs Away from Being 'Point in Time' Fiduciary for 401(k) Plans
Pensions & Investments Link to more items from this source
July 18, 2018
"Fidelity Investments no longer will serve as a fiduciary when it helps employers select investments for their 401(k) plans, moving away from a policy the firm adopted last year in response to the [DOL's] fiduciary rule.... Fidelity was the only record keeper that said it would adapt by providing services as a fiduciary under the new regime ... However, given the DOL rule's fate, the level of investment guidance is again considered non-fiduciary under ERISA, and Fidelity has distanced itself from the 'fiduciary' label as a result."
13.  Fidelity Faces Massachusetts State Inquiry Over Fees Charged for 401(k) Plans
Pensions & Investments Link to more items from this source
Mar. 4, 2019
"Fidelity Investments is facing more scrutiny over fees it charges some mutual funds for using its platform to access retirement plan customers. The Massachusetts ... securities division sent a letter on Feb. 27 to Boston-based Fidelity requesting information about those fees. The inquiry follows a Feb. 21 lawsuit against Fidelity by an investor in T-Mobile USA's 401(k) plan that claims the firm conceals so-called infrastructure fees."
14.  Fidelity Dismissed from Verizon Plan Investments Suit
planadviser Link to more items from this source
Oct. 3, 2017
"Although the court dismissed claims regarding risky investments in TDFs and participant fee disclosure failures, Verizon still faces a charge regarding an underperforming investment." [Jacobs v. Verizon Communications, Inc., No. 16-1082 (S.D.N.Y. Sept. 28, 2017)]
15.  Fidelity Says 401(k) Savings Accounts Recover from 2008 Decline
Bloomberg Link to more items from this source
Nov. 19, 2009
Excerpt: Fidelity Investments said the average balance on customers' 401(k) retirement accounts has returned to September, 2008 levels on contributions and third- quarter investment gains. Account balances in plans for U.S. workers benefited from the 22 percent year-to-date gain in the Standard & Poor's 500 Index along with continuing employee contributions, the Boston- based firm said in a statement today, after reviewing 11 million accounts managed by Fidelity.... Average account balances rose 13 percent to $60,700 from June to September, Doshier said, and are up 28 percent from $47,500 at the end of March. The gains include investment returns, employee contributions and employer's matches. A typical 401(k) holds a mix of equities, bonds and cash.
16.  Fidelity 401(k) Survey Shows Hope for Retirement Savings, but Employers Remain Wary
Workforce Management; free registration required Link to more items from this source
Aug. 14, 2009
Excerpt: A Fidelity Investments survey shows that more 401(k) participants are increasing their contributions than decreasing them, marking a reversal in employees' investing patterns. But industry experts say that employers are very wary of encouraging this trend. According to the August 12 survey, 4.7 percent of plan participants increased their 401(k) contribution rate in the second quarter while 3 percent lowered it. 'This is the first time that we saw a reversal in the trend of people who stopped their 401(k) contributions,' said Scott David, president workplace investing at Fidelity.
17.  Fidelity 401(k) Balances Down 27 Percent
U.S. News & World Report Link to more items from this source
Feb. 3, 2009
Excerpt: Fidelity Investments, the world's biggest mutual fund firm, began a round of job cuts today as part of a plan to reduce its work force by 7 percent. Company revenue dropped sharply because of last year's stock market plunge. Some customers also shifted funds into safer investments with lower fees. Interestingly, the giant 401(k) provider reported 10 percent retirement plan growth last year. The number of participants in 401(k)s, 403(b)s, and other workplace savings plans increased by 5 percent to over 14.2 million customers in about 19,000 plans. Here's a look at how the average Fidelity 401(k) participant fared last year.
18.  Fidelity Says Downturn Doesn't Stop Retirement Savings
BusinessWeek Link to more items from this source
Aug. 13, 2008
Excerpt: Most workers are not reducing their retirement contributions even though higher fuel and food prices have prompted them to cut spending in many areas, a leading retirement investment firm said Wednesday. Boston-based Fidelity Investments, the largest retirement plan administrator in the U.S., said an analysis of 16,723 corporate retirement plans indicated that contributions actually increased in the first half of this year.
19.  DOL Probes Fidelity Over Mutual Fund Fees
The Wall Street Journal; subscription may be required Link to more items from this source
Feb. 28, 2019
"The Labor Department is investigating Fidelity Investments over an obscure and confidential fee it imposes on some mutual funds ... The fee, which appears to have been implemented in 2016, is 'designed to ensure that each Fund Firm meets a minimum required payment to Fidelity.' By marking the charge as an infrastructure fee, the fund firms may be able to avoid disclosing it to investors."
20.  Fidelity Suspends MetLife Annuity Sales as Insurer Mulls Breakup
Bloomberg Link to more items from this source
Feb. 24, 2016
"Fidelity Investments, the second-largest U.S. mutual fund company, suspended sales of MetLife Inc.'s annuities as the life insurer weighs a possible sale, spinoff or public offering of a retail unit that provides the retirement products.... The loss is a setback for MetLife, the largest U.S. life insurer, which has declined about 21 percent this year in New York trading. The insurer's Accumulation Annuity and Growth and Income Annuity are no longer available to new investors through Fidelity[.]"
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