Fidelity Is Changing the Way It Charges for Financial Advice
- Wealth customers will pay based on amount of assets with firm
- Fees under plan will range from 50 basis points to 1.5 percent
A pedestrian passes a Fidelity Investments branch in New York, U.S.
Photographer: Victor J. Blue/Bloomberg
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Fidelity Investments is changing the way it charges wealth management customers for advice, based on the amount they have invested with the firm.
The new fees begin in July for the more than 800,000 customers of the wealth unit. The charges range from 50 basis points for accounts of more than $5 million to 1.5 percent for customers with less than $500,000. Currently, fees are tied more closely to the individual products, said Robert Beauregard, a Fidelity spokesman.