Fidelity Institutional Wealth Services today said that client assets hit a record $325 billion in the third quarter-or more than 50% greater than the year-earlier period-from its base of 4,000 clients. The provider of trading, custody and brokerage services to RIAs, trust institutions and third-party administrators said its compound annual growth rate during the past five years is 40%.
The Boston-based company also reported a record $28 billion in net new client assets in the third quarter, a 300% year-over-year increase. "We have seen record growth in our assets over the past couple of years from the addition of hundreds of new advisors to our platform, through our joint offering with SunGard, and the continuing success of our existing clients," John W. "Jack" Callahan, Fidelity Institutional Wealth Services' president, said in a statement.
The company expects several major initiatives rolled out over the past year will help accelerate growth. Among them is WealthCentral, aimed at helping advisors manage their practices more efficiently by integrating their most critical operational systems, including portfolio management, customer relationship management (CRM) and financial planning into one unified workstation.
Fidelity also touts its continued investment in SunGard, its integrated trading and custody platform for trust institutions and third-party administrators. It says more than 200 firms now utilize this offering since its introduction more than one year ago.