Fidelity Investments new defined-contribution retirement plan sales for the first half of this year hit $35 billion, Fidelity announced Thursday.
Fidelity also has $21 billion in commitments for plans to start in 2016. Sales for the first six months of 2015 included plans of all sizes, ranging from large corporations to tax-exempt employers and emerging companies. In total, plans sold in 2015 represent nearly 800 employers with 700,000 employees, Fidelity reports.
“Our singular focus on delivering an outstanding customer experience has created new business opportunities for Fidelity, especially in the smaller end of the market where we won more than $8 billion in sales already this year,” says Jim MacDonald, president, Workplace Investing, Fidelity Investments.
Clients representing more than $100 billion in assets under administration extended their relationship with Fidelity, the firm reported.
As a complement to 401(k) plans, many of Fidelity's customers are offering high-deductible health plans with health savings accounts. Companies are also incorporating managed accounts and company stock plans onto the same platform as their workplace savings plan. This integration offers benefits teams simplified administration from a single provider, enabling them to better support the needs of today’s evolving workforce, says Fidelity.