Ellyn A. McColgan, an 11-year Fidelity veteran, succeeds Kevin J. Kelley, who was named president of Fidelity Brokerage Co.
McColgan‚s duties will include oversight of Fidelity‚s independent-advisor services, which currently has 1,100 clients with assets totaling about $50 billion.
"Advisors are playing an increasingly important role in helping investors develop sound financial plans to meet their goals," McColgan says. "I am very excited about the opportunity to lead the intermediary-services company and look forward to continuing Fidelity‚s commitment to helping financial advisors build their businesses."
McColgan was president of the Institutional Retirement Group for nine months. She previously spent four years as president of Fidelity‚s Tax-Exempt Services Co. Before joining Fidelity in 1990, she worked in Bank of New England‚s institutional custody business.
SEC Requires Online Filing For Some Advisors
Financial advisors have yet another reason to be plugged into the Internet.
As of this year, investment advisors who are sole proprietors and registered with the Securities and Exchange Commission (SEC) are required to file Part IA of form ADV online.
It‚s the first phase of a multiyear plan that will result in virtually all state and federally registered investment advisors having to file the form over the Internet.
The online forms are filed with the Investment Adviser Registration Depository (IARD), a new database set up by the North American Securities Administrators Association (NASAA).
The change to a strictly electronic filing system is designed to streamline record-keeping and to give consumers access to the information, says Robert Plaze, the SEC‚s associate director of regulatory policy and investment regulation. "The IARD system will create greater filing efficiencies … and offer consumers a free, easy-to-use method of determining which advisor is right for them," he says.