Danahy says that to a certain point, Fidelity Go users will be able to manually change their risk capacity over time.
“You can go through and change a new target asset mix if you’re feeling like you’d like to be more aggressive or more conservative,” Danahy says. “This is not built for people who want to time the market. We have natural limits built in. If we notice that you’re shifting your risk tolerance slider around a lot or they’re trying to move their portfolio around, we’ll reach out and tell them that this product isn’t appropriate for them. It’s intended for long-term accumulators.”
Clients will be charged all-in annual fees between 35 and 40 basis points.
Fidelity Go users will be able to access the company’s online planning tools and monitor their accounts with mobile applications, including Apple Watch alerts.
“Many folks came to us and said that they would probably set up an account on their desktop or laptop computer, but use their phone to do ongoing monitoring,” Danahy says. “It was important for us to be able to bring the experience to every screen size.”
Fidelity account users will be able to access account support via online chat or telephone, but no financial planning service will be available through those channels.
Fidelity Go allows investors to direct their 2 percent cash back from the new Fidelity Rewards Visa Signature Card, introduced earlier this year, into their accounts.
"If an individual spends $1,000 on their card in a year, that generates a $20 reward into their account,” Danahy says. “For younger investors, $1,000 in spending could cover their advisory fee for a year of Fidelity Go.”