Fidelity Reports 55 New Clients for RIA Custodian Service

Fidelity Investments said 55 new “breakaway brokers″ have selected the company as the custodian for newly established independent registered investment advisory (RIA) firms.

The new business brings more than $7 billion in new assets in the first six months of this year, which more than doubled the assets for new breakaway clients during 2007, according to a Fidelity release.

Fidelity offers several services for breakaway brokers (see Fidelity Expands Program for Brokers Going Independent). The company is soon launching the Fidelity WealthCentral brokerage workstation (see Fidelity Integrates Wealth Management Systems into One Workstation), and recently launched the HybridOne offering for dually registered advisers (see Fidelity’s HybridOne Manages Both Commission and Fee Business).

More information is available at