Fidelity makes push into online planning

Fidelity Investments has made further inroads into the provision of online financial ad-vice with the introduction of a series of services designed for financial advisers’ pre-retiree clients.

Fidelity Investments has made further inroads into the provision of online financial ad-vice with the introduction of a series of services designed for financial advisers’ pre-retiree clients.

The group has rolled out 250 pages of services through its web site — www.advisorxpress.com with Fidelity Investments vice president Marty Willis saying the pre-retiree and the retirement markets was the next major business opportunity for the company. It also plans to pursue this market through its own 60,000 financial planners.

Willis says Fidelity estimates investors contributed US$99.71 billion to their 401(k) and other defined contribution plans in 1999, but rolled over more than US$200 billion from those plans.

She says there are more than 24 million Americans currently approaching retirement- people between the ages of 55 and 64 and by 2010, more than 35 million Americans will fall into this pre-retiree age bracket.

Fidelity's new pre-retiree program has five components: how to manage post-retirement money, sales strategies, marketing materials, planning aids for the investor, and informa-tion on Fidelity products and services to meet investors' financial needs.

Fidelity reached the US$2 billion mark in funds under management last month and is also involved with Australian investment group Perpetual Investments after striking a two year deal in 1998.