Fidelity Debuts Personalized Planning and Advice Solution

Fidelity Investments today announced the availability of Fidelity Personalized Planning & Advice, an enhanced workplace advice and managed account offering designed to help individuals implement a holistic financial plan.

According to Fidelity, the solution combines a personalized digital experience, discretionary investment management, ongoing support and access to a team of professional planning consultants. Talking about the rollout of the new solution with PLANADVISER, Sangeeta Moorjani, Fidelity’s head of workplace investing product, marketing and advice, pointed to recent research conducted by the firm, showing that even as workers’ financial lives become more complex, four out of five do not have a financial plan.

Even among workers who do have a plan, 80% still lack confidence in their financial situation, Moorjani explained. For this group, gaining access to personalized guidance and support goes a long way towards boosting confidence and engagement.

To that end, the new managed account offering features ongoing support and help from Fidelity planning consultants that will give employees more confidence in their financial plan and overall financial situation. Participant support, Moorjani observed, will expand beyond investment advice provided to individuals in their retirement accounts to include expert help in creating a plan that includes other personal financial goals and proactive, ongoing support.

“While many employees understand the importance of having a financial plan, many lack the knowledge and confidence to create a plan of their own,” Moorjani added. “With Fidelity Personalized Planning & Advice, individuals will get help crafting a holistic, personalized plan that extends beyond saving for retirement and integrates other investment goals and objectives, such as building an emergency fund or saving for a down payment on a house.”

Employees will continue to receive investment advice and management of their savings from a team of professionals and have access to a visual summary of their investments, according to Fidelity. This will make it easier to see and understand any changes or updates to their overall financial strategy. Through the program, employees will benefit from “ongoing, proactive engagement, including expanded annual checkups, reminders, and information that addresses their specific investment needs, to help them stay on track toward their financial goals.”

“Over three quarters of our clients have indicated they would like a financial expert to weigh in on their financial decisions,” Moorjani said. “Regardless of their financial situation or level of affluence, Fidelity recognizes that investors across the board are looking for more help.”

Employers who already offer Fidelity’s managed account offering will automatically have access to Fidelity Personalized Planning & Advice. The upgrade to Fidelity Personalized Planning & Advice will be automatic and will not require any action on behalf of employers.

More information is available here.