Back to all announcements

Fidelity Expands Trustee Services Platform for Registered Investment Advisors

New Interfaces to Trust Accounting Systems Complement Existing Trustee Capabilities

Boston, Ma - April 26, 2004 - Fidelity Investments today announced that it has expanded its Fidelity Trustee Services platform to include interfaces to SunGard's AddVantage and Charlotte trust accounting and asset management systems, a service that offers independent registered investment advisors managing assets within a trust environment access to the unique combination of trust and brokerage capabilities.

Through an exclusive relationship between Fidelity and Birmingham, Alabama-based SunGard Asset Management Systems, an operating group of SunGard (NYSE: SDS), advisors now have access to an integrated brokerage platform as well as sophisticated personal trust accounting capabilities, including cash management, trust statements, and client access to portfolio and account information.

For those advisors not affiliated with a trust institution, Fidelity Trustee Services offers them the ability to delegate administrative and reporting capabilities to Fidelity Personal Trust Company, FSB (the Trust Company) , while maintaining investment management control.

"High-net-worth households continue to face a variety of sophisticated and complex planning needs – from estate planning to intergenerational transfer of wealth," said Jay Lanigan, president, Fidelity Registered Investment Advisor Group. "Advisors who are able to offer a range of personal trust services, as part of a comprehensive wealth management platform, will be in an excellent position to strengthen existing client relationships, while extending those relationships into future generations.

"With the addition of interfaces to SunGard's trust accounting and asset management systems, we are able to offer advisors the ability to choose the trust services that are consistent with the way they do business and how they choose to service their affluent clients," added Lanigan.

Through this offering, advisors working within a trust environment can choose from a fully disclosed or an omnibus model, depending on their needs and preferences. The fully disclosed account model will provide access to Fidelity's comprehensive brokerage capabilities, including check writing, margin, options and other services. The omnibus account model will facilitate trading as well as provide access to expanded investment choice.

In addition to the new trust accounting interface capabilities, Fidelity Trustee Services offers a range of other trustee services:
• Agent for Trustee Services. Through this service, a trustee can hire the Trust Company to act on their behalf and perform certain trust administration activities under the guidelines of the trust document. The trustee retains fiduciary responsibility, while the advisor retains investment management responsibility.
• Trustee Reporting Services. This service allows advisors to provide their clients with enhanced accounting and reporting – principal and income separation, tax lot accounting, marketable and non-marketable securities – for their investment portfolios held at Fidelity.
• Administrative Trustee Services. Introduced in 2001, this service allows an advisor's client to appoint the Trust Company as corporate trustee. The Trust Company assumes administrative responsibilities, including custody, accounting, tax filing and reporting, while the advisor maintains investment management responsibility.

These services are integrated with Fidelity's brokerage platform, increasing the breadth of investment products available to the trusts.