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March 15, 2010 |
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Fidelity Unveils New Client Service Program For Advisors |
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By Jeff Schlegel
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Fidelity Investments on Monday said it has rolled out a new program aimed at improving customer service for its affiliated advisors.
The Boston-based company’s new Client Experience organization is designed to streamline service for its more than 4,000 client firms across its institutional businesses comprising Fidelity Institutional Wealth Services, National Financial, Fidelity Family Office Services and Fidelity Capital Markets.
As part of the effort, all Fidelity-affiliated advisors will have a dedicated service team made up of a client service manager and professionals from key function areas––such as asset transfers, new accounts and money movement––who will work closely with their practice. The client service manager will be the quarterback on behalf of the advisor client.
These service teams will be housed in one of two locations––Smithfield, R.I. or Westlake, Texas. “Each team will be assigned a small group of advisors so they can get closer to their clients,” says Maggie Serravalli, who will lead the new unit. “The advisor will know all of the team members.”
The advantage, Serravalli says, is that service teams working closely with advisors can spot certain trends that point to inefficiencies within a certain part of a practice. “They (the service team staff) can huddle with the client service manager who can circle back with the advisor to streamline that process,” she says.
A pilot program was rolled out last year. “The feedback has helped us evolve our model,” Serravalli says. She adds that Fidelity expects to roll out the program for all of its advisors by this year’s third quarter.
Bing Waldert, director at Cerulli Associates, says Fidelity’s latest push at customer service is part of a trend by custodians to boost their service offerings to maintain loyal clients. “The more you can get advisors to adopt your account aggregation tools and the like, the tighter you can get your hooks in them,” he says. |
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