In an effort to match competitors, Fidelity Investments has reduced commissions for online U.S. equity trades made by retail investors and financial advisers.

Ron Fisk, an executive vice president in Fidelity's institutional wealth services division, said that pricing "varied" at Fidelity and it was crucial to align commissions more closely. "I think it is important to know that many end-investors have relationships that span Fidelity," he said. "We want to make sure that price is not a barrier to decide where our customers should do business."

Price is just one way to attract advisers, he said. "We have done a lot around tech, service and product capabilities to help make ourselves as competitive as possible," he said.

Fidelity has 12.4 million brokerage accounts for retail investors and serves 4,000 registered investment advisers, a spokesman said.

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