Fidelity Investments is hoping to attract customers with a program of investment advice for people who are transferring or rolling over tax- deferred retirement portfolios.
The Fidelity Portfolio Selector is aimed at job changers or retirees with a minimum of $100,000 from a 401(k) plan or other retirement program, said Sanjiv Mirchandani, a senior vice president in the retirement division. The service is available free through the Boston-based fund company's National Retirement Services Co. unit.
The product, which was tested for several months, went nationwide Tuesday, said Mr. Mirchandani. Individuals can get asset allocation suggestions and specific fund suggestions based on a "wide selection of Fidelity and non-Fidelity funds that they can use at their discretion to implement against this lump sum of money," Mr. Mirchandani said. The service is available from Fidelity's 50 retirement brokers, via the mail, or via a toll-free telephone line.
"By providing the tools, information, and guidance that they need at this moment, we're obviously hoping that they form a relationship with Fidelity," said Mr. Mirchandani.
Separately, the firm said Tuesday the number of accounts using its on- line trading service has jumped 43% since it slashed on-line trading fees from $28.95 to $14.95 for active traders for the month of October.