Insights | 12.09.20
New RIA Accounts Climbed 164 Percent in Third Quarter, Fidelity Says
Fidelity Clearing & Custody's business has increased this year as investors continue to struggle financially during the pandemic. Fidelity reports that new RIA accounts, assets under administration, discretionary assets and average daily trades all increased in the third quarter of 2020. The company also says new RIA accounts rose 164 percent year over year by the end of September. Meanwhile, assets under administration totaled $8.8 trillion as of the end of the third quarter. Discretionary assets reached $3.5 trillion by the end of the third quarter, and the average number of daily trades rose 97 percent to 2.2 million per day. Fidelity said, "More clients have been seeking out financial advice in 2020 at Fidelity to the benefit of RIAs and their custodian. Covid-related issues such as stalled job growth since June could have helped trigger that demand."
Read the full article on Financial Advisor.