New Fidelity unit to target people changing jobs, retiring $100,000 minimum established

Firm to help clients transfer funds into rollover account, design portfolios

November 30, 1997|By BLOOMBERG NEWS

BOSTON -- Fidelity Investments is forming a new business geared to individuals who are changing jobs or retiring.

The first service from Fidelity's new National Retirement Services Co. is for individuals who want to transfer $100,000 or more from an employee-sponsored retirement plan or individual retirement account into a Fidelity brokerage rollover IRA or regular brokerage IRA, the company said.

The service, called Fidelity Portfolio Selector, will help customers design a portfolio that meets their investment needs, the company said.

The services will be delivered to prospective customers by retirement consultants who are being added to the staff at Fidelity's 82 investor centers.

At least 4.7 million people will change jobs or retire this year, taking distributions from employer-sponsored retirement plans, according to a recent study by Spectrum Group/Access Research.

These distributions will total more than $190 billion, said Kathryn Hopkins, president of Fidelity's NRSC.

Pub Date: 11/30/97

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