Fidelity Investments is planning to consolidate its hybrid robo advisor ‘Fidelity Investments Personalized Planning & Advice’ (FPPA) with the fully automated Fidelity Go.
According to the American financial services company, the consolidation process of the two platforms is slated for 1 November 2022.
Fidelity Investments, on its website, put up a note, which reads: “You can still open a new Fidelity Personalized Planning & Advice (FPPA) account before November 1, 2022, when we will start transitioning existing FPPA accounts to Fidelity Go.
“You will continue to receive the investment management and unlimited 1-on-1 Personalized Planning & Advice financial coaching calls provided by a team of Fidelity advisors after your account is transitioned to the Fidelity Go program.”
FPPA is said to combine a professionally managed account with financial coaching to assist users in getting closer to achieving goals related to retirement or other savings.
Fidelity Go offers customers with smart automation with an intention to make investing easy and simple. The tool is said to let users access professional money management as per their terms in order to allow them spend more time focussing on things that matter to them.
The consolidated platform will not ask for any advisory fees for accounts having balances less than $25,000, reported Ignites, a publication from the Financial Times Company. On the other hand, users with balances more than $25,000 will be annually charged 35 basis points.
Nondiscretionary financial planning services will also be offered by the new platform, as a new option for clients who are retired, or close to it, and to those whose Fidelity Go account has at least $25,000, as per the publication, based on the company’s filings.
