Fidelity, Schwab benefit from breakaway-brokerage trend

04/13/2010 | Reuters

Fidelity Investments has indicated that the breakaway-brokerage movement may be gaining steam as it disclosed that it helped dozens of broker teams form or join independent advisory firms in the first three months of the year. "The breakaway pace continues, and in fact it's quickening," said Michael Durbin, president of Fidelity Institutional Wealth Services. "It can be cliche to talk about 'the pipeline,' but the pace, the degree and the types of conversations we have with breakaways is extremely attractive." Fidelity and Charles Schwab have been some of the biggest beneficiaries of the breakaway trend.

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