Family Office
Ex-Schwab exec helps shape FMR's institutional biz
Charles Goldman to help shape product and service offerings to
independents. Charles Goldman, former head of Schwab
Institutional, has joined Fidelity as head of institutional
platforms as a report to institutional-products group head
Michael Clark.
Goldman is "responsible for developing and implementing the
strategic plan" for the product- and service platforms of
Boston-based Fidelity's Institutional Wealth Services (IWS) and
Family Office Service s businesses and its National Financial
subsidiary. This is a new function at Fidelity.
Aggressive plans
"Aligning our platform businesses under the leadership that
Charles clearly brings to Fidelity opens even greater growth
opportunities for this firm, and aligns perfectly with the
aggressive Institutional plans Mike and his team have already
begun putting in place," says Fidelity's president Rodger
Lawson.
IWS is Fidelity's RIA custodian -- the counterpart to San
Francisco-based Schwab's Institutional division. National
Financial is its brokerage clearing arm, analogous to Bank of New
York Mellon's Pershing. Family Office Services provides products
and services to ultra-wealthy families and their related entities
in competition -- roughly -- with performance-reporting providers
like Rockit, WealthTouch and Private Client Resources.
Goldman also takes the point on HybridOne, Fidelity's new
platform for dually registered independent advisors and for
international institutional business.
Clark says that Goldman leads "a talented management team that
together will continue to look for new and innovative ways to
leverage our combined strengths and capabilities to position us
as the premier provider of technology, products and service in
the intermediary space."
Goldman, a seven-year veteran of Schwab, replaced Deborah Doyle
McWhinney as head of Schwab Institutional in May 2005.
Schwab Institutional has just been combined with Schwab Corporate
& Retirement Services to form Schwab Institutional Services. Jim
McCool, head of Schwab's retirement-services group since 2004,
has been tapped to lead it. -FWR
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