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Rating:High Profile Planner Jumps To Fido From Schwab Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, November 06, 2000

High Profile Planner Jumps To Fido From Schwab

Reported by Tamiko Toland

Financial planning firm the Evensky Group has jumped from Charles Schwab to Fidelity Investments. The firm, headed by high-profile guru Harold Evensky, had sought to change its nearly decade-long relationship with Schwab in the course of developing a new business model.

The Evensky Group takes with it $350 million of Schwab's $250 billion in managed assets. "We were not comfortable, given the 6,000 advisors we presently serve, joining with him in the kind of alliance he was looking for," said Schwab spokesman Glen Mathison, citing an unspecified "level of exclusivity."

Evensky, puzzled by the comment, explained, "Schwab made a good offer as a traditional custodian, but Fidelity stepped way out of the box."

Evensky sees the financial planner's role of simple wealth management edged out by new sources of competition, such as accountants. The Evensky Private Family Offices will be his answer. The larger scale endeavor will feature offices in 26 cities set to open over the next four years.

Fashioned after the traditional old wealth model, they will offer clients full services, from college selection to lease negotiation. Furthermore, Evensky is looking into developing new management technology, and has been talking with FOLIOfn and other companies.

Fidelity will not be funding this expansion, but it will provide custodial services, marketing, technology, and other unspecified services.

"We will dedicate resources to assist in the development of Evensky Private Family Offices," said Jay Lanigan, division executive of Fidelity Investments Institutional Brokerage Group. He denied any terms of exclusivity in their relationship. Evensky joins approximately 1,000 other firms with $55 billion managed by Fidelity. 

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