Some folks at brokerage giant Charles Schwab and mutual fund titan Fidelity may be doing champagne toasts (perhaps via Zoom) next week, thanks to a newly created industry awards program.

Abigail Pierrepont Johnson FMR (dba Fidelity Investments) Chair, President, CEO

The two firms are among the six winners in the 2020 Digital Wealth Management Impact Innovation Awards from Boston-based research firm Aite Group. Fidelity won the "digital investment management offering" award for Fidelity Go, a roboadvisor service. And Schwab won the "hybrid advice offering" award for Schwab Intelligent Portfolios Premium, a cyborg advisor service.

"The current pandemic puts traditional wealth management service models to the test and has dramatically increased the industry's appreciation for and awareness of leading-edge digital engagement. That is why we are excited to recognize and celebrate innovative financial services firms that are shaping the future of digital wealth management," states Alois Pirker, research director at Aite. "Their vision and creativity are enablin better customer experiences by offering new levels of service and efficiency."

Other winners include: Citizens Bank, "digital initiative of the year" for its SpeciFi Save & Grow; Facet Wealth, "digital startup of the year"; Merrill Lynch Wealth Management and Bank of America Private Bank, "digital engagement strategy" for Socialize; and MoneyLion, "digital multiproduct offering."

All six winners will be lauded next Wednesday during Aite's virtual Digital Innovation in Wealth Management Forum. 

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