Fidelity snags LPL exec to run family office program

Fidelity Investments has hired Trevor A. Norton to head its ultrahigh-net-worth program for RIAs.
Launched in October 2010, the program gives advisers who custody at Fidelity Institutional Wealth Services access to the firm’s family office offerings.
Mr. Norton, who most recently was head of LPL Financial’s registered investment adviser services and financial planning group, is senior vice president of the family office unit, known as Fidelity Family Office Services.
He is based in Boston and reports to Edward Orazem, president of the family office unit.
“We didn’t have a specific person assigned to run the [RIA] program” before Mr. Norton was brought in, Fidelity spokesman Steve Austin said.
In an announcement yesterday, Fidelity said the RIA program has garnered nearly $2 billion in client assets since its launch.
Some of those assets were already custodied at Fidelity, Mr. Austin said, so they’re not all new to the firm.
Fidelity management feels that the offering will help attract more money from its advisers’ wealthier clients, however, as well as higher-end RIA firms, Mr. Austin said.
Fidelity Family Office Services has 140 clients with $26 billion in assets, or about $185 million on average. Through its RIAs, the firm is targeting $50 million relationships.
The program offers a custom reporting program, a dedicated relationship management team and an investment analyst/trader who deals directly with family office clients.

Related Topics: Fidelity Investments, RIA Marketplace