Tuesday January 19, 1:25 pm Eastern
Company Press Release
Fidelity Investments Advances Personal Investing On the Web
Company Reports Tremendous Growth in 1998, Announces New
Tools to Provide Investors Greater Convenience and Control of
BOSTON--(BUSINESS WIRE)--Jan. 19, 1999-- Fidelity Investments
today announced that it has reached 3 million online accounts,
more than triple the number of online accounts it had as of the
end of 1997. This figure represents approximately 2 million
Personal Investing accounts and 1 million accounts through
employer-sponsored retirement plans.
Additionally, Personal Investing assets grew from $44 billion
to $128 billion during the 12 months ending November 30, 1998 and
70 percent of Fidelity's commissionable trades are currently made
via the Web, compared to just seven percent in January 1997.
Moreover, the number of new accounts generated via the Web
doubled in 1998.
"As more investors choose the Web to conduct their personal
finances, Fidelity continues to advance its Web channel to
provide the convenience and control that customers demand," said
Paul Ciriello, president of Fidelity Interactive Company.
"Fidelity wants to meet investors' needs by developing the
destination for personal investing online - whether they want to
place trades, research college savings strategies or plan for
"Fidelity experienced remarkable growth, with 800,000
retirement plan participants in 401(k), 403(b) and 457 plans
turning to the Web in 1998," said Peter J. Smail, president of
Fidelity Institutional Retirement Services Company, the nation's
number one provider of 401(k) plans. "For the first time, more
investors now use the Web to monitor and manage their workplace
savings plans than speak to a representative over the phone."
These investors made more than 11 million Internet log-ins
last year to their workplace retirement plans, with the Internet
channel accounting for 25 percent of all account contacts in
Continuing its efforts to provide greater value, ease-of-use
and convenience, Fidelity has announced three new Internet
services: Fidelity BillPaySM, a convenient Web bill payment
service; advanced online charting; and online access to variable
annuity balances and positions.
Fidelity BillPay Now Delivers Web Convenience to Customers
Fidelity BillPay enables Ultra Service Account(R) customers
with non-retirement brokerage accounts with at least $10,000 in
assets to schedule bill payments to nearly any individual or
business in the United States 24-hours a day, seven days a week,
via touch-tone telephone and the Internet. These payments include
recurring, fixed amount expenses, such as rent or mortgage
payments, and variable expenses such as credit card bills, which
are all recorded on customers' monthly account statements.(1)
Fidelity offers BillPay to new customers at no charge for the
first three months. Thereafter, the charge will be $4.95 per
month for customers with assets above $100,000 and $9.95 per
month for all other customers.(2) Customers can access a Fidelity
BillPay demo and download an enrollment application at www.fidelity.com.
"Fidelity's site delivers the latest products and services to
help investors with both their basic and more complex personal
finances," Ciriello said. "Fidelity's BillPay service provides
a convenient way for customers to fulfill an essential task while
our new charting capabilities offer sophisticated analysis."
Improved Charting Capability Brings More Information to
Customers Researching Securities
The integration of BigCharts, an easy-to-use online charting
tool, provides customers with improved capability to chart
different time ranges and frequencies, compare up to 10 symbols
on a single chart and track more securities than ever before.
Fidelity customers can access charts on more than 52,000
symbols covering all NYSE, NASDAQ and AMEX stocks, all NASDAQ
quoted mutual funds (8,300+) and major U.S. financial indexes
(400+). They can also chart more than 30 popular Technical
Indicators including Stochastics, Relative Strength Index,
Bollinger Bands, Moving Average Convergence/Divergence, Price
Channels, Money Flow, On Balance Volume and Volume by Price.
"These new technologies, including new technical analysis
tools, are an integral part of the architectural framework to
take Fidelity's online offerings to the next level," said
Ciriello. "Fidelity customers don't need to wade through the
overload of financial information on the Internet to track,
manage and research their investments regularly. They can make
one stop to Fidelity's site for all of the reliable research
tools they need to make informed investment decisions."
Annuity Values Integrated with Customers' Online Accounts
Fidelity Investments Life Insurance Company(3) now provides
variable annuity customers with 24-hour access to their balances
over the Internet or through Fidelity's AnnuityLink(SM) automated
telephone system. A single Fidelity Personal Identification
Number (PIN) permits access to both services.
For the first time, Fidelity's customers are able to view the
value of their annuities along with other accounts, such as
mutual fund and brokerage accounts, through the "My Portfolio"
portion of Fidelity's Web site.
"We're taking Fidelity's service commitment to the next step
by integrating access to annuity contract balances with
customers' mutual fund and brokerage accounts," said Farrell J.
Dolan, senior vice president, Fidelity Investments Life Insurance
Company. "This reflects our ongoing plan to serve customers by
whichever avenue of access best fits their personal needs - Web,
phone or in-person."
Fidelity Investments is the nation's largest mutual fund
company and a leading provider of financial services. Fidelity
offers investment management, retirement, brokerage and
shareholder services directly to individuals and institutions,
and through financial intermediaries. The firm also is the No. 1
provider of 401(k) retirement savings plans, the second largest
discount brokerage firm and the third largest provider of 403(b)
retirement plans for not-for-profit institutions in the United
States. At November 30, 1998, Fidelity had total managed assets
of $715.9 billion.
Fidelity Brokerage Services, Inc., Member NYSE, SIPC, 82
Devonshire Street, Boston, MA Fidelity Investments Institutional
Services Company, Inc.
- (1) Fidelity will not make payments of alimony,
child-support, insurance, taxes or other governmental
fees or court-directed payments.
- (2) Account reviews will occur monthly at month end to
determine fee level for the next month. The $100,000
threshold will be determined monthly by aggregating all
assets in retail accounts which list the same Social
Security number and are maintained by Fidelity Services
Company, Inc. or Fidelity Brokerage Services, Inc.
(excluding assets maintained on behalf of any divisions
of Fidelity Investments Institutional Services Company,
Inc., such as 401(k) or 403(b) plan assets); or which are
held in Portfolio Advisory Services or Managed Allocation
Services accounts. Fidelity may include other assets at
- (3) In New York, Empire Fidelity Investments Life