Fidelity Investments plans to hire another 9,000 employees this year to help its businesses keep pace with rising demand for stock markets and other personal investment services.
Fidelity’s hiring attendance is the third since last year, when millions of new investors flocked to brokers like Fidelity, Charles Schwab Corp. and Robinhood Markets Inc. Including the latest boost, Fidelity’s total workforce is growing more than 22% this year to more than 60,000 employees.
Attracted by market concentration, individual investors have shifted the fortunes of the brokerage industry. The commission-free stock business and the low-rate investment funds that many companies now offer have brought in many new clients. They have also reduced the profit margins of money managers and forced them to compete for price. Traditional products, such as mutual funds that collect stocks and bonds, have leaked money from customers.
It’s a commitment to loyalty and some of his teammates are willing to do it. As more transactions are developed across their platforms, the costs associated with processing each of them decrease. These companies are also betting that many of the new account holders will end up getting more expensive deals, including financial advice.
The conditions that captivated many new and young investors last year have continued into 2021, reducing call centers, websites and trading platforms that answer customer questions and process their transactions. Major U.S. stock market indices hit record highs last week, driven by news that regulators had fully approved one of the Covid-19 vaccines and Congress advanced by a $ 1 trillion infrastructure bill.