"The Innovator That Built Modern Investing"
Table of Contents
1. Company Snapshot
🌍 Headquarters: Boston, Massachusetts (245 Summer St)
🌐 Operational Reach:
- $11.8T in total client assets
- 43M+ individual investors
- 25,000+ institutional clients
📅 Founded: 1946 (Edward C. Johnson II)
🏦 Ownership Structure: - Private (Johnson family-controlled)
- 2023 Revenue: $28B (est.)
2. Core Philosophy
🧬 Business Model:
“Technology-empowered financial supermarket”
🌟 Strategic Advantages:
- Zero-Fee Index Funds (Pioneered in 2018)
- Mega-Scale Recordkeeping (#1 in 401(k) plans)
- Proprietary Tech Stack (Owns all infrastructure)
Culture: 4.4/5 Glassdoor | “Meritocratic with startup energy”
3. Leadership
| Role | Leader | Strategic Focus |
|---|---|---|
| CEO | Abby Johnson | Crypto & Digital Assets Visionary |
- CFO | Mike Durbin | Profitability Steward |
- Head of Tech | Steve Neff | AI/ML Deployment |
Notable Alumni:
- Peter Lynch (Legendary Magellan Fund manager)
- Ned Johnson (Inventor of money market funds)
4. Evolution Timeline
💰 1974: First money market fund
📊 1995: Fidelity.com launched
🚀 2018: Zero-fee index fund war started
2024:
- $4.5B in crypto assets under custody
- AI-powered “FidelityGPT” for advisors
5. Business Architecture
💰 Revenue Streams:
- Asset Management (45%)
- Recordkeeping & Admin (30%)
- Brokerage & Trading (15%)
- Crypto & Digital (10% → Fastest growing)
🆚 Competitive Positioning:
| Competitor | Fidelity’s Edge |
|---|---|
| Vanguard | Better tech interface |
- Schwab | Stronger retirement plan business |
- BlackRock | More retail investor focus |
6. Strategic Battlegrounds
🚀 Growth Vectors:
- Bitcoin ETF leadership
- Direct indexing for mass affluent
- 401(k)-to-IRA rollover capture
💣 Key Risks:
- Crypto regulatory uncertainty
- Fee compression in core businesses
7. Financial Power
| Metric | Value | Industry Context |
|---|
- Assets Under Admin | $11.8T | Larger than most sovereign wealth funds |
- 401(k) Plans | 32M+ participants | #1 market share |
- Capital Invested | $4B/year in tech | Comparable to FAANG |
8. SWOT Analysis
💪 Unmatchable Strengths:
- Private ownership allows long-term bets
- Full-stack control (No vendor dependencies)
📉 Structural Vulnerabilities:
- No investment banking revenue
- Limited international presence
🌱 White Space Opportunities:
- Private market democratization
- AI-powered personalized advice
☠️ Existential Threats:
- DOL fiduciary rule changes
- CBDCs disrupting cash management
9. 2024 Game Changers
🔗 Product Innovation:
- “Fidelity Solo 401(k)” for gig workers
- Tokenized money market funds
🌍 Market Moves:
- Bitcoin ETF custody war
- Expansion into private credit
10. Interview Playbook
💡 Must-Know:
- How Fidelity makes money without commissions
- Crypto custody infrastructure
🎯 Killer Questions:
“How should Fidelity position itself in the AI advice war?”
“What’s your view on the private/public market convergence?”
11. Why Fidelity Wins
Core Advantages:
🔹 Private Ownership: No quarterly earnings pressure
🔹 Abby Johnson’s Leadership: Crypto pioneer
🔹 Tech Stack: Owns everything from data centers to apps