PROVIDENCE – A record-breaking tax season drove major increases in personal investing profits for Fidelity Investments Inc., according to its second-quarter report published Aug. 11.
The investment company recorded a net $104 billion boost to its personal investing business as of June 30, 2021, a 25% increase compared with a year ago, according to the report. At the same time, total accounts reached $82.8 million – up 11% year over year, including a 39% jump in new retail accounts, the report stated.
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Of the 1.7 million new retail accounts opened in the second quarter, just under 700,000 came from investors who were 35 or younger.
Second-quarter total retail and workplace advisory assets of $664 million were up 42% year over year, with $11.1 trillion in assets under administration.
The company also debuted several new products and services, including the industry’s first no-fee saving, spending and investment account for teenagers called the Fidelity Youth Account.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
