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.
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.
