Acting chief executive Ian Clancy was upfront at the company’s recent Engage conference and acknowledged the company has not been servicing advisers well.
“We can’t move forwards without looking in the mirror and owning up to a few home truths.”
Amongst those home truths he acknowledged what advisers had been saying about Fidelity’s products being uncompetitive, its service levels have been lagging and its lack of digital tools.
“We’ve heard your feedback loud and clear. We need to do better,” he said.
“We are renewing our commitment to advisers and the adviser channel.
“We’re getting back in the game.”
Clancy also acknowledged that the company had been transforming on inside, and that had come with consequences. The internal changes included a new CRM, its Tahi platform, a rebrand and some HR changes.
Fidelity works with 1800 advisers and they are “most important means of protecting New Zealanders,” he said.
The internal changes are the foundations needed to allow for a growth phase to start.
He told advisers Fidelity wants to “focus on growth and take our business and yours to the next level.”
“It will take a sustained effort but we want to make it easier for you to do business with us.”
He also said the current environment has hard, but Fidelity’s lapse rates were holding up.
The ongoing regulatory changes are going to cost the company “tens of millions of dollars.
“We are entering a new era; a new landscape.”
Fidelity’s first set of new tools
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The company had seriously lost direction and - especially - care for adviser led business after Milton Jennings tenure.
It also definitely lost the "family" culture within the business and the care for advisers (there was actually a deliberate decision to move away from being the "Fidelity Family" to a "Tribe")
I am glad that they are returning to the values and ideals that Gordon Watson formed the company on.
The last 2 leadership units seriously eroded that and a lot of advisers voted with their feet.
Well done to the new leadership for the decision to confront the past mistakes and to return to a focus on Advisers.