Financial Advisory COVID Communications

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01

Financial Advisory COVID Communications: Schwab Advisor Services

Schwab Advisor Services has a COVID-specific article providing information for advisors. The company is giving them advice on how to navigate rough markets, communicate with clients, protect their firms and clients from cyber fraud and use digital tools. In discussing COVID-19 on different communication platforms, Schwab Advisor Services emphasizes that it is supporting advisors by providing them with relevant resources.

Details have been included in this spreadsheet.

Schwab Advisor Services : COVID Communications

  • The head of Schwab Advisor Services, in a statement to advisors, says "The COVID-19 outbreak has created market turmoil and community upheaval. While you rally to provide the calm and continuity that your clients seek, our team is here to support you. We thank you for your trust."


Part
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Part
02

Financial Advisory COVID Communications: TDA Institutional

TDA Institutional has a COVID-specific page providing information for advisors. The company is giving them advice on how to plan for business continuity, understand the virus and manage stress and change. In discussing COVID-19 on different communication platforms, the company emphasizes that they are helping their clients to survive and adapt to the risks that come with the COVID-19 pandemic.

The information has been included in this spreadsheet.

TDA Institutional: COVID Communications

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Part
03

Financial Advisory COVID Communications: Pershing Advisor Solutions

Pershing Advisor Solutions has a COVID-specific page providing information for advisors. The company is encouraging advisors to transform their businesses digitally so as to continue functioning during the pandemic. In discussing COVID-19 on different communication platforms, the company emphasizes that they are doing everything to ensure that business continues to run as normal.

Details have been provided in the attached spreadsheet.

Pershing Advisor Solutions: COVID Communications

Research Strategy

In order to find information on how Pershing Advisor Solutions is helping or supporting their advisors through the COVID-19 pandemic, we started by looking through their website. We found a COVID-specific page addressing their clients in general. Upon checking who their clients are, we found that they serve advisors, alternative investment managers, asset managers, breakaway advisors, broker-dealers, investment managers, investors, Registered Investment Advisors (RIAs), wealth managers and platform providers. Therefore, due to the fact that advisors are among their clients, any information addressing their clients in general has been included in the findings above.
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Part
04

Financial Advisory COVID Communications: Fidelity Institutional

It appears that Fidelity Institutional has focused specifically on helping their shareholders and clients through the COVID-19 pandemic, as there is not many articles addressed to their advisors. Fidelity Institutional has a general COVID-specific page where they answer any questions clients may have, and provide them with online services and expert insights. The company also has secure drop boxes placed in different locations to deal with services that cannot be done through the phone or digitally.

Details are provided in this spreadsheet.

Helpful Insights

  • Fidelity Institutional does not appear to have a COVID-specific page providing information for advisors, specifically. They have a general page dedicated to their advisors and another general page for COVID-19 updates, with the only article addressing advisors directly being the announcement about the signing of the CARES Act.
  • On their general COVID-specific page, they provide clients with answers to questions, expert insights and online services. They also have a section where their advisors provide clients with insights.
  • The most recent advice that Fidelity Institutional has given their advisors on their general page for advisors is "how to construct portfolios for today's changing needs", but there is no COVID-specific information. Advisors have to log in to get full access to resources that are tailored for them, so it is possible the COVID-specific information is detailed there.
  • Fidelity Institutional does not appear to have any publicly available COVID-related calls to action for advisors. The information on their social media pages such as Facebook, LinkedIn and Twitter is also client-facing, such as advice on how to invest in uncertain times and information on the latest market trends.
  • In a recent letter, the company CEO addresses the clients, saying that the company's "top priorities are serving clients and the financial advisors who guide them, and supporting the associates who help them". Clients are also informed that their advisors will continue to provide them with guidance.
  • In light of COVID-19, Fidelity Institutional has instructed employees to work remotely. They also have secure drop boxes placed at Fidelity Investor Center locations to deal with services such as completed paperwork, new account paper applications and paper check deposits, as these services cannot be done on the phone or digitally. Furthermore, the company has ensured that its financial professionals will be available to serve clients by phone.

Research Strategy

We were not able to find any information on how Fidelity Institutional is helping or supporting their advisors through the COVID-19 pandemic. First, we looked through the company website to check whether they had a dedicated page. We found a page dedicated to their advisors, where advisors have to log in, and another dedicated to COVID-19 updates. However, in all of these pages, we were only able to find one announcement that is specifically focused on the advisors. We mainly found information directed at their clients or data on portfolio construction in general. We also found a letter from the CEO of the company addressing clients on how they would continue to be served amid the pandemic.

Next, we looked through the company's social media pages such as Facebook, LinkedIn and Twitter, hoping to find any information targeting their advisors. However, we found only client-facing information on these pages, including investment-related advice and information on the latest trends.

Lastly, we checked news and media sites, hoping to get coverage of how Fidelity Institutional is communicating to their advisors about the COVID-19 pandemic. After going through City Wire, NASDAQ and Think Advisor, we were only able to find information on how the company is dealing with COVID-19 in general. There was no information on how they are helping their advisors.
Sources
Sources