Fidelity Personal and Workplace Advisors

Fidelity Personal and Workplace Advisors is a distinct registered investment adviser and the legal entity through which Fidelity delivers discretionary portfolio management to retail and workplace clients. It operates separately from Fidelity's asset management division, which runs the mutual funds and ETFs, and from Fidelity Brokerage Services, which executes trades. However, all three entities fall under the FMR LLC parent and share infrastructure, technology, and distribution channels. The advisory entity is headquartered in St. Louis, not Boston, where the asset management and corporate functions reside.

A centralized portfolio management and investment committee based in St. Louis oversees the asset allocation models and manager selection for Fidelity's managed accounts. The committee draws on internal research from Fidelity's global asset allocation team and uses predominantly proprietary Fidelity funds as building blocks. Individual account customization is handled by algorithms in the digital channel and by Fidelity-employed advisors in the hybrid channel. Specific committee member names are not publicly disclosed as a matter of firm policy.

The advisory entity is structurally separate but operationally integrated with Fidelity's asset management division. Its portfolio construction process favors Fidelity proprietary mutual funds and ETFs, which creates an inherent economic alignment with the parent company's fund business. The firm discloses this conflict of interest in its Form ADV and notes that using affiliated funds generates additional revenue for Fidelity beyond the advisory fee. Independent third-party funds are used when Fidelity does not offer a suitable strategy in a given asset class.

Fidelity Charitable is an independent public charity and the largest donor-advised fund sponsor in the United States by assets. It is legally separate from Fidelity Personal and Workplace Advisors, with its own board of trustees and grant-making processes. However, the two entities share the Fidelity brand and benefit from the parent company's operational infrastructure. Fidelity Personal and Workplace Advisors may refer clients to Fidelity Charitable for philanthropic planning, and the DAF accounts often hold assets managed through Fidelity's investment platform.

Fidelity Go, the fully digital managed account, charges no advisory fee on account balances below $25,000. Above that threshold, an annual advisory fee of 0.35% applies, though fees are waived on the underlying Fidelity Flex mutual funds used in the program. Advisor-assisted offerings, such as Fidelity Wealth Services, carry tiered advisory fees that decline as assets increase, with minimum investment requirements for dedicated advisor relationships. Revenue is also generated through the expense ratios of any non-Flex proprietary funds held in the managed accounts.

Portfolios are constructed primarily from Fidelity's own mutual funds and ETFs. Fidelity Go uses a proprietary line of Fidelity Flex mutual funds that carry zero expense ratios, with the advisory fee as the sole direct client cost. Advisor-assisted programs draw from the broader Fidelity fund lineup, including actively managed and index-based strategies, as well as third-party funds for asset classes where Fidelity does not compete. The firm does not invest directly in private equity, venture capital, or direct real estate within its managed account programs.

Fidelity Personal and Workplace Advisors focuses on individual investors and employer-sponsored retirement plans, not institutional separate accounts or pension fund mandates. The broader Fidelity organization serves institutional clients through other legal entities, including Fidelity Institutional Asset Management. Workplace clients include corporate 401(k) plans for companies ranging from small businesses to Fortune 500 employers, with the advisory entity providing the fiduciary managed account option within those plans.