You have read about why Fidelity is Number One.
Today, I want to point your attention to the massive consolidation happening in the financial services industry, most notably the recent Schwab/TD Ameritrade hook-up.
What concerns me is the potential for the customer to be lost in this chaos and whether or not these deals are even worth it. At the end of the day who benefits from more customers? Probably not the customer.
This is yet another reason why Fidelity is Number One. It is privately held—guided by a third-generation family member in CEO Abigail Johnson.
Forbes just listed Johnson #7 on their list of The World’s Most Powerful Women of 2019 with a net worth of $15.7B. A significant sum in and of itself, but even more so when you consider that Johnson will never be pressured to do a Schwab/TD Ameritrade deal for the sake of doing a deal for the “money.”
As I’ve written to you before the Rich Woman doesn’t need the markets. The Rich Woman doesn’t feel pressured to “make money.”
Johnson is a Rich CEO, she doesn’t need to do “big” deals to stay rich. She doesn’t need the deals to put food on the table. She can act with the indifference that accompanies the best deals. She is a power player.
Wouldn’t you like to invest with a Rich CEO rather than a Poor one at the mercy of the markets? Of course, you would.
Read more here on Abigail Johnson from Forbes:
#7 Abigail Johnson
REAL TIME NET WORTH
as of 12/16/19
- Abigail Johnson has served as CEO of Fidelity Investments since 2014, when she took over for her father, and has been chairman since 2016.
- Her grandfather, Edward Johnson II, founded the Boston-based mutual fund giant in 1946.
- She owns an estimated 24.5% stake of the firm, which has nearly $2.7 trillion in managed assets.
- Johnson has embraced cryptocurrencies and, in 2018, Fidelity launched a platform that allows institutional investors to trade bitcoin and ether.
- She worked summers at Fidelity through college and joined full-time as an analyst in 1988 after receiving a Harvard M.B.A.
E.J. Smith - Your Survival Guy
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