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Rich CEO, Poor CEO? Why Fidelity is Number One

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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

$15.7B

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.

Read more about the freedom of wealth in Rich Granchild, Poor Granchild, and Rich State, Poor State.

 

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com