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Fidelity recruits former TD Direct chief ahead of brokerage launch

Fidelity FundsNetwork has recruited former TD Direct chief executive Stuart Welch as head of brokerage for UK investors, Money Marketing can reveal.

The platform plans to launch its own brokerage offering and has appointed Welch, who spent 10 years with TD Direct, to head up the business.

Fidelity FundsNetwork head Pat Shea says: “The introduction of a new brokerage service is a core part of Fidelity’s UK strategy and is an important addition to our offering for advisers, their clients and our direct customers. We are delighted to have found someone of Stuart’s calibre to drive this initiative forward and launch these new services into the UK market.”

The Platforum has previously criticised the “limited” nature of share dealing on the Fidelity platform, which is currently done through a Partnership with Charles Stanley.

The Platforum head of direct Jeremy Fawcett says: “Fidelity Personal Investing currently offer share dealing through a partnership with Charles Stanley but Isa clients are limited to holding either funds or shares in any particular year. That’s limiting for the client experience and restricting for those looking to switch to Fidelity with a portfolio of mixed assets.

“Building a fully integrated share dealing capability will enable Fidelity to compete much more effectively with D2C rivals like Hargreaves Lansdown and Barclays Stockbrokers.”

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