What is Fidelitys greatest contribution to the mutual fund industry over the past 20 years or so?
I think one of the most dramatic contributions Fidelity has made to the American consumer is this idea of empowerment, of opening the world of mutual funds to the individual investor through 800 numbers, easy switching among funds, clear, finally focused marketing material. They really made the mutual fund industry into a consumer friendly industry in a way that no one had ever really mastered before. Now there’s an up side to that, obviously. It has invited people to put their assets to work in a productive way in the stock market, but there’s a down side to it, too. It perhaps obscured the appreciation of risk. It eliminated the sort of wise old uncle that the fund fiduciaries were once thought of as. It put people’s money so directly into their own hands and made it so easy for them fling it into a speculative bubble, that the whole industry has been shaped by that. But Fidelity, I think, in its search for the right marketing mode, did enable consumers to feel more powerful and to f
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