Abigail Johnson, the daughter of Fidelity Investments CEO Edward C. Johnson III, has been promoted to run almost all of the money management behemoth. The company was founded by her grandfather and she owns a large portion of the stock in the firm. The announcement has been expected for some time, as the power to oversee the company passes again from one generation to another.
Abigail may find her job more challenging that her father’s, at least short term. Individual investors, the financial holdings of whom are a backbone of Fidelity sales, have drawn away from most equity investments to those that are safer. Even the mutual fund business has been hurt by this. Much of what Americans earn now goes to pay down debt they loaded on in the decade of the 2000s.
In addition, Reuters points out that Fidelity returns have been less than spectacular, as “Fidelity customers have withdrawn more money than they have added over the past few years.”
Douglas A. McIntyre
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
