A guide to growing your business through centers of influence and strategic alliance marketing

Transcription

1 A guide to growing your business through centers of influence and strategic alliance marketing Centers of influence (COIs) and strategic alliance marketing involve creating relationships with people and businesses that have the ability to positively influence others to become a client of your firm. COIs may include your existing clients, the head of Human Resources and other executives at a local company, or even your golf pro anyone who may send you referrals from time to time. A strategic alliance is a more defined partnership with another professional organization that includes deliberate plans to help one another develop new business. A major contributor to this paper is Millennium Consulting Group (MCG). In partnership with its financial services clients, MCG studies firms in the industry and uses the results of research and client discussions to help develop growth strategies based on best practices. MCG points out that COI and strategic alliance marketing are quite different from traditional direct marketing although some of the activities are the same because you are building relationships that can help you reach your target market rather than selling to a potential client directly. As a result, MCG says, financial services professionals and firms view COI and strategic alliance marketing as an opportunity to develop a third-party sales force that is not on their payroll. It may be an efficient and cost-effective way to create a wide level of distribution and new revenue potential without actually hiring sales staff. What separates the best COI and strategic alliance programs from average performance is a permanent commitment to the marketing effort it is not done from time to time or on an as-needed basis, but continuously and with precision. Inside Why focus on COI and strategic alliance marketing? Building a referral strategy Summary Appendix: Worksheets for developing COI and strategic alliance networks Many professionals view COI and strategic alliance marketing as part of the permanent fabric of their business process. Millennium Consulting Group

2 COI and strategic alliance marketing is by no means a new concept, but many people still wrongly limit its scope to only include connecting with people in similar professions, or obtaining referrals from existing clients on a passive or reactive basis. As we will demonstrate, important links can come from many walks of life their point of commonality is that these people do business or have personal relationships with people who may benefit from doing business with you. Many financial professionals view referral business as something that happens on its own as the result of many years of great service in the marketplace. In this paper, we lay out a more targeted and active approach that may help you accelerate the growth of your COI and strategic alliance network and pre-qualified leads. Why focus on COI and strategic alliance marketing? Investing time to build a strong network of COI and strategic alliance partners to complement your traditional marketing efforts may be a smart idea for many reasons. Each of these factors is discussed in more detail below. HOW IT MAY HELP Addressing your growing competition Providing a warm introduction Underscoring your credibility Delivering prequalified leads Enhancing your impact Addressing Your Growing Competition According to Cerulli Associates November 2009 report, high-net-worth individuals account for 40% of the country s investable assets.* It is not surprising, they say, that these elite individuals have been heavily courted by the wealth management industry. Many competitors have added to the noise in the direct marketing channel by using traditional advertising, direct mail, and new online strategies. Essentially, there are more and more advisors out there who have put their names and services in front of the people you may want to work with. Credible COI and strategic alliance partners may have already established relationships with your target audience, and may be able to help you stand out from others in the marketplace. Providing a Warm Introduction Basic communication technologies like voice mail and caller ID, combined with the national Do Not Call list, make telephone prospecting especially challenging for financial professionals. Like many investors, prospects have become more selective when answering the phone, and the increased volume of new advisors looking for business makes it less likely your call will be accepted. A COI or strategic alliance relationship has the ability to cut through this and ensure that your message gets delivered. There is no better advertisement than a referral from a trusted advisor. Underscoring Your Credibility Many investment professionals, in particular those at the larger Wall Street firms, have suffered a credibility loss since the 2008 financial meltdown, presenting independent advisors with an opportunity to capitalize on the reputational weakness of these larger competitors. COI or strategic alliance partners, especially those with long-standing and respected relationships with their colleagues and clients, vouch for your credibility when they make a referral. As more unhappy investors leave the door open for introductions to new financial advisors, many may turn to their trusted friends, colleagues, and business partners for direction and advice on who they should work with going forward. *Cerulli Quantitative Update: High-Net-Worth and Ultra-High-Net-Worth Markets,

3 Delivering PREQUALIFIED Leads When you have a network of COI and strategic alliance partners, you essentially have an outsourced sales force a group of people who can potentially provide you with qualified leads. If Bob the CPA or Carol your best client mentions you every time one of their contacts reaches a financial life event that would warrant your services, they create a sales opportunity for you. The result is likely to be an engaged and trusting prospect that already understands much of your value proposition. Not only does this increase the potential for success, it may also reduce the time to close new business. Enhancing Your Impact COI and strategic alliance marketing can have bottomline value. Let s look at a hypothetical example and assume that an advisor spends 10 hours each week dedicated solely to prospecting and, after two weeks, secures a relationship with a new client who has a lifetime value of $100,000. Now let s assume that the advisor spends the same 10 hours per week on COI and strategic alliance marketing and, after two weeks, secures a relationship with one COI. If that COI sends a minimum of one client per year for 10 years, each with a lifetime value of $100,000, the yield for the time spent on COI versus single client marketing will be substantially greater over the long run. The results could be even stronger if each new client becomes another COI. Building a referral strategy Building a COI and strategic alliance marketing strategy has the potential to pay long-term dividends, but you need to have your philosophy and tactics in place first. Your philosophy should focus on your beliefs around referral development and the mindset you need. Your tactics should then address the actual marketing actions required to execute the strategy. YOUR Philosophy There are three main tenets of a sound COI and strategic alliance marketing philosophy. You need to: Be passionate about your work Enjoy meeting people and marketing Believe you provide value Be passionate about your work COI and strategic alliance partners will want to make introductions to people who are great at their job and love what they do. You will need to convey a sense of enthusiasm and excitement about your work, and demonstrate a sense of total commitment if you are to get a relationship under way. You have to demonstrate that you are great at your job and love what you do. Millennium Consulting Group Enjoy meeting people and marketing COI and strategic alliance marketing is about active outreach. You have to enjoy networking and meeting new people, and show a true interest in getting together for coffee or attending a social event. According to MCG, success requires scheduling appointments, clearly describing your value proposition and how you can help one another, and staying in touch to cultivate referrals over time. Of course, by its very nature, a strategic alliance is a two-way street that will also require that you invest a portion of your time learning about your potential partners their business, their goals, and their issues. Believe you provide value You must view COI and strategic alliance marketing as creating mutually beneficial relationships that add true value not asking someone to do you a favor. If you are good at what you do, you are the one doing the favor by designing, developing, and implementing a financial strategy for someone s client, friend, or family member. These should not feel like sales conversations; if they do, you may be approaching things incorrectly. When you add value for a client or associate of one of your COI or strategic alliance partners, you are adding value for them as well. 3

4 your Tactics If you have even one really satisfied client, you already have COI and strategic alliance potential, as satisfied clients are typically willing to recommend you to others only if asked to do so! Reach out to see how existing clients are doing and, in turn, ask them for feedback on how you are doing. When their response is positive, be sure to mention that you try to work on a referral basis as often as possible and are still taking on new clients. If you don t ask for referrals, potential COI and strategic alliance partners won t know how important it is to you. Millennium Consulting Group Also take the opportunity to suggest that clients make an introduction to their accountant or attorney. You are all working for their benefit and it makes sense to meet their other professional advisors. It may help strengthen your client relationship at the same time. The best advisors stay in regular contact with their COI and strategic alliance partners to show their continual interest and commitment. conversations to stay top of mind, rather than sitting quietly and waiting for great service to bring referrals your way. How do you get that first COI and strategic alliance relationship under way? The following provides a roadmap for active marketing. (Also see the COI and Strategic Alliance Checklist in the Appendix.) Seven Steps for Building COI and strategic alliance Relationships 1 Creating a compelling story for gaining referrals 2 Targeting and list creation 3 Initial marketing contact 4 Proactive outreach 5 Introductory appointments 6 New client introductions and protecting your referral sources 7 New client onboarding Millennium Consulting Group Another method for building your network is via a referral from an existing partner. MCG says great financial advisors turn one COI or strategic alliance into many and it all starts with a direct conversation about your desire to meet new people. Like you, your partners are busy. When you are clear that you are interested in being introduced to colleagues or associates who might benefit from the work you do, you can help make it a higher priority on their agenda. Also, don t overlook contacts in your personal network. A COI can be the chairman of the country club, a restaurant owner, or an active volunteer in charitable organizations anyone who understands the services you provide and the types of people you can assist. And remember it is important to have regular Each of these steps is discussed in more detail below. Step 1: Creating a compelling story for gaining referrals Having something interesting and timely to say is critical if you are to capture your audience s attention. Are you bringing a new product to market? Has there been a regulatory change that would affect peoples nest eggs or the way they manage their money? Has something happened in the marketplace that might reenergize peoples interest in such things as retirement, education, or estate planning? You need to figure out what the story is and you may have several stories for different types of COI and strategic alliance partners then carefully synthesize and articulate your message and why it is important. 4

5 You need to look at things from your audience s perspective and create a message that gets their attention. Millennium Consulting Group For example, if you have a lot of clients with retirement-age parents you don t currently work with, you might suggest having them invite their parents to the office for an estate planning or long-term-care consultation. If, on the other hand, most of your clients are in the retirement age range, you might suggest they invite their adult children in for a consultation on tuition planning strategies to help ease the burden of ballooning college costs. The key is to understand their needs and make a suggestion that will really resonate with them. For strategic alliance partners, making introductions to clients requires a lot of trust on both sides and each party needs to show it has substance and credibility for things to get off the ground. These same stories, with some obvious adjustments for the audience, may also ring true if a strategic alliance prospect can immediately see the value you can bring to their firm. You need to look at things from their perspective, anticipate and be ready to address reservations they may have, and present a clear and easy-to-understand message that describes how they will benefit from working with you. Step 2: Targeting and list creation With your message(s) in hand, you should take the time to create a profile of the ideal COI and strategic alliance partner that may be able to help you reach your target market, and the attributes that are important for you in a working relationship. (See Worksheet One: Ideal Profile in the Appendix.) This will help guide you as you create your contact list. For strategic alliance partners, this might include such things as size of firm, time in the business, professional credentials, client service model, and business ethics. Of course, personality will be very important as you meet with people and see if there is a fit if it s going to work, you have to like each other. Whenever possible, you will also want to target people who enjoy networking and attending social events, as they re likely to have the largest number of contacts. As discussed, you should consider making existing clients your number-one priority and begin by auditing your client base, because you may have a lot of warm opportunities right at your fingertips. Also, find out which professionals clients use to prepare taxes or handle other financial and legal issues. Then try to identify influential people you meet regularly at business or social gatherings. You will likely have a pretty large list now, and you know you have a common denominator. If you are new to the business, you might also add to your list by researching local business leaders and professionals who seem to fit your COI and strategic alliance criteria. Reporters and media professionals are also important contacts. Although they may not refer business directly, if you are quoted in news stories you can develop a level of credibility that could help you gain access to contacts that may not have opened their doors otherwise. Consider preparing a press release to share with local news outlets.* Again, be active and send the release to several reporters, following up with a call to answer any questions they might have and to volunteer to be interviewed for the paper. As basic as this may sound, be sure to scrub the data and, if your firm has one, add the refined list to your client relationship management (CRM) system to easily capture information as you move potential partners through the pipeline. Be sure to keep a separate category or file in your system for prospective COI and strategic alliance partners so you have one distinct master list that can become a specific agenda topic in your firm s regular business growth discussions. This will ensure that you stay focused on your strategy and are able to effectively monitor activities and progress being made. (In reality, you will probably need support from your administrative team, a temporary marketing *Be sure to follow any regulations regarding the use of advertisements. 5

6 professional, or others to verify information and tag the contacts appropriately in your CRM system. Good list management can be time consuming but it can make all the difference in any marketing effort.) Step 3: Initial marketing contact Now that you have your list, how do you first make contact? Is your message designed to develop one-onone conversations or educational events with multiple attendees? The marketing collateral you design and the list(s) you use for this initial contact are all dependent on how you plan to relay your message. A big part of this must be a call to action for your recipients such as an invitation for a consultation, an educational event, or even a social activity such as a wine tasting, or a golf or dance lesson. (See Worksheet Two: Initial Contact in the Appendix.) Success in marketing always comes back to effective execution. You need to select your approach and then do it well. There are a number of marketing techniques at your disposal when it comes to making first contact: Direct mail Direct telephone contact Events you host Networking events you attend News advertisements* Internet search marketing Via a mention in a news story Hybrid marketing approach Each of these approaches has benefits and drawbacks from likelihood of response to the investment of time required and financial outlay. You will need to determine which one is best for your message and your personal style. Keep in mind that your goal is to develop alliances, not to sell directly. Because this B2B selling typically has a higher likelihood of response, it may influence the techniques you employ. You want your communications to focus on how you deliver the solutions people need, and how your services will help the COI and strategic alliance partner add value for their clients. If you have a new product or capability, discuss them by connecting your message to how they help address an important financial issue, risk, or life event. In addition, be sure you outline any unique aspects of your approach to doing business and/or working with clients. Step 4: Proactive outreach After you send out invitations to attend an event, or perhaps reprints from a news story that featured your views on effective estate planning strategies, COI or strategic alliance prospects may begin to recognize your name. You need to capitalize on this by contacting them directly to obtain an opportunity to discuss things further. Failing to do this is a big mistake. (See Worksheet Three: Proactive Outreach in the Appendix.) The best advisors know the importance of one-on-one contact and reach out to get an appointment. Millennium Consulting Group Of course, this takes time. One of the most important appointments you can book each week is the appointment you schedule with yourself to conduct follow-up calls and other outreach. Success comes from a structured, disciplined, and planned approach. Having blocks of time permanently scheduled in your calendar for marketing ensures that an appropriate amount of time will be invested to reap the rewards. There are two camps when it comes to proactive outreach. One camp enjoys picking up the telephone and introducing themselves to new people. They re comfortable with it, and they understand that some of the people they call will be excited to hear from someone new. The other camp doesn t enjoy this at all. If you are in this latter group, consider hiring a fulltime salesperson or a freelance marketing professional to help execute your plan the potential value of landing a COI or strategic alliance contact is so high *Be sure to follow any regulations regarding the use of advertisements. 6

7 that hiring someone dedicated to proactive outreach could yield a good ROI. Plus, even inbound calls require someone to communicate your message. Step 5: Introductory appointments Let s say your proactive follow-up efforts have enabled you to schedule a meeting. What should you do with this valuable time? Every COI or strategic partner is different, so you first need to determine the right type of appointment for that particular person or firm. For some COI and strategic alliance prospects, it may be best to send additional background information to be discussed in a follow-up call. For others, you may schedule an in-person meeting to get to know each other a bit better. Whatever approach you choose, you should be prepared to discuss the following: Why you have chosen to contact this firm Your credentials, expertise, and service offering The type of clients you work with How you are different from similar firms in your area How you see their firm helping your clients How you see your firm helping their clients A summary of mutual benefits Next steps In return, ask them questions about their personal background, client profile, growth strategies, and alliances with other firms to help evaluate the fit. After a successful introductory meeting, you can broach the idea of performing capabilities presentations for coworkers, or perhaps even for potential referrals. A step beyond capabilities presentations are seminars about a specific topic germane to your business. While creating effective alliances takes time, you know you ve reached the top of the spectrum in COI and strategic alliance marketing when a partner says, Let s get 50 people in a room to talk about your services, because they fill a need I ve been concerned about for a while. Step 6: New client introductions and protecting your referral sources If you have handled things well up to this point, your COI and strategic alliance contacts trust you and see you bringing a valuable service to their clients and/ or friends. They may want to start referring potential business your way. Now what? Handling new client introductions is an extremely important phase if it goes wrong, you could lose the contact forever. The first and most important thing to do is to structure the relationship in a way that protects your referral source. Early in the relationship you need to meet to define the following: The ideal referral: someone who meets the business requirements of your specialty The not-so-great referral: someone who is too small/ big, or in some other way is not a person you can service well The borderline referral: someone you might be able to work with under the right conditions, but requires more information to assess further Always suggest that your COI or strategic alliance partner call you if he or she isn t certain if a referral is appropriate for your business model. It s better to discuss things in advance than put a partner in an awkward position because you have to turn someone away. An additional safety net is to have a backup resource, either inside or outside your firm, to handle referrals that don t fit. At a minimum, you want to be able to re-refer a prospect if necessary to somebody who can meet their needs. Doing a good job on the first referral is the key to obtaining more in the future, so you should understand these skills and build your backup plan before you open your doors for referrals. Also, be sure the COI or strategic alliance partner understands the range of your capabilities. The lowest level of conversion success in COI and strategic alliance marketing is receiving the name of somebody to call. The higher level of success involves a meeting with you, your alliance partner, and the person they are referring. This approach may provide an advantage because your partner and the client will likely do most of the talking, and ask a lot of the questions for you. It also removes worries about confidential discussions or breaches of trust because 7

8 all parties will be there to represent themselves. In addition, it provides an opportunity for your partner to do the selling; he or she already has the prospect s trust, and your sales pitch can be very compelling when it is done for you. Step 7: New client onboarding Having a consistent, efficient, and streamlined onboarding process is critical. This will involve gathering all the relevant information you need to discuss the client s financial strategy, complete necessary paperwork, and transfer assets. This will be their first experience with your firm as a client, and you want to leave a very favorable impression. It is important to engage in conversations about introductions. If you don t, your success will drop off dramatically. Millennium Consulting Group When you take on a new referral client, be sure to call the COI or strategic alliance partner to thank them for the business and debrief about the introduction. Also, take advantage of the opportunity to reinforce your business approach with your new client. For example, congratulate them on the financial decision they have made and let them know you work via referrals and would be happy to discuss the same strategy with the people who are important to them. Once again, the key to gaining introductions is to engage. Of course, never employ any hard-selling techniques that will make your client feel uncomfortable. Show you enjoy meeting people, and make it clear that you are open for business and welcome introductions to others. Summary Through high-quality referrals, COI and strategic alliance partners can help take your business to a new level if you develop an action plan, choose partners who share your values and objectives, and spend the time necessary to nurture and develop each relationship. As you execute your plan, keep in mind the following: Tricks of the trade Caution points for COI and strategic alliance marketing Important takeaways Tricks of the Trade What are some techniques to further ensure your success? In this era of multichannel, digital communications, what is old is new again. Handwritten notes prove to your prospect that you didn t reach out to them with several hundred others as part of an automated direct mail campaign or an blast. Taking the time to personalize your communications illustrates a higher level of interest in the relationship and respect for their business, which can often yield great rewards. When it s time to meet with a COI or strategic alliance partner, or a group of COI constituents, be creative when planning the event. Most people don t have a lot of interest in sitting through yet another capabilities presentation, but they d be excited to attend a wine tasting, a cooking class, or a similar activity that offers a fun atmosphere in which to meet and mingle. Your prospective COI and strategic alliance partners may have been overpitched and are looking to get together without a formal agenda. Your efforts likely won t go unnoticed and there will be plenty of opportunities later on to follow up and discuss business. Caution Points for COI and strategic alliance Marketing You can build a great COI and strategic alliance strategy, but if you don t pick up the phone, or build the marketing collateral, or attend meetings, the strategy could fail. This proactive approach to building your business is critical. While a mailing may spark an interest and demonstrate a level of professionalism, the ultimate relationship is still all about the conversational skill of the professional. Very seldom will an affluent individual entrust his or her financial well-being to somebody based on a brochure alone, and very seldom will a COI trust his or her best clients to a financial advisor as the result of a direct mail piece, according to MCG. 8

9 As we discussed earlier, handling new client introductions is an extremely important phase of your COI and strategic alliance strategy. A great way to avoid disappointment is to provide your partners with the information they need to select the right people to refer to you. You should always have an avenue open for any referral, even if that means putting them in touch with another firm. Lastly, keep your message to COI and strategic alliance partners crisp and compelling. If you repeatedly approach them with ideas that don t pertain to their businesses or to the concerns of their networks, you will quickly be ignored. You need to connect with their needs and wants, not necessarily on what you feel you want to convey. Engage in honest dialogue about your desire to obtain introductions to new people, and show how you can deliver value for your partners. Understand the importance of active outreach and the need to constantly schedule appointments to reach out to people. Stay top of mind via phone calls, newsletters, and invitations to social gatherings. Committing to a regular and disciplined program may put you on the way to building an important COI and strategic alliance network. The worksheets that follow in the Appendix are designed to help get you started. Important Takeaways Note these important points: Make COI and strategic alliance marketing a highpriority initiative that is built into your daily plans. It calls for focus and follow-through. Demonstrate your skills, enthusiasm, and commitment to help build trust. Think beyond traditional financial and business services partners to other walks of life that may be able to introduce you to prospects. 9

10 Appendix: Worksheets for developing COI and strategic alliance networks COI and strategic alliance Checklist The checklist below summarizes seven steps for building COI and strategic alliance relationships outlined in this paper. Seven Steps for Building COI and strategic alliance Relationships Step 1: Creating a compelling story for gaining referrals developed a message for potential client COIs developed a message for other potential COIs, if different developed a message for potential strategic alliance partners Step 2: Targeting and list creation developed ideal profiles of COIs and strategic alliance partners developed a list of potential COI clients, and COIs in my social circle developed a list of potential strategic alliance partners, including professionals used by my clients developed a list of potential reporters and media contacts scrubbed all the data and tagged it so the list can be managed separately from other firm contacts have COI and strategic alliance as a separate agenda topic at our regular business development meetings Step 3: Initial marketing contact have chosen my marketing tactics and outlined a plan for the groups I hope to reach developed appropriate marketing materials to support each outreach campaign launched my campaigns Am tracking success Step 4: Proactive outreach have chosen priority prospects for direct contact Initiated the proactive outreach portion of my campaign Am tracking success Step 5: Introductory appointments Asked prospects how they would like to conduct the first meeting spent the time to learn more about them and their business before the meeting honed my story for the specific people/firms I will meet developed a keep in touch program for high-priority COI and strategic alliance prospects Step 6: New client introductions and protecting referral sources spoke with my COI or strategic alliance partners about my ideal, not-so-great, and borderline referrals Created a backup for referrals that don t fit my model and/or overflow Step 7: New client onboarding thanked my referral sources for their leads emphasized our referral approach to business development with new clients 10

11 The worksheets that follow will help you profile the ideal relationships and track your progress. Worksheets Two and Three may be replaced by the prospecting tracking capabilities in a client relationship management system, or entered into Microsoft Excel for ease of use. Worksheet One will help you clarify what you want and don t want in a relationship before you even begin. WORKSHEET ONE: Ideal profile Characteristics of the Ideal Referral Characteristics of the Not-So-Great Referral Business You Would Like to Win Characteristics of the Ideal COI Characteristics of the Not-So-Great COI COI Relationships You Would Like to Have Characteristics of the Ideal Alliance Partner Characteristics of the Not-So-Great Alliance Partner Strategic Alliance Relationships You Would Like to Have 11

12 Worksheet Two will help you track contacts and activities for the initial outreach. The metrics will enable you to evaluate which approach is most effective. WORKSHEET TWO: Initial Contact Priority Contacts Planned Initial Outreach Status Next Steps Status May be the name of a specific person or a list Personal letter, direct mail piece, etc. Completed, outstanding, etc. For example, phone by x date Meeting arranged for x date, no interest at this time but follow up in six months, etc. Client COI Prospects Metrics Number of activities completed by type (e.g., x letters, x direct mail pieces) Number of contacts made for each type of outreach Number of successful next steps Other COI Prospects Metrics Strategic Alliance Prospects Metrics 12

13 Worksheet Three focuses on the direct follow-up stage and will help you track appointments and next steps. WORKSHEET THREE: Proactive Outreach Priority Contacts Status Comments Next Steps Status Next Steps Data from last column of Worksheet Two. For example, meeting arranged for x date For example, met for coffee and there was an immediate interest on both sides Meet in their office to discuss ideal referrals for both parties in more detail Meeting scheduled for x date Client COI Prospects Other COI Prospects Strategic Alliance Prospects 13

14 For more information, please contact your Fidelity sales or relationship manager or your home office. For investment professional use only. Not for distribution to the public as sales material in any form. Millennium Consulting Group and Cerulli Associates are independent organizations and are not affiliated with Fidelity Investments. Listing them here does not suggest a recommendation or endorsement by Fidelity Investments. This information has been provided by Millennium Consulting Group and is subject to change. Fidelity Investments has not been involved with the preparation of the content supplied within this paper and does not guarantee or assume any responsibility for its content. There is no assurance that the information is accurate, complete, or timely. The third-party provider(s) listed herein are neither affiliated with nor an agent of Fidelity, and are not authorized to make representations on behalf of Fidelity. Their input herein does not suggest a recommendation or endorsement by Fidelity. This information was provided by the third-party provider(s) and is subject to change. There is no form of legal partnership, agency, affiliation, or similar relationship among an investment professional, the third-party service provider(s), and Fidelity Investments, nor is such a relationship created or implied by the information herein. Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or its affiliated companies. The Fidelity Investments and pyramid design logo is a registered service mark of FMR LLC.Clearing, custody, or other brokerage services may be provided by National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. 200 Seaport Boulevard, Boston, MA FMR LLC. All rights reserved