Schwab, Vanguard Rush To Reassure Clients After 500-Point Plunge; Fidelity Lags

Friday, August 05, 2011 05:42
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Schwab, Vanguard Rush To Reassure Clients After 500-Point Plunge; Fidelity Lags

Tags: Fidelity | Schwab

Financial firms who remained aloof from their clients in yesterday's carnage missed an opportunity to both reassure and proactively respond to a lot of nervous calls and emails.

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Vanguard put out a frank interview with Bill McNabb laying out the macroeconomic environment.

 

A market insider would wonder if it felt a tiny bit canned, but the typical Vanguard client wouldn't be able to tell.

 

They important thing is that he reached out, and even if most of the news was recycled from earlier in the week, clients knew they were getting all the news currently out there.

 

He even poked a little fun at the "stay the course" mantra and backed it up with hard statistics.

 

Schwab also got a long piece up from chief investment strategist Liz Ann Sonders. It was all-new, fact-heavy, and tailored to active Schwab traders.

 

Like the McNabb interview, it's a great bit of work.

 

Fidelity, on the other hand, seems to have gone fishing. As of this morning, their investor-facing news site was stuck in a pre-debt-deal limbo, with nothing more recent than Tuesday. 

 

It's not the end of the world for them, but they certainly have the talent and the technical resources to update fast when they need to.

 

They evidently thought they didn't need to remind their plan participants, traders, and other constituents that it wasn't the end of the world. That's their business.

 

 

 

 

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