Fidelity Go

SUMMARY

In leading the design and launch of Fidelity Go, I spearheaded a cross-functional team to create a streamlined robo-advisor solution that quickly gained market recognition. Our innovative approach not only addressed internal challenges but also positioned Fidelity as a leader in the evolving financial technology landscape.

In 2016, the robo-advisor market was rapidly evolving, with Betterment and Wealthfront leading the charge. These platforms demonstrated that algorithms could effectively replace human advisors for a broad audience, offering more accessible investment opportunities with lower minimums. The convenience of managing accounts online or via mobile apps further enhanced their appeal.

Fidelity, with over $14 trillion in assets under administration, possessed deep expertise in advisory services. However, we lacked a software solution for our mass affluent market. The race was on to launch a competitive product quickly. Ed Kim and I, as User Experience Directors, were selected to lead a small team to design and launch Fidelity’s first robo-advisor.

Our initial challenge was internal. While the appeal of robo-advisors was clear, there was concern from our traditional advisory business about potential cannibalization. By collaborating with advisory teams, we mapped their existing offerings and customer profiles.

We found that advisors, each handling above 300 clients, struggled to provide personalized service. Most clients required straightforward advice, which could be efficiently delivered through algorithms, freeing advisors to focus on complex cases.

Once we positioned the robo offering as a complementary service, we gained full support from the advisors.

This high-profile project was overseen by the president of the personal investing business in Boston. Leading the New York-based design studio, Ed and I traveled weekly to Boston until the product launch. We transformed a space in Fidelity Labs into a “war room” for our Digital Managed Account (DMA).

We assembled a cross-functional team, including representatives from Risk, Compliance, Legal, Investment Management, Technology, Marketing, User Experience Design, User Research, Strategic Advisors, and Product Development.

This enabled us to conduct week-long sprints with stakeholder reviews every Friday, allowing us to swiftly overcome roadblocks. Employing a Design Thinking process, we ran four parallel work streams:

• User Needs Definition
• User Research & Testing
• UX & UI Design
• Prototype Development

Weekly user research sessions with current and potential customers helped us define target personas and gather real-time feedback.

Based on this input, we conceptualized, designed, and tested new features. Multiple design solutions were A/B tested to identify winners, which were then integrated into the prototype for further testing.

Our product promised tailored, human-level financial guidance through online questions. Traditional advisors used a lengthy Investor Profile Questionnaire to gather necessary information.

However, our research with Legal, Research, and Strategic Advisor teams revealed that by focusing in on three essential criteria: Investment Goal, Time Horizon, and Risk Tolerance, we could create a plan that suited each individual investor.

We streamlined the onboarding from over 30 questions to a simple three-screen flow. During testing, we found customers were skeptical of receiving tailored advice due to the simplicity, so we added slight friction to reassure users of the tool’s reliability.

In just six months, we transformed a paper sketch into a live, transactional product: Fidelity Go. This was lightning fast for a corporate giant like Fidelity. We began with an employee-only launch, followed by a pilot for 1,000 customers six months later.

Fidelity Go quickly gained recognition for its superior user experience and unique features, earning the title “The Best Overall Robo Advisor” in Condor Capital’s annual Robo Report.

Our collaborative efforts and innovative approach not only addressed internal challenges but also positioned Fidelity Go as a leader in the robo-advisory market. The project underscored the value of cross-functional teamwork and agile methodologies in delivering impactful solutions.

This work would not be possible without the contributions from the whole team. Special Thanks to Edward Kim, Jim McWethy, Suzie Hamill and the entire Fidelity UXD Team