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Fidelity Institutional is finally making fractional share trading available to wealth management firms.
The firm first introduced the functionality — which allows investors to buy as little as 0.001 of an equity or ETF as long as the value of the order is $1 — to retail customers in early 2020, but has kept quiet on when it would be available to advisors in its custody and clearing business. Now the firm is rolling out fractional share trading to its advisor technology suite, Wealthscape.
Fractional share trading has been key to the mainstream appeal of retail trading apps like Robinhood by letting investors put small amounts of money towards popular, yet expensive, stocks like Google parent company Alphabet or...