Vendor Analysis
published on Mar 06, 2025
Report Overview:
This NelsonHall vendor assessment analyzes Fidelity's offerings and capabilities in next generation benefits administration
Who is this Report for:
NelsonHall’s Benefits Administration profile on Fidelity is a comprehensive assessment of Fidelity offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Benefits Administration Services and identifying vendor suitability for security services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Benefits Administration Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Fidelity’s Benefits Administration Service offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery centers.
Key Findings & Highlights:
Fidelity Investments (Fidelity), founded in 1946, is a multinational financial services corporation providing financial planning and advice, retirement plans, wealth management services, trading and brokerage services, and educational resources. Headquartered in Boston, Fidelity has ~76k employees and serves its clients through 200+ Investor Centers in the U.S. and 14 global regional sites, including India and Ireland. As of September 2024, Fidelity has ~43m individual investors and holds ~$15tn in assets under administration and ~$5.8tn in total discretionary assets.
Fidelity offers a wide range of benefits administration products and services including Health & Welfare (H&W) services, wellness solutions, HSA & reimbursement accounts, voluntary benefits, and retirement services for defined benefits (DB) and Defined Contributions (DC). At year-end 2022, Fidelity had ~26k benefits administration clients and serves ~40m participants; NelsonHall estimates that the number of participants increased slightly in 2023.
Fidelity Health is comprised of the health and benefits services offered by Fidelity Investments, primarily targeting employer-sponsored health and wellness programs. Fidelity leverages its expertise in retirement, investment, and benefits management to provide holistic solutions that integrate health and wealth strategies for employees.
As of H1 2024, Fidelity has ~50 H&W clients, and ~1.9k HSA clients, totaling ~1.3m H&W active participants, ~1m dependents, and ~2.7m HSA participants. ~1.8k employees deliver H&W services within its Fidelity Health business, which covers:
- Benefits administration
- HSAs
- Integrated health and wealth solutions
- Financial wellness programs
- Retirement health planning.
