David Canter's Fidelity Exit Is a Blow to the Firm's RIA Business: Industry Experts

“Canter was always on the forefront of industry trends and how they would impact RIAs’ businesses, often serving in the role as a personal advisor and confidante to many of the industry’s most famous and successful RIAs,” Welsh said, adding Canter “will be sorely missed” at Fidelity.

Welsh worked with Canter at Charles Schwab earlier in their careers. Welsh was director of Business Consulting Services at Schwab Institutional from 1999 to 2005. Canter was with Schwab from 2000 to 2008, first as vice president at Schwab Institutional and then head legal counsel of Schwab Institutional.

Agreeing with Welsh, Doug Fritz, CEO and founder of F2 Strategy, told ThinkAdvisor: “I think this is a blow to Fidelity.” But Fritz was quick to add it’s “been softened by David’s legacy of growing talent within his organization.”

However, it remains “to be seen whether the culture will shift to more programmatic and restrictive,” according to Fritz, who added: “I hope they will continue to play to their strengths of service and flexibility!”

Meanwhile, “we’re watching actively who they’ll hire in and hope it’s someone with the same level of emotional intelligence and commitment to service,” Fritz said. “Our fingers are crossed!”

Canter has been with Fidelity since September 2009, when he joined the company as executive vice president, Practice Management & Consulting, Fidelity Clearing & Custody.

In March 2017, he shifted to head of the RIA segment and remained an executive vice president. Prior to Fidelity, Canter served as chief legal and compliance officer at Post Advisory Group from October 2008 through August 2009, according to his LinkedIn profile.