FIDELITY WEALTH MANAGEMENT WEBINAR

WEALTH PLANNING CONVERSATIONS FOR 2021

Our Speakers

Special guest panelists

Jennifer DeHart, CFP®Vice President, Branch Leader, Fidelity InvestmentsJennifer joined Fidelity in 2004 and over the last 17 years has held a number of support, advisor, and leadership positions within the firm. She worked as an advisor to help clients with complex financial planning needs prior to beginning her leadership journey in 2013. Jennifer currently leads a team of associates in the Jacksonville and Ponte Vedra Beach Investor Centers in Florida. Jennifer completed her MBA at Loyola University in 2008 and earned her CERTIFIED FINANCIAL PLANNERTM designation in 2011.

Lars SchusterInstitutional Portfolio Manager, Strategic Advisers LLC, Fidelity InvestmentsLars Schuster is an institutional portfolio manager at Strategic Advisers LLC, a registered investment adviser and a FidelityInvestments company. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to more than 20 million individuals, institutions, and financial intermediaries.

Kelly QuinlanVice President, Advanced Planning, Fidelity InvestmentsKelly joined Fidelity in 2011 and has held positions as a director of estate planning and a director of wealth strategy. Her current role is as a vice president of advanced planning. In this role, she educates clients as well as the broader Fidelity organization regarding family wealth planning strategies, including estate, trust, gift, and charitable planning techniques.

Global stocks and bonds delivered strong results despite periods of significant market volatility throughout the year

$120,791

$110,815$107,507

$60,000

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Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020

U.S. Stocks International Stocks Bonds

Q4 2020

This chart illustrates the performance of a hypothetical $100,000 investment made in the indexes noted. Index returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. This chart is not intended to imply any future performance of the investment product.Past performance is no guarantee of future results. It is not possible to invest directly in an index. All indexes are unmanaged. Please see Important Information for index definitions. Source: Fidelity Investments, as of 12/31/20. U.S. Stocks = Dow Jones U.S. Total Stock Market Index; Non-U.S. Stocks = Morgan Stanley Capital International (MSCI) All Country World Index ex-US (Net MA); Bonds = Bloomberg Barclays U.S. Aggregate Bond Index.

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Global government spending and low interest rates helped support economic recovery

Source: Federal Reserve, Bank of Japan, European Central Bank, Haver Analytics, Fidelity Investments (AART), as of 11/30/20.

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Central Bank Balance Sheets

Japan Eurozone U.S. Total

Growth stocks have lagged other parts of the market since August 31, 2020Total returns from August 31, 2020, to December 31, 2020

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Real estateinvestments

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This chart illustrates index returns, which include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. This chart is not intended to imply any future performance of the investment product. Past performance is no guarantee of future results. It is not possible to invest directly in an index. All indexes are unmanaged. Please see Important Information for index definitions. Source: Bloomberg Finance, L.P., as of 12/31/2020. U.S. stock market — Dow Jones U.S. Total Stock Market Index; Growth stocks — Russell 1000 Growth Index; Value stocks —Russell 1000 Value Index; Mid-cap stocks — S&P Midcap 400 Index; Small-cap stocks — S&P Small Cap 600 Index; International Stocks — MSCI All Country World Ex-US Index (Net MA); Real estate investments — MSCI US IMI 25/50 Real Estate Price USD Index.

U.S. consumers saw their savings grow meaningfully in 2020, which may lead to an increase in spending in 2021

Source: Bureau of Economic Analysis, Haver Analytics, Fidelity Investments (AART), as of 11/30/20.

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Rise in Income Decline in SpendingBillions

Introducing the SECURE Act

Highlights IRA contributions can be made beyond age 70½.

The age to begin required minimum distributions (RMDs) increased to 72.

Changes to ability to “stretch” RMDs on inherited IRAs.

Qualified Charitable Distributions (QCDs) are still allowed at age 70½, but special rules apply if IRA contributions are also being made to IRA post 70½.

Penalty-free withdrawals: $5,000 from retirement accounts for a birth or adoption, and $10,000 from 529 accounts for student loans.

The change in the RMD age requirement from 70½ to 72 only applies to individuals who turn 70½ on or after January 1, 2020. Please speak with your tax advisor regarding the impact of this change on future RMDs and does not change age at which QCD can be made.Copyright 1998–2021 FMR LLC. All rights reserved.

The SECURE Act—Key Changes for Beneficiaries

10-Year Payout

No Annual Required Minimum Distributions

Beneficiary may withdraw inherited assets in any year, but must withdraw within 10 years following the date of death

No Life Expectancy Stretch

Life Expectancy Stretch—EDBs

Exceptions for EDB

• Spouse

• Minor child of participant

• Disabled/chronically ill individuals

• Beneficiary not more than 10 years younger than plan holder

Introducing Federal Estate and Gift Tax Laws

Highlights of the current law for 2021

Top estate and gift tax rate is 40%.

$11,700,000 “unified” federal lifetime estate and gift tax applicable exclusion amount.*

Annual gift tax exclusion remains at $15,000 for an individual and $30,000 for a married couple.

$11,700,000 federal generation-skipping transfer (GST) tax exemption.

*Transfers to U.S. citizen spouses, certain trusts for spouses, and bequests to charity may be free of estate tax.

Tax-Smart Investing:1 Helping to Keep More of What You EarnKey strategies seek to enhance after-tax returns1

1Tax-smart (i.e., tax-sensitive) investing techniques, including tax-loss harvesting, are applied in managing certain taxable accounts on a limited basis, at the discretion of the portfolio manager, primarily with respect to determining when assets in a client's account should be bought or sold. Assets contributed may be sold for a taxable gain or loss at any time. There are no guarantees as to the effectiveness of the tax-smart investing techniques applied in serving to reduce or minimize a client's overall tax liabilities, or as to the tax results that may be generated by a given transaction.

2Seek to avoid realized short term gains in favor of long-term gains, as appropriate.3Seek to manage exposure to mutual fund distributions.

Transition management

Capital gains management2

Tax-loss harvesting

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Distribution management34

Municipal bond funds or ETFs5

Tax-smart withdrawals6

What Are the Key Estate Planning Documents?

Durable Power of Attorney (for financial decisions)

Last Will and Testament

Revocable Living Trust*

Health Care Documents, such as:

• Power of Attorney (Proxy)

• Living Will

• Medical Directives

• HIPAA FORM

*May or may not apply depending on your individual situation.Always consult an attorney who can help you by drafting the appropriate legal documents to suit your particular needs.

Views expressed are as of the date indicated based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for your or your clients’ investment decisions. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

Investing involves risk, including risk of loss.Past performance is no guarantee of future results.

Diversification and asset allocation do not ensure a profit or guarantee against loss.

Indexes are unmanaged. It is not possible to invest directly in an index.

Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.

Generally, among asset classes stocks are more volatile than bonds or short-term instruments and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Although the bond market is also volatile, lower-quality debt securities including leveraged loans generally offer higher yields compared to investment grade securities, but also involve greater risk of default or price changes. Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market or economic developments, all of which are magnified in emerging markets.

Growth stocks can perform differently from the market as a whole and other types of stocks, and can be more volatile than other types of stocks.

Value stocks can perform differently from other types of stocks, and can continue to be undervalued by the market for long periods of time.

Investments in mid-sized companies may involve greater risks than those in larger, more well-known companies, but may be less volatile than investments in smaller companies.

Investments in smaller companies may involve greater risks than those in larger, more well-known companies.

Changes in real estate values or economic conditions can have a positive or negative effect on issuers in the real estate industry.

Dow Jones US Total Stock Market Index is a float-adjusted market capitalization–weighted index of all equity securities of U.S.-headquartered companies with readily available price data.

MSCI ACWI (All Country World Index) ex USA Index is a market capitalization–weighted index designed to measure the investable equity market performance for global investors of large and mid-cap stocks in developed and emerging markets, excluding the United States.

Disclosures

The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar–denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-back securities (agency fixed-rate pass-throughs), asset-backed securities and collateralised mortgage-backed securities (agency and non-agency).

Russell 1000 Index is a market capitalization–weighted index designed to measure the performance of the large-cap segment of the U.S. equity market.

S&P MidCap 400 Index is a market capitalization–weighted index of 400 mid-cap stocks of U.S. companies chosen for market size, liquidity, and industry group representation.

The S&P SmallCap 600 is designed to measure the performance of the 600 small-sized companies in the U.S., reflecting this market segment's distinctive risk and return characteristics. Measuring a segment of the market that is typically known for less liquidity and potentially less financial stability than large caps, the index was constructed to be an efficient benchmark composed of small-cap companies that meet investability and financial viability criteria.

MSCI US IMI 25/50 Real Estate Index is a modified market capitalization–weighted index of stocks designed to measure the performance of Real Estate companies in the MSCI US Investable Market 2500 Index. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450, and Small Cap 1750 Indices.

The Fidelity Estate Planner is not an attorney referral service. When applicable, participating attorneys, or their respective law firms, have not paid a fee or compensation to be included or listed in the Fidelity Estate Planner, nor does Fidelity receive any fee or compensation for providing the law firm and attorney contact information to its customers.

Fidelity does not recommend or endorse any law firm or attorney listed in the Fidelity Estate Planner. Fidelity is not assessing your legal needs or providing legal advice in the Fidelity Estate Planner. There is no requirement that you select any of the law firms or attorneys in the list. You are free to select any law firm or attorney of your choice. The Fidelity Estate Planner is educational in nature and is not intended to serve as the primary basis of your estate and/or tax planning decisions.

The CERTIFIED FINANCIAL PLANNER™ certification, which is also referred to as a CFP® certification, is offered by the Certified Financial Planner Board of Standards Inc. (“CFP Board”). To obtain the CFP® certification, candidates must pass the comprehensive CFP® Certification examination, pass the CFP® Board’s fitness standards for candidates and registrants, agree to abide by the CFP Board’s Code of Ethics and Professional Responsibility, and have at least three years of qualifying work experience, among other requirements. The CFP Board owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the U.S.Tax-smart (i.e., tax-sensitive) investing techniques, including tax-loss harvesting, are applied in managing certain taxable accounts on a limited basis, at the discretion of the portfolio manager, primarily with respect to determining when assets in a client's account should be bought or sold. Assets contributed may be sold for a taxable gain or loss at any time. There are no guarantees as to the effectiveness of the tax-smart investing techniques applied in serving to reduce or minimize a client's overall tax liabilities, or as to the tax results that may be generated by a given transaction.

Optional investment management services provided for a fee through Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser and a Fidelity Investments company. Discretionary portfolio management provided by its affiliate, Strategic Advisers LLC, a registered investment adviser. These services are provided for a fee.

Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. FPWA, Strategic Advisers, FBS, and NFS are Fidelity Investments companies.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

© 2021 FMR LLC. All rights reserved.

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Disclosures continued