Fidelity to Sell Customer Order Flow, Earning $10M Monthly

Fidelity's pivot to payment for order flow marks a notable departure from its historical model, where it touted order routing as a client-first differentiator. The $10M monthly figure underscores how monetizing order flow can become a major revenue line, but the shift raises a structural question about conflicts of interest: whether execution quality for retail clients will degrade as the brokerage prioritizes this income stream. This affects both Fidelity's existing customers, who may see subtle changes in fill prices, and the broader retail brokerage landscape, as competitors may reassess their own routing policies. The key watchpoint is whether any measurable deterioration in execution emerges, or if Fidelity can balance the new revenue with maintaining its reputation for client-centric execution.