Josh Krugman is SVP, brokerage at Fidelity Investments.

What were the key theme(s) for your business in 2025?

We continued to see record-high trading activity at Fidelity and were encouraged to see many investors remain disciplined and committed to their long-term strategies, even during the bouts of market volatility. Despite the uncertainty, Fidelity traders maintained a buy-sell ratio of 1.83 during the market upheaval in April, signaling their confidence in the markets. At Fidelity, we’ve seen millions of customers maintain a steady, long-term approach, adding to their portfolios over time rather than reacting to short-term swings.

What was the highlight of 2025? 

Launching Fidelity Trader+ was a significant highlight because it marked an evolution in our trading technology and was the culmination of a multi-year effort to help meet the needs of our customers. Fidelity Trader+ is an integrated ecosystem that brings together real-time analytics, customizable charts, streaming data, and advanced order features, accessible in one place.

We built Trader+ based on customer insights and feedback, ultimately helping us create our most powerful advanced trading platform yet.  And we’re continuing to innovate and update Trader+ with new features and advancements planned for 2026.

What trends are getting underway that people may not know about but will be important?  

At Fidelity, our forward-looking mindset guides everything we do and our focus remains on helping investors build strategies that stand the test of time. There are a few key themes I expect will continue next year as traders look to stay competitive. Speed and efficiency remain top priorities for traders, with demand for faster execution and real-time insights to keep up with the markets. We’re also seeing growing interest in tax-efficient strategies like tax-loss harvesting, advanced income generation through options and private market alternatives, and a renewed focus on fixed income for stability and risk balance to name a few trends.

What surprised you in 2025?

I was pleasantly surprised to see that despite the up and downs in the market this year, investors have a positive outlook on their portfolios. Our State of the American Investor study found nearly two-thirds of self-directed traders expected their portfolios to perform the same or better this year. This confidence in their returns is precisely what we hope to instill in our customers through our powerful tools, research capabilities, and educational resources.