Reprinted from Delaware State Chamber of Commerce’s Delaware Business Magazine
In 1997, Jon Potts, then Vice President in the Precious Metals Division of Wilmington Trust, was contemplating his uncertain future. The bank announced that it would be exiting its decade old precious metals custody and sales business, and the jobs of the division’s employees were on the line.
Rather than hoping for reassignment within the bank, Jon made an unusual proposal to the bank’s senior management – a buyout of the precious metals business. The proposal went something like this: Rather than asking longtime customers to take their assets elsewhere and terminating the division’s employees, Jon would take care of the customers, and hire 5 of the employees. The bank, concerned about the best solution for its customers and employees, accepted.
FideliTrade started operations in early 1998, taking on 5 of the bank’s employees, and occupying approximately 720 square feet of office space with a small floor safe. Today, FideliTrade employs over 50 full time employees and occupies four, company owned buildings, comprising nearly 72,000 square feet of secure space.
Jon’s philosophy for FideliTrade has been “Take care of our customers and our employees, and they will take care of the business.” Over 20 years have passed and this simple, guiding principle has proved successful for his firm. The leading source of FideliTrade’s new business is through referrals. This speaks volumes, when you consider the growth FideliTrade has experienced.
FideliTrade has several subsidiaries, including Delaware Depository. It is one of the nation’s largest precious metals depositories, holding bullion for individuals, financial institutions, IRA custodians and the world’s major commodity exchanges. FideliTrade is also an Authorized Purchaser of the US Mint; a designation achieved by only 12 companies worldwide.
Bullion in the vaults and the company’s future both shine bright. Economic and geo-political concerns among investors have created unprecedented demand for services. Sophisticated money managers and individuals alike have sought out FideliTrade for its cost effective, straightforward, and honest approach to precious metals investing.
Unique in nature, FideliTrade is one of the few precious metals firms that offers all these services under one roof. This has led FideliTrade to become a leader in precious metals trading & custody.