ETrade (founded in 1982) is now valued at $10 billion and down 30 percent from all-time highs. Coming from the other direction is Robinhood which recently raised capital at a valuation just shy of $8 billion.
-- Howard Lindzon
I'm fully onboard with this hypothesis - the brokerage industry is trying to reinvent itself, but it is extremely monolithic and slow. The shield for Fidelity (and Schwab? I know they do 401K's but I do not know anyone that has them) is if they're your 401K custodian, then that is the most efficient place to have all of your accounts. In addition, Fidelity (and Schwab) allow you to treat your 401K like a regular brokerage account, buying and selling stocks, bonds and ETF's (with some limitations - primarily limited or no options trading).
Were Robinhood to support IRA accounts (they currently do not), I would certainly go that route for my kids, when they get jobs after school (during school? We can hope!).