But after Robinhood and WeBull attracted millions of millennial customers, Fidelity is finally trying to woo the next generation of investors in an effort to protect its business from shifting generational tastes.

And since younger investors have signaled that they prefer the gamefied, zero-commission speculation free-for-all to contributing a predetermined percentage of their paychecks to a retirement account, Fidelity has decided to give them what they want. As WSJ reports, in an effort to "open the door to a new generation of investors", Fidelity is launching new credit and debit cards, along with investing and savings accounts, to teenagers aged 13 to 17. Like Robinhood and its other competitors, Fidelity won't charge account fees or commissions for online trading.

Fidelity already operates one of the largest online brokerages in the country and offers $0 trading fees like Charles Schwab, E-Trade and the other big discount brokerages. But competition for the next generation of customers has grown particularly fierce over the past year. And after lagging its competitors on earlier innovations like zero-fee stock trading, the firm is angling to get a jump start on getting more teenagers addicted to day trading. In the case of Fidelity's new offering, a parent must open the account and agree to backstop their child's trading. But after that, the teenager will have complete control over all trades. Parents can sign up for alerts for the child's transactions, and step in to close the account if things get out of hand, but that's not required. And with so many other things to keep track of, including their child's activities on social media, parents can easily lose track of their child's trading.

In a press release, Fidelity also said it would offer even more "financial literacy" tools including "a library of tailored educational content."