So your teen wants to be the next Warren Buffett? Fidelity has an account for that

Warren Buffett, the world's most famous investor, is 90. But there are plenty of people much, much younger who are interested in stocks. Fidelity is going after that market.

The brokerage giant announced Tuesday that it is setting up a new Fidelity Youth Account plan for 13- to 17-year olds. The teens' parents must already have Fidelity accounts, and the moms and dads will have full access to monitor their kids' spending and investing activity. A spokesman for Fidelity said in an email to CNN Business that parents and children both must sign customer agreements but "ultimately the parent is responsible for the activity in the account." Teenage investors will have some autonomy, however, as parental approval is not required to make transactions.