Fidelity Investments

Fidelity Investments

 3.9/5 (733 ratings)
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About Fidelity Investments

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Established in 1946, Fidelity Investments is an online broker and wealth management company that offers both robo-advisor and advisor-led wealth management accounts. With $0 trading commissions and $0 account minimums, Fidelity is a good choice for beginner and advanced investors alike. Fidelity will introduce cryptocurrency trading through its latest product, Fidelity Crypto, soon.

Overall Satisfaction Rating

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Pros

  • Free robo-advisor account
  • $0 trading commission

Cons

  • High fees for wealth management
  • No futures or options on futures

Bottom Line

With Fidelity, you can choose how you want to manage your investments. Customers have access to a low-cost trading platform and 24/7 customer service. Fees and minimums vary by account.

Top Fidelity Investments Reviews

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Rated with 5 stars
Verified

I've been with Fidelity for 13 to 14 years. They are the best broker I have had. Their representatives have been intelligent and efficient and well trained. I have never had a poo...

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Rated with 5 stars
Verified

When you leave a company, you can transfer your 401(k) to Fidelity free of charge, and for the last year or so trades are free also. Great website and you can get a daily email wi...

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What is Fidelity Investments?

Fidelity is a global financial firm that offers a wide range of financial planning and investment services. It serves individual investors and businesses alike with 12 regional centers and over 200 investor centers across the nation.

Fidelity offers many tools to help you reach your financial goals, including:

  • Cash management solutions
  • Investing and trading
  • Retirement planning
  • Life insurance and long-term solutions
  • College savings and youth savings accounts
  • Charitable giving and philanthropic consulting

Fidelity Investments offers different investment accounts, such as:

  • DIY investing brokerage account: Account holders will have access to decision-making technology that will help them manage their own investments. Investors will also be able to invest in their favorite exchange-traded funds and companies with fractional share trading using Stocks by the Slice.
  • Roth individual retirement accounts (IRA): You can start your retirement savings with a $0 account minimum. With Fidelity’s Roth IRA, you are responsible for choosing and managing your investments.
  • Robo-advisor and advisor-monitored investment accounts: Account minimums and fees vary, but you can choose how much input you want from an advisor.

How does Fidelity Investments work?

For investing, Fidelity Investments allows investors to trade stocks, bonds, mutual funds, ETFs, options and foreign currencies with fees as low as $0. Fidelity will also allow cryptocurrency investing and trading soon, with bitcoin and ethereum in select states. At this time, Fidelity does not offer futures or options on futures.

With Fidelity, investors can choose the following services:

  • Managing investments themselves
  • Using a robo-advisor
  • Using a hybrid robo-advisor
  • Working with a team of advisors
  • Working with a dedicated advisor one on one

You can choose which advisor you want to work with, depending on their location and qualifications. While not all of Fidelity’s advisors are considered fiduciaries, when providing advisory services, advisors act in a fiduciary capacity as part of Fidelity’s terms. Along with managing accounts, advisors apply tax-smart investment techniques to help you minimize the impact of taxes on investing.

Fidelity supports its investors with vast educational resources and tools. Investors can use portfolio analysis tools and screeners to help them make the best investment decisions. Customer service is available 24/7 through a virtual assistant or through the phone. Live team chat is available during normal business hours.

Fidelity Investments fees

With Fidelity, all investors will be able to take advantage of $0 trading commissions and choose from a large index of no-transaction-fee mutual funds. Options will still have a contract fee of 65 cents, and selling orders have an assessment fee of 1 cent to 3 cents per $1,000 of principal.

Fidelity offers different accounts with varying account minimums and fees:

  • Robo-advisor Fidelity Go accounts from $0 to $24,999: These accounts require $0 advisor fees and no account minimums. You will need at least $10 in your account to start investing.
  • Robo-advisor Fidelity Go accounts of $25,000-plus: Once your account holds $25,000 or more, you'll pay a 0.35% yearly fee, but you'll also have access to a live advisor.
  • Wealth management accounts: These accounts range in minimums from $50,000 to $250,000, depending on how much advisor support you want while managing your portfolio. Fees range from 0.50% to 1.50%.

Fidelity Investments FAQ

Does Fidelity have local advisors?

Yes. You can find advisors in many states. It's headquartered in Boston and has 12 regional offices and 200 investor centers across the nation. Some states don't have a Fidelity office or center in them, but services are still available there.

Where is Fidelity Investments available?

Fidelity Investments is available across the U.S. and internationally. Not all services and products are available in all locations.

Are Fidelity Investments fees high?

Fidelity is very transparent with its fees. Most fees are lower than its competitors’, with some accounts having no account minimums or advisor fees. Its wealth management account fees and minimums are slightly higher than other competitors’.

Is Fidelity Investments worth it?

Fidelity Investments is great for both beginner and advanced investors. Investors can create a Fidelity Go robo-advisor account with no minimum or fees if they have less than $25,000 invested. Plus, with thousands of no-fee mutual funds, new investors can get their feet wet without worrying about high costs. Active day traders can profit the most by having minimum fees.

Fidelity Investments Reviews

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Page 1 Reviews 0 - 10
Rated with 2 stars
Verified Reviewer
Original review: Jan. 27, 2023

I've been with Fidelity for over ten years and it's gone way downhill. Getting anyone on the phone who knows what they're talking about is a day-long procedure. They will give you a "cash management" account that acts just like a bank - issues checks, offers FDIC insurance - yet any time you want to do anything like cash a check it will tell you it's "not a bank." The app is basically worthless now and won't read checks anymore. The tech team just gives you the runaround. I haven't been able to cash a check through the app in a few years. Avoid.

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Rated with 1 star
Verified Reviewer
Original review: Jan. 25, 2023

This is likely the worst bureaucracy I have ever dealt with. Significantly more frustrating and unresponsive than any government agency or utility. In comparison, working with Schwab was a breath of fresh air. 24/7 support, clear communication & follow up, etc. Fidelity was unable to provide answers, does not respond to communication or follow up on the communications when promised, refused to escalate cases to more senior individuals...

Spent the equivalent of DAYS on the phone trying to address issues. Had to drive 1 hour both ways to the branch a couple times just to get a response. In one case, made numerous Customer Service calls trying to get clarity on an open issue with no resolution. Was told that they would respond at a later date with a letter. The letter finally arrived and stated that they were still reviewing the issue and if we had any questions to call their CS department. The infinite loop was never resolved; this behavior was not atypical.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 14, 2023

    Fidelity used "Harvesting" To create losses supposedly to offset tax consequences. However, "Harvesting" was not aproved by me, and I was told that it was not authorized. Regardless, money was lost. Fidelity refused to reimburse.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 4, 2023

    I have my retirement portfolio with Fidelity Investments. I called on the 20th of December becuase I have a child with kidney disease and I needed to know how to withdraw my funds. I was told the only way would be if I severed employment. I was told after that I would have my funds in my account within one to three business days. I did that then was told after severing employment it would take up to a week until they got notice of my unemployment. I called my H.R. department at my old job and they informed me they had passed that information on.

    I called the next day and Fidelity told me that it could take another one to two pay periods for them to change it in their system. Now not only do I need this money for my childs medical treatment but to live on as well. This is a terrible, crooked company. I highly recommend you find a different company to do business with. They are dishonest with you about your money and have no urgency to anything in your life. I have never heard of any financial institution refusing to pay out your money when requested.

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 28, 2022

    You call customer service, get someone on the phone and ask a simple question. The customer service rep will repeat back incorrect information and put you on hold for 15 minutes just to give you information about something you didn't ask about. Perhaps the turnover rate is high or training is really bad but the reps are seriously terrible. I simply asked for steps in completing a rollover from another company but the reps kept telling me to wait until the check was delivered. I never mentioned anything about sending a check. It just kept getting worse from there so I just stopped trying.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Dec. 12, 2022

    I wanted to roll over my 401K to a separate IRA elsewhere; a simple process which is quicker if sent to the company the check is made payable to. Instead, Fidelity claims they can only send the check to me but no one could provide proof that I cannot elect to have it sent directly to where my IRA is. It's a waste of time to wait to receive a check just to send it to its final destination. Fidelity is in charge of the current account so if I provide the name and address of where to send it, then send it there. No other company I've dealt with has had this issue when it comes to rollovers. My rollover was also completed without my final consent when the rep hung up on me and processed the withdrawal even though I had additional questions prior to completing this request. I'm happy I won't have to deal with this company anymore.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 7, 2022

    It's been 6 business days and no response to multiple emails and phone calls to whoever this short-staffed ** artist is. One Fidelity email states, "We are doing all that we can to reply to messages in a timely manner. *DUE TO HEAVY VOLUMES, IT MAY TAKE 1-3 BUSINESS DAYS TO RESPOND*, if necessary. Please plan your correspondence accordingly." I would understand that if it was true or accurate, but it's not, I've been ghosted because they're holding assets that don't belong to them anymore. When they want your money, you'll hear from them on every channel, mail, phone calls, threats. When you inherit someone's money, crickets chirping, the line goes dead.

    They're just like a bank with reserve limits and they invest the rest. They must assume once the transition happens, all customers will transfer everything out to cash or other institutions. So, the longer they can stall, ** and not respond the more interest/capitals gains/mutual fund mgt fees, etc. they can collect. It's a penny-pinching scam that frustrates everyone. I like their website interface and stock research, they're well established, so I was considering keeping these transitioned assets with Fidelity under my name. That sentiment is all gone now. Nice job pissing me off defuncted Funkdelity.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 4, 2022

    Stay away from Fidelity financial services, especially the financial advisors in their South Bend, Indiana, office. The first meeting with my financial advisor, he asked me about my financial goals and gathered as much personal information he could about my family. He was very personable and persuading. However, the financial advisor used this information to lull me into a false sense of security that he had my family’s best interests at heart.

    At over 50 years old, my wife and I have been very conservative about investing in the past. We had about half of our life/retirement savings in CD’s that were expiring in late 2020. The interest rates were close to zero at that time, so we decided to try investing. He convinced us to split our lifetime savings into three different investments. He presented us with his first proposal to invest our money into one of their VIP annuities. He displayed a spreadsheet showing our money doubling in 10 years. He called this a passive investment with a minimal management fee and very good returns. It was amazing. I jumped on it and told him to invest half of our own lifetime savings into the fund. I signed all the paperwork he gave us because I thought he had my family's best interest in mind.

    Now, two years later, I realize that this was a huge mistake. The combined expense ratio and active management fee was over 1.1% and he had made a large commission by selling me this investment. We are locked into this investment until age 59.5. I could only move our money in between their limited options of VIP annuities, which have all performed horribly, and have high expense ratios. There is a surrender fee of 10% if we try to get out of the VIP club before age 59.5. After almost 2 years, the return on this investment is -7% and they had taken over $6k in expense ratio and management fees from us.

    We already had about 25% of our lifetime retirement savings in a Fidelity target date IRA fund. His next proposal involved selling us on their actively managed IRA plan. He showed us a slick presentation on how they monitored business cycles to stay ahead of the market. I was blown away, and being a novice investor, did not think twice about the 1.2% management fee for doing this if they could limit my losses during down markets.

    After two years of Fidelity active management and paying over $12k in expense ratio and management fees our investment return was -7%. Fidelity active managed accounts are a complete joke. They just initially split the investments into a stock/bond mix and sat on the investments, while only making minimal changes, and completely misread the market cycle. My financial advisor, and portfolio specialist, admitted this to me in a phone conversation this year. Their approach is basically to sit and wait down markets out, meet with you once a quarter to show you a nice PowerPoint presentation, ask how your family is doing and then tell you about their family. Our investments were performing so poorly in mid-2022, that they did not even bother to schedule a quarterly review with me. I had to reach out to them to get one. The first thing they did was ask me about each of my family members and how their activities are going, so I feel like they care about them.

    In another conversation with their portfolio specialist in March 2022, he sold me on being more aggressive in my investments, due to the time that I had left until retirement. I, of course, deferred to the specialist’s advice and let them change our stock/bond ratio percentage split from their initial proposal of 70/30 to 85/15. Our total active management IRA investment return approached -25% during this year. The investment fee percentage had increased because they had lost so much of our money. There are total account thresholds that we had to maintain, or our fee percentage increases. Our financial advisor failed to mention this at any time. I did not realize this until I read the fine print in my quarterly statements. He had basically set his company up to collect large expense ratio and management fees from us no matter how much money they lost us.

    I emailed him later asking why he did not advise me not to go more aggressive on my portfolio, he said that this was my fault, because it was ultimately my decision, and I had given him written approval in an email. His final proposal was to invest over 25% of our lifetime savings into their Individual TOD stock investments which utilized tax harvesting to help us save money on our income taxes. This would be part of my actively managed account with an additional annual fee of 0.6%. Again, I agreed, after his slick presentation, promising annual returns that beat continually beat the S&P.

    Fidelity purchased over 200 stock holdings for me using my savings. They “harvested” over $22k in losses just this year, by selling off the underperforming stocks, then purchasing new ones in their place, to falsely inflate my total return on my account page. Our return on this investment has been -4% in almost two years of management and I have paid them almost $1k in management fees while never at any time beating the S&P returns. Also, tax harvesting does absolutely nothing to help us pay less income taxes during the year. The maximum annual income tax deduction is only $3k. We will be writing off these limited losses for almost the next 10 years, after almost 2 years of tax harvesting.

    After I filled out a company survey regarding the services that I had received from my financial advisor, and rating him very poorly, I was contacted by the branch manager. He offered to have a more experienced person oversee my account. I agreed and he scheduled a meeting. One of the first things that he mentioned, is that if I keep investing with Fidelity then I will leave a legacy of $30M to my family. I knew at that time this was another scam and I was nothing but a "cash cow" to them.

    After 2 years at Fidelity, I have absolutely no doubt, that their services are not worth the costs. I have paid almost $20k in expense ratio and management fees and my total return was -6%. I have recently liquidated my actively management account and I will probably take the hit to move my annuity, too. Looking back now, I should have invested our money into low cost (0.08%), passive index funds, or ETFs, but my financial advisor and branch manager never mentioned this option at all. One of the first things the Fidelity customer service agent told me, when I called to liquidate my investments, is that I will be charged a pro-rated portion of my management fees. This had solidified my decision and did not surprise me at all. Fidelity tries to collect as much of your money as they can while providing the least amount of service possible.

    11 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 1, 2022

    I have been a Fidelity Investments customer for 22 years--only their checking and savings accounts. Over two weeks ago, I wrote a check using their BillPay function. Fidelity, without notifying me, locked me out of my account. Initially, I thought it was me. . .a password thing. Nope. Locked out. Customer service "allowed" me to reset my password only to find I was still locked out. BOTH my checking and savings accounts are locked down because of "suspicion" of fraud. After several CSR phone calls, and wait times of 45 min to an hour, a CSR transferred me to their "Fraud Dept". This took a week to get this far because their "Fraud dept." is ONLY open 9 to 5 EST. If you don't live on the east coast of the US, you're hosed. They asked me ALL about the check I wrote. I PLEADED, this is "NOT FRAUD", please unlock my accounts so I can use them. It has now been 16 days. I'm still locked out. I hired a lawyer yesterday to help me through their (lack of) customer service quagmire.

    Under no circumstances should you ever use Fidelity. They have non-existent customer service. You may wake up to find your account locked up. I searched the internet and I am not alone. This has happened to many customers of Fidelity. Just type "Fidelity sucks" and start learning about this company. I beg you. Read the reviews. Listen to the horror stories. Please do not invest with this company, do not use their services and do not let any of your friends and family use this company. This has been an absolute nightmare.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 22, 2022

    This company is TERRIBLE. Once you get to a rep, they are nice, and you are fine, but you will be placed on hold for 15-20 minutes. At that point the rep comes back with an apology and proceeds to give you the run around like a dog chasing its own tail, all the while stating that they understand your frustration when they could really care less. So frustrating.

    I'm trying to transfer my 401K out of Fidelity as I am no longer contributing to it, but have been told that I cannot due to a.) The rep advised me to take loan instead of making a withdrawal last year, b.) I am still employed with the company (but they're contributing anything either), c.) the rep stated I can't do a payout until I'm 59 or terminate my employment with my current employer, and d.) I can't even roll any money over to an IRA. I was told by my HR benefits specialist that when I signed up for the 401k that "Employees may enroll, change or stop their contributions at any time by contacting Fidelity at www.401k.com or 1-800-835-5097." This is a lie. PLEASE, PLEASE research before you sign up. I wish I had.

    8 people found this review helpful
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    Fidelity Investments Company Information

    Company Name:
    Fidelity
    Website:
    www.fidelity.com