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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.
Pros & Cons
- Free robo-advisor account
- $0 trading commission
- High fees for wealth management
- No futures or options on futures
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
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...Read full review
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...Read full review
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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Stay away from Fidelity, they do not disclose documents properly and will end up taking your money without proper disclosures. Will do nothing to fix it. They don’t honor the fiduciary responsibilities. They will say they care about you but they won’t fix the problems they cause. I called twice to get this issue addressed. They took my money without providing me the proper documentation or disclosures. They don’t care if you will write a bad review. Any brokerage is better than how this place operates. Big time buyer beware. Don’t give them your business.
The computer at customer service incapable to answer basic questions. It does not understand P/E!!!! The customer service reps don't write or read English well. He does not understand there is a difference between sector and industry. You ask a question via email, the reply is always the same "Due to currently high volumes, response times to general questions may be longer than usual."
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A trade was halted due to a technical glitch costing me money. I made a withdrawal of funds and received a confirmation of shares sold with price per share. Several days later I received a notice that the transaction was delayed due to insufficient funds. I had three days to respond to this or transaction would be canceled.
I had to report my father's death for a 401K that I was named beneficiary on. They told me they would send the documents out- it would take 5-7 days. We called when they did not show and were told to wait 10 days. When they did not show I called and they said it was with their research dept and that take 3-4 weeks. I told them that I would have my attorney contact them. The next day we called with the attorney again and stated that the docs were shipped over 10 days ago and I should have them that day. I already had my mail so they did not show and we told them.
All the sudden they said they were shipped yesterday but would not confirm how or if they were sending them to my address. They stated it is now 11 days we have to wait to call again if they do not arrive by May 23rd. I reported his death 4/25 - they were not helpful or honest in any of their statements so far. Will definitely not roll it into my current fidelity account and will look to move my current one.
They manage my investments, so they should be responsible for accuracy of those accounts. They made my 1099 available in March (late because one of those accounts dragged their feet), but I was able to submit my taxes on time anyhow. A couple weeks later they sent me a revised 1099, which caused me to submit a revision to IRS and Colorado. That cost me $125. They refused to compensate me, stating that it wasn't their mistake but rather a particular investment, so it wasn't their responsibility. They didn't even offer any assistance in the matter. They manage those accounts but claim they're not their responsibility??? I'm very disappointed with this company.
My husband has worked with every broker to help secure our retirement. Fidelity is ruthless in how they treat him and our family making all sorts of mistakes. It started when he retired and they messed up his pension and stock options than went to his 401k. This was done in order to rollover into any IRA which would have had terrible tax bracket issues. The rep just wanted to make money. My husband filed multiple complaints to TD and Government agencies. Recently he thought it would be a good idea to diversify our accounts and since I have a work Fidelity account not by choice he would try and put some of our life savings into a Fidelity account hoping we would not have the same issues.
A week after he set up a transfer he is told that he is not allowed to open an account. No reason given. He then is assured that his transfer would not go into the account and that would be the end. A day later his account is transferred to Fidelity and frozen so he spent the whole day calling and no one could help him. They wanted to hide behind the mistake. I think by far this is the worst brokerage company. They do not care about customers and the executive team has too many layers of incompetent people covering them.
Beware of Fidelity's sudden account restrictions with no given reasons or warnings. Ask them why & you will get lots of apologies but no specific reason. I had over $100k invested in Traditional, Ira, & Roth accounts & it happened to me. I have since transferred my business to Etrade & Ameritrade & have had no problems. I would suggest you do the same.
I am now convinced that Whole financial system and All its collaborators as financial investors, lenders and agencies are a total rip off if you are not in the top percentile. What a rip off. If you don't know what I mean try for yourself. And you will know the gaping loss of thousands and thousands of dollars in taxes.
It's very telling how when you search for Fidelity reviews and all of the companies (probably paid off) that do reviews rate them very high but when you come to a place where the customers review them they rate very low... I moved my IRA from Vanguard because their customer service and web interaction was as bad as it gets. Now, I'm not sure that I've made the right choice. Fidelity's web interaction is fantastic compared to Vanguard but their customer service is just as bad. It seems that good customer service is a thing of the past.
This morning I went on-line with Fidelity and started a chat with a simple question about my IRA. I was told that IRA's aren't' dealt with in chat so I'd need to call. Two hours later and after being passed from person to person I ended up in some random voice mail box... I'm giving them one star to offset the five star ratings that they clearly paid for!
Last year at the beginning of April someone opened a brokerage account and did a full account transfer from my Fidelity account to who knows where. I did not authorize this, and I didn’t receive an email confirming it. I logged in and my account was empty and closed. I contacted Fidelity immediately and they reversed the transaction. I have about $9,000 before and roughly $600 was returned to me. I have contacted them several times over this and have only ever been told that they are waiting on the other firm. I read through the supposed guarantee, and it appears that this should be covered, however, at this point I feel as if all hope is lost.
They never once contacted me to tell me anything about the fraud or the investigation. I understand that $9,000 isn’t a lot of money, but, it is a lot of money to me. I can say that at this point they have lost me as a customer. They told me once that their intent is to make my account whole with all positions as they were. I cannot recommend them as an investment firm and I would keep my money far far away from them. I believe I am proof that your money isn’t safe in their possession.
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