Fidelity Investments Reviews

Tried to set up a roth ira account & since my old job from over 25 years ago had my old 401 with them I wasn't able to, even after calling twice, talking to multiple people, verifying my identity.. They sent me a paper application like it was 1980.. Bye bye, had absolutely no trouble at Schwab. Even when my adult kids added me as authorized user on their accounts I'm not allowed to make my own log in. A joke!

"Griffin" helped me with all of my questions and helped me to understand all of my options and really gave me a better understanding of what investements are and where they go. It is refreshing to be able to speak to a real person who is knowledgeable in their profession. Thank you Fidelity Investments (Griffin) Learning more about these investments has given me a better peace of mind. Highly recommend Fidelity Investments.

Words cannot begin to express my utter disdain for this over-bloated, sham of an investment company. For months, I have dealt with unprofessionalism, a lack of clear communication, misinformation, and constant stonewalling whenever I sought answers. I was forced to jump through endless hoops across multiple regulatory bodies, only to discover that they had been lying about where my funds were actually being held. So buyer beware; if you want to deal with an institution that will hold your money hostage indefinitely, ignore you at every opportunity, and then feed you outright falsehoods when someone finally does respond, including misinformation coming from the executive level, then by all means, put your money with Fidelity! Frankly, you would be better off burying your money in a ditch somewhere. At least then you would know where it is.

I am writing this review as the POA of my sister. She has IRA and Roth accounts with Fidelity. She is now in Memory care and we need to access those accounts to pay for her Memory care. I have a durable power of attorney. Unfortunately, when it was made, she did not check the box for handling Stocks and Bonds transactions but did check the box for Handling Retirement Plan Transactions. Everyone knows that those are invested in stocks, bonds and mutual funds. After requesting a letter explaining why they would not honor the POA, even after I had filled out their in-house POA, which they requested. I receive a letter from them still denying it.

Fidelity needs to be exposed for the trickery that can only be sustained by a closely held corporation. Example 1: Fidelity will shut you off on the telephone if you inform them that as a client resident in New York State you have the right to record the conversation. They will shut you off even if you do not inform them and they detect a recording device. (See New York law below). 2) If Fidelity quotes you on *their* recorded line and you feel the quotation was taken out of context Fidelity will refuse to show you the transcript they are quoting for. I have at least 10 other examples of legerdemain or undocumented legal activity. I can document all of this document based on real time note taking.

I personally have a problem with Fidelity acting as a tax collection agency for the IRS 990t. The IRS has claimed my midstream oil company stocks are a non-profit organization and takes what seems like a secret tax that can’t be included on your 1040? They also take after the April 15th deadline and that way seem to get a penalty to boot. Fidelity says they make no money on this 990t secret tax but I think maybe they blame the accounting firm they use? I have requested the House Ways and means committee to investigate as Fidelity only does not audit any account where you pay a broker only self-directing little guys.

30 years + with Fidelity then hit RMD at 73yo. My Financial Advisor was fired. I had been with him for over a decade. I was left trying to find another good Advisor & team. New team in Denver called me twice to do RMD for 2024. When I was doing 2024 taxes, I found Fidelity had me take an additional $26,000+. I called Fidelity immediately to resolve. $2,900+ penalty from Feds for mistake. Fidelity reviewed my complaint. Fidelity was too busy denying the error occurred to help me. Fidelity has gone downhill. Firing experienced staff and hiring less experienced staff.

Parker ** is our financial advisor. As a rating, he is a 11 in a schedule of 1 to10. Being in banking for 50 years I have never been so impressed. Especially since he is so young, but has a handle on all the necessary things to serve. His knowledge, kindness, evaluation skills, time management, and question answering is in unbelievable. In my 50 plus years of banking, I am seldom so impressed as I have been with Parker!!!!!!

I was told that an Empower rollover check would be completed in just a couple of days. Time was of the essence because I am moving from Nevada (no state tax) to Utah (4.5% state tax). Moving the money in less than five days I would incur no state tax because I am still in Nevada. Moving it in seven days I incur 2K in Utah state tax. They could do nothing to expedite and it was obvious from my latest phone call that they really don’t care. It’s all about what they get and nothing about what you lose. The proof is in the pudding as they say. If you look here on consumer reports 90% are negative reviews. I only have 100K so they could care less. Next month I will move it to Charles Schwab and it won’t matter to them.

I was all excited to use their software and then after four attempts to link my banking account with them and 3 support calls later, I gave up. One of their representatives told me to call my bank and have them call Fidelity with my banking information. What??? What a waste of time and effort.