Fidelity Investments

Fidelity Investments Reviews

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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

Pros
  • Free robo-advisor account
  • $0 trading commission
Cons
  • High fees for wealth management
  • No futures or options on futures

Featured Reviews

Verified
Castroville, CA

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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Verified
Boise, ID

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

Stars Rating

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  • 16%
  • 7%
  • 2%
  • 67%

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    How do I know I can trust these reviews about Fidelity?
    • 4,464,082 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer ServiceStaff

    Reviewed June 19, 2024

    Worst experience of my life. The financial advisor I worked with was deceptive and definitely not a fiduciary. He knew I was low income and did not pay taxes yet he was harvesting losses on my account and I lost around $15,000. I trusted this guy and his team, I liked them a lot and I never thought they would do something like this to me. I am a senior in my 70's and I cry over my loss because it was intentional and unnecessary. I went to Arbitration but lost because he sent me an email stating that he would harvest losses on my account. I did not know that this was a legal document and just thought it was a mistake. I had discussed with him that there was no need to harvest losses because I am low income and do not pay taxes. I had over 250 transactions on my account in 11 months. I think as we age we become too trusting, please senior investors do not do business with Fidelity.

    Reviewed May 9, 2024

    My former employer transferred an annuity to Fidelity from TIAA. The annuity got cashed out into a money market fund. When I tried to withdraw the money from Fidelity I was blocked and they cut off my website access until I provided a Power of Attorney and a doctors note that said I was disabled and incapable of managing my finances. I have complaints in at Finra and Attorney General’s office in multiple states.

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      Customer ServiceStaff

      Reviewed April 26, 2024

      Had an account with them, didn’t earn anything over the span of 4 years. I work in a similar field so when I try to contact them to see if they receive paperwork that I fax or email them or to check on status of anything they literally hang up and I have to call back at least 3-5 times. It’s like they don’t want to help you. That’s why people are transferring money out of your company into way better ones.

      Reviewed April 25, 2024

      They are not to be trusted and do not look out for your best interests. In a 2.5 year period of time we lost tens of thousands of dollars while they continued to earn their fees from our account. At no point in the relationship did we gain as much as a penny. Buyer beware!

      Customer Service

      Reviewed April 8, 2024

      10 months ago debit card was canceled automatically for fraud detection. Ordered new cards over 30 times over the coming months to my house, UPS/FedEx drop off locations, even rented a P.O box and still couldn't get it. They don't have a physical location that exists to get a card or withdraw money they said. Told me I could sell my stocks and receive money that way as Christmas was approaching (6 months after they locked my account). Of course they mail the checkbook from securities account with the card... lol.

      Hired a lawyer to deal with them. They immediately closed my account(s) and sent my lawyer my money a month later, missing 5 figures somehow. Lawyer asked for bank statements from all accounts, been over 2 months that printed paper hasn't been mailed to him. Straight up stole my money for some reason. Used them for over 5 years. Promise you the world over the phone of course. My account(s) went from nearly 30,000 usd to 4,000 usd while I was locked out with no explanation. This would destroy a lot of families to be randomly cut off from their life savings then only recover less than 15% of it almost a year later.

      Customer ServiceStaff

      Reviewed April 4, 2024

      I've been with Fidelity for about 30 years. While other companies have made it more difficult to actually talk to a rep, Fidelity remains available and helpful--and wait times are reasonable. Trades are free. Statements have been accurate. In all those years, I've only had one problem--the rep didn't know what he was doing on a complex IRA transaction and messed it up badly, with potential expensive tax consequences. However, my next call went to a different rep who advised me of the error, and Fidelity ultimately corrected the issue to what I hope will be the IRS's satisfaction. I've tried some other brokerages and none of them had good customer service. With that one exception, Fidelity's is excellent. They're now the only brokerage company I use.

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      Customer Service

      Reviewed March 20, 2024

      My statement says $0. However I put 20% of my pay in that account for 1 1/2 years. It's not a while lot. But it's money. I no longer work there, so I was going to withdrawal the money. My statement says I have $0. And. I keep getting emails acknowledging a receipt for life insurance with fidelity.. Which I never ok'd or bought! What the heck? Another rip off? It seems like that's all that happens to me. A big rip off!!!

      Reviewed March 8, 2024

      The investment recommendations provided by you resulted in significant financial losses for me. Despite voicing my concerns, I was not given satisfactory explanations or guidance on how to mitigate the losses. I had to use an independent advisor Libbey ** on Google and I'm back on track now. Fidelity please do better.

      Customer Service

      Reviewed Feb. 29, 2024

      1099R form has incorrect code on line 7 due to the fact that there is no line 11 on the form. I have made 2 calls and both times was told that they can't do anything about it. This 1099R form originates from Fidelity. The end result is I am unable to file my taxes. I was told to have my tax guy fix it. HR block says they cannot.

      Profile pic of the author.
      Staff

      Reviewed Feb. 27, 2024

      I tried to help my dying daughter change her beneficiary to help set up a trust for my grandson. Sent them all the forms they requested. Even overnighted them. After almost 2 months they haven't completed it. Just a big investment banker that doesn't give a damn about the small people. Now my daughter is in a coma with just a few days left and they want me to MAIL them a power of attorney to even tell me why they haven't done it yet.

      Mike I.

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      Fidelity Investments Company Information

      Company Name:
      Fidelity
      Website:
      www.fidelity.com