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

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

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.

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Fidelity Investments Reviews

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Page 3 Reviews 40 - 70
Rated with 5 stars
Verified Reviewer
Original review: Feb. 4, 2022

I've been with Fidelity for 13-14 years. They are the best broker I have had. Their representatives have been intelligent and efficient and well-trained. I have never had a poor experience. My favorite thing about Fidelity is that they allow an unlimited number of price alerts, which can be set up 10 at a time. That feature alone will keep me with them. No complaints. Previously, I had four other brokers.

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

First Fidelity closed my account with no notification or reason. I had to call to be told my account was being terminated because I have a drug charge on my record that is over ten years old. I asked why are they running a background check on me and they had no response. I paid my dues for my past mistakes and the charge had nothing to do with stocks or trades. I find it confusing they would close a $300 account at that. I barely had any money invested and I didn't apply for a job so why are they running a background check or in my personal information without my consent.

7 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 27, 2022

Updated on 09/22/2022: So even though there has been no revelations recently, that we didn't know 9 months ago, every month, they lose my money. I am down over $500,000!!!! WTF? My advisor does not care and basically says that if I don't like it, cash out. Then, turns around and tries to get me to invest my remaining amount in their Fix Income Managed services.... Really!? And today, I go and see that they lost another $25K in managed services, and my MS advisor is no longer listed anywhere!!! WTF?

Original: My employer had selected Fidelity for our 401(k) plan and with limited options for investing, i.e. only Fidelity offerings, my portfolio was slowly growing just fine. After I retired, I researched other investment companies and decided to leave my money at Fidelity, in the accounts that I had already been invested in when I was working. I had been counseled by the Fidelity advisor that if I really wanted my portfolio to grow, I should consider their managed services. I checked out other firms like UBS, Insight Wealth Management, etc. and thought why not give Fidelity a try.

I decided to move about 75% of my, or $2,597,000 over to managed service, in two accounts, one an individual account ($1,597,000) and the other into a rollover IRA ($1,000,000). Prior to moving the money, I had met with their managed service team, and asked about volatility, risk tolerance (6 out of 10) and fees (they get about 1% of the TOTAL portfolio, which means even if they lose money, they still get paid on whatever you brought over).

Fast forward 6 months, and my 25% that I still manage has grown about 10%, where the managed service account has dropped (and continues to drop) by over 5%. I voiced my concerns, but there is always an excuse. My gripe is that I asked about who is actually managing my portfolio...They say that they have hundreds of analysts working on maximizing my portfolio's value, but all I have seen for 6 months is a steady decline. I said I'd wait a year before pulling my money out, and that's what I plan to do, hoping that it at least gets back to the original value. If it gets there before a year, I will cut them off, liquidate and pull my money the heck out of Fidelity.

15 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Dec. 14, 2021

I have asked a number of times why Fidelity continually sells my stock at the lowest point and buys my stocks at their highest point. No explanations are given except that the formulary. Also, I was told my commission fee would be .7% and there would be no cost for trades. On my monthly statements, I see that I am paying 1.45% in commissions and fees. I have lost $5890 between August 2021 and December 2021 while all my other 401ks are making money. Having a managed account with Fidelity seems like a really losing proposition to me. I watch my money with Fidelity deteriorate and it is the majority of my entire portfolio.

22 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 14, 2021

They liquidated my retirement account while I require a rollover in kind. It took 4 months to get the problem resolved; and I was shoveled in between department when calling in their customer service. Calls took ages to be picked up. Up to the end, I didn't know how the mistake was corrected accurately. I did not receive a detailed breakdown regardless numerous calls to them.

15 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 5, 2021

I have had a 401(k) account through my employer, with Fidelity Investments for 20+ years. In January, 2021 I requested a distribution from my account for $10,500, which originally, was to be wire transferred to my account with Bangkok Bank. Later, Fidelity explained that they were unable to wire the funds directly (this is accurate, and apparently the result of a change in Federal Regulations), and instead, sent me a paper check, via USPS. That check never arrived. In or about April of this year, I called them again (BTW - I live in Thailand, and have to pay for all of the foreign calls I place, regardless of their "toll-free" status in the US), to tell them the check had not arrived. Fidelity cancelled the January check, and sent a new check, this time via UPS. I sent this check out for collection on April 30, 2021. Fidelity claims that check "cleared" on June 17, 2021; in fact, the check was never honored.

The first week in July, I went to my bank (Bangkok Bank), to inquire about the delay in posting the money to my account. Bangkok Bank followed up with the clearing bank, Bank of America; BofA confirmed they were unable to collect the funds from Fidelity. I called Fidelity again, and was told they would research the problem. I received no communication from Fidelity after this, though I called several more times. In October, I spoke to a Response Manager from Fidelity, who requested I fax her letters I had from Bangkok Bank, and Bank of America, explaining their failed efforts to collect the funds from Fidelity; that fax was sent out on 10/22/21. She promised she would contact me once she had a chance to review and research the problem; she never did. It is now December, 11 months from the date the funds were supposed to be paid to me, and have not been paid.

In that time, the money has never left Fidelity's account, and they have presumably used that money for their financial gain. In the most recent call to Fidelity, I requested they pay me the interest I had lost, because of the delays in sending me my funds; they refused, saying they had not done anything wrong, and so, shouldn't have to pay interest on my money. They still claim they have not had sufficient time to research the matter, and have no estimate on when (if?) they will send the money they owe me (to be clear, my own money). In June of this year, I began the process of removing my savings from Fidelity, rolling the funds over into another fully qualified pension plan. That story is almost identical to the original story, down to refusing to pay me the interest which should have accrued to my account, and which was instead given to Fidelity.

9 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 2, 2021

I have been going around with them for three months trying to establish PoA authorities for my parents' accounts. After told that I needed to complete a Fidelity form along with sending copies of the PoA. Fidelity would come back every two weeks asking for more information. Then after three months, told that the Fidelity form they told me to fill out was the wrong form and I would have to travel back to my parents' state of residence and start the entire process all over again complete with notary. The incompetence I have faced over the past three months (!!!) trying to get what should be a routine event for a large brokerage firm is mind-boggling. In doing a similar Trust arrangement with another one of my father's accounts with a different broker, the process was done in 2 days.

17 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 23, 2021

Fidelity has restricted my account and will not let me withdraw my money. They hung up on me and told me I was no longer a client while they have my money. I would use anyone besides fidelity. Stay away.

20 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 5, 2021

UNBELIEVABLY LONG WAIT TIMES TO SPEAK WITH SOMEONE! They have been managing my money for years now, I can't get a hold with someone on the phone. I just give up waiting and have to hang up. Are they thinking that you will stay on the line hoping that someone will finally pick up and you get lucky! I thought this was a good company.... So annoying and disappointing! UPDATE: OMG! and that's not all - after waiting for 45 min for someone to pick up, she/he will then transfer you to someone else and wait another, God knows how long, hour or so! What a Financial institution! Disaster.

13 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Oct. 22, 2021

If you have questions or technology issues per online trading, Your questions are answered in record time by real live humans. You're never put into a robo-caller hell. Personnel are courteous and attentive to one's questions with clear and concise instructions and assistance.

10 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Oct. 10, 2021

This company is great in keeping the clients up on what to expect in my portfolio of benefits. Monthly I receive reports and explanations on how and why. Retirement funds - that I invested through employment. With all the fraudulent activities that are going on this company can be trusted.

7 people found this review helpful
Rated with 3 stars
Verified Reviewer
Original review: Oct. 9, 2021

Not really overall satisfied with the quality of the product that they offer. My advisor rarely ever calls, and if he does it’s because HE has some sort of stock to push. When asking him questions about something I feel like I get a “canned” response. Never really willing to give you his thoughts or concerns, but rather the “canned” response. It’s like dealing with a computer rather than a person. During these times it would be nice to get some true thoughts

16 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Oct. 7, 2021

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 with results of stocks you want to watch. If you set a buy for $1,000 (because that is your available cash balance) and price ends up $1,200, then just call Fidelity that day and they will let you sell some of you other shares to cover the difference.

13 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 30, 2021

I have had the worst experience in my life dealing with this company! I tried for 9 months to get my stock transferred over from my transfer agent. The last conversation I had was 4 months ago and they assured me it would be taken care of. I was pissed it was not done because someone I know had done it 3 months prior. Here it is 4 months later and I found out it still was not done. WTF!!!! Now my stock has fallen 80% from when my friend sold his.

18 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Sept. 28, 2021

I had a fraudulent withdrawal from one account in April. Reported in June. Fidelity agrees, But they have yet to credit me, though they have said that they would.

This is ridiculous; I have had a large account with them for 40 years.

23 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 27, 2021

They restricted trading during the robinhood stocks debacle and 5+ times I've found I couldn't use my margin on trades that their stake holders were holding. They will randomly hold your funds on a transfer when you have a timely investment as they have stake in the market. Thieves.

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 15, 2021

Very poor customer service: 50 minute waits, calls get disconnected. No call back, you have to start all over with new rep—it’s like they don’t write anything down. For identity theft, the absolute worst!! They were ok with the $6k move that I didn’t do. My Macy’s card called me immediately about a $200 charge! I’m looking forward to never dealing with them again! Prudential and Principal are the best.

20 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Aug. 13, 2021

I've had some experience investing on my own for personal accounts using several platforms including Robinhood and Stash. Fidelity is the easiest to use, everything is upfront and the availability for help is immediate. Any issue from general questions to 401k can be answered with ease. I know my money is safe, secure and managed all the time. I love the fact they offer free webinars to help learn more about trading and investing. I can even arrange a meeting with my advisor, and if I don't feel comfortable with the advisor I can always request to change.

13 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 4, 2021

My accounts have been close and they will not pinpoint why. In addition the activities on my account I can not view because I cannot login. There was an email to me saying my statements are available but I can't see it.

19 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 16, 2021

I have had my money with this company for years. They are fine until you need customer service. It's 2021 and there is no way to chat online which would save the ridiculous hold times. They cannot handle a simple recharacterization for my IRA. I have called several times in the past 3 months & have gotten vague responses for something so easy to handle, they just cannot do it. I was sent a form to fill out for this recharacterization which I completed and returned. Last week, I made the dreaded phone call again to them knowing I'd be on hold forever, finally got to a rep who promised that the information was in the system. Told me this would be completed as of Monday (it is now Friday, and almost 3 months later than my original request).

On Tuesday, tired of calling I sent an email through their online "system". 3 days later, I get a generic script response of "please fill out attached form & make sure this is right for your situation." This is beyond frustrating. I have ALREADY filled out the snail-mailed paper form and returned it, which the last rep confirmed was received. Is there anyone with half a brain in this company who can complete this request? Is everyone out to lunch?? Thankfully there are several other brokerages that always want your business, so I'm going to do a simple rollover to one one of them at this point. The service has taken a drastic downturn with Fidelity Investments & it's probably going to get a lot worse before better.

25 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: July 3, 2021

When I joined Fidelity as a client 30 years ago, the company was clear as to its values and principles - then hired smart and experienced professionals. This is no longer the case. The company is bureaucratic, and they hire very average employees from companies like Starbucks. RECOMMENDATION: Find another alternative like Schwab or TD Ameritrade.

30 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: June 30, 2021

I had my IRA and 401K accounts with Fidelity for several years and was happy with their service. But when I retired last year I had the misfortune of talking to Thomas ** in the fixed income department at Fidelity about a managed bond account which he said would earn 3.5% income. When I looked into it I found that the rate he quoted was before expenses. When I realized the actual rate was only 3.1%. I told Mr. ** that I didn't want to invest in it. He became very rude, condescending and pushy and in retaliation for my not doing what he wanted, he falsely labeled me with Fidelity as having a memory problem. This caused my Fidelity 401K account to be blocked from my access. I called Fidelity and spoke to a Mr. ** about my problem, he said "I'm sure Mr. ** was acting in your best interest".

I assured Mr. ** that he was incorrect. Several times I tried calling Fidelity to get help and was put on hold for over 30 minutes before giving up. I was finally able to speak to Mika in the 401K department of Fidelity. She said she would look into it. I called her back the next day and she said that Fidelity was doing a review which could take up to 5 days and that she would call me back. I called Mika back 5 days later and she suggested I call employee service at my employer. I called employee services and explained the problem. They said they would contact Fidelity. A few days later my 401K account was unblocked and I immediately moved my IRA and 401K to another broker.

31 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: June 18, 2021

If you are an active trader stay away! Spent 2 days trying to get funds reflected that were wire transferred after numerous calls - made clear it was from another IRA. Finally got the funds to reflect but while I was busy making a trade an HOUR before market closes they unilaterally decided to close out my options on expiration Friday locking in losses that was still under water. Pathetic customer service. Predatory practices. Why do corporations still use them for 401K? Schwab and TOS 100% better. Heck even Robin Hood is better.

23 people found this review helpful
Customer increased Rating by 3 stars!
Verified Reviewer
Resolution response: May 26, 2021

The matter was resolved.

Original review: May 25, 2021

DISClAIMER: This post and the information shown below is my opinion and based solely on my personal experiences. For the past few weeks, I’ve had a financial issue with Fidelity. As a result, I’ve called 1-800-Fidelity numerous times and am always transferred to different departments and employees. Although this is only my opinion, I have spoken to a manager at 1-800-Fidelity and she does NOT like to follow through and refers me to different departments. Fidelity is good when I want to buy and sell, but if I have an issue that needs to be resolved, management and the “Back Office” at 1-800-Fidelity have NOT followed through and continue to give me the runaround.

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 24, 2021

Poor service on Power of Attorney. Representative asked my wife to come to the line without detailing what kind of question (not specific just general). I tried to tell she is in the middle of something, and can not come unless it is simple one from top of the question, or if complicated one (i.e. account number), then I need to ask her. Regardless, representative cited security. Come on, it is about respect, time management and security.

14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 22, 2021

I called Fidelity 6 months ago when I was decided to purchase a new home. My company’s plan is structured so that loans are prohibited so my only recourse was a hardship withdrawal. Due to a problem on net benefits, I had to engage customer service. After several phone calls with extended wait times, I was told I was eligible for the withdrawal. I was quoted a figure and told which fund it would have to be taken from. However it would have to initiated by the back office.

Fast forward to May 2021 and I found my new dream home. When I called this week, I once again had to place multiple phone calls and was on hold cumulatively for over an hour. I spoke to several members referring them to the notes from my previous contact six months earlier. However after several days, I was informed that I am NOT eligible for a withdrawal. This news was extremely devastating to me as I had contemplated the funds as I’d been advised that I was eligible. Extremely poor service which has significantly impacted my future!!!! How is it possible to be told two completely different things when the plan structure has not changed!

16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 7, 2021

I reached out to Fidelity in December 2020 with regard to a problem. A check had been allegedly presented to my account (which I did write) that Fidelity returned NSF - although there was money in the account. I asked Fidelity to explain what happened - in part because of the check - in part because of the hellish customer service I encountered in their 1800 hell. I followed up with SEVEN emails in their communication center. ALL EMAILS have not been responded to. I called them and spent an hour and a half AGAIN on to the phone and a manager assured me they would respond. STILL - no response. I cannot imagine a company that ignores SEVEN emails and two phone calls (over three hours on the phone) fixing THEIR mistake! What a great advertisement for Charles Schwab. Literally. This level of service is disgusting. To my understanding, banking requirements require that they respond to formal complaints.

Anyhow I reached out to the Better Business Bureau - this time I received a response to my email (keep in mind it was a response to email #8 - sent over FOUR months of unresponded to emails) and they offered a canned response but nothing explaining what happened. I responded to their email asking them to address my inquiry - no response. I replied again two weeks later - STILL no response.

So, to recap - 10 (TEN) emails to Fidelity customer service (oh, and they are getting them - I receive an email confirming it) and no response. The complaint to the BBB was marked unresolved as they did not even respond to them. I have no idea where their customer service got so de-railed but it is bad. If you don't want to spend hours on the phone resolving their problem - or have the opportunity to send TEN emails and have TEN emails ignored? Check out ANY other investment company. No one should have to deal with this level of "service".

20 people found this review helpful
Rated with 5 stars
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Verified Reviewer
Original review: April 2, 2021

I have been a client with Fidelity for over a decade. I have retirement accounts and a brokerage account and I would recommend them, especially someone who is in my demographic and who prefers my investment style: 40 years old, married, middle class and who prefers investing in actively managed mutual funds, some passive funds and ETFs, and some individual stock picking. I also have a Robinhood account and a Webull account and I use them for more aggressive trading, but Fidelity is by far my choice for my long term investing. Their research platform is excellent and the number of mutual funds they offer is outstanding.

I was tempted to switch to Charles Schwab because Schwab was offering a bonus to switch and I had called Fidelity a few times and experienced long waits. I expressed my frustrating in a letter to the company and received a satisfactory response that stated the company has hired 7,200 more customer service representatives to help better service clients by phone. So if you are in the market for a investment brokerage, I definitely recommend Fidelity based on their research platform, investment options, and improvements the company is making to better serve their clients.

11 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 30, 2021

This company has such a stellar reputation and frankly I don't understand it. They have tons of hidden policies when it comes to trading. Furthermore their wait times are now absolutely insane and they don't care. There's really no way to get a hold to someone unless you want to wait over an hour on the phone. Their digital assistant is completely useless and their actual mobile website is unusable.

Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 26, 2021

Stay far away from this company. I deposited $3,000 into their FPAA account on March 21st. They pulled the money from my Bank on the 22nd. The funds were just sitting there for 2 days doing nothing. I called and try to ask why wasn't anything being invested after 3 days and they told me it takes a while for my funds to be diversified by their professionals. I then found out they don't offer tax-loss harvesting and decided to pull my money back out.

After 4 days that they took from my account, they told me my money would not be available for withdrawal back into my bank until the 30th! That is 8 days for the cash to settle. Nowhere do they say it takes that long for money to settle and never had I dealt with a broker that takes that long to settle a cash deposit! Matter of fact, their very own website says it takes 1-3 business days to settle yet when I talked to Scott who is a supervisor, he said it can take 4 to 6 days. I asked him where does it state that in your TOS and he couldn't give me an answer. They have held my money hostage for 8 days when the markets have been green. If you wanna lose time and money, then join them. Never again will I consider joining them again!

18 people found this review helpful
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Fidelity Investments Company Information

Company Name:
Fidelity
Website:
www.fidelity.com