Fidelity is a green monster of pure hell. Cons: Incompetent. I used to be able to see how much I had in a fund and if it had gone up. I don’t want to see articles or a “guaranteed return rate” and ways to customize my news in my feed. So now I'm stuck paying every pay check for something I don't want or need and now I'm forced to shell out a lot of money for prescriptions for combat related disabilities that had been provided for free with my other insurance that now I'm either forced to pay for or just to go without. Every phone call takes at least 45 minutes on hold. [Then why did they issue the checks?] 6/23/2020. Add up the thousands of accounts and they use our $ and we get paid $0. Pros: honestly NONE> confused and dazed customer service, you can get two or three answers usually wrong to the same question.... the wait times can run an hour . Mutual fund turnover rates are extremely high as well. For this reason alone I’m using Yahoo for quick checks. When I contacted them to know the cause, they said they have an algorithm to select best customers with highest revenue, highest assets at fidelity. Original review: Dec. 5, 2020. Fidelity ranks as our top overall IRA account provider for many reasons. This is, Fidelity terminates the account but keeps the account active and allows the account holder to use the customer service web site. Folks, they want your money and don't want to help.The manager for the Westlake Village office (Omeed Fijadi) refused to explain the reasons I want activated with real time trading and made me feel like I was wasting his time? That was it. Stunning in 2020 Fidelity requires you to use the US postal mail system. Fidelity makes Ally look really really good. With no fees for their IRA's and a great selection of commission-free funds, including target date funds, retirees can have their portfolios managed by the pros for only a minimal cost. by Brian Smith, They refused to issue a 1099 with the correct code. Each year, Fidelity will contact you and review your profile information. Three weeks after I informed Fidelity of my opinion, we received an official notice that our brokerage account would be terminated. It's a big scam. AND they had me fill out a W-9 Tax Form which again I did online as directed. I’m talking about just how cluttered this app really is. Cons: See Review. - Watch list limits are easily met, and getting to watch lists and adding stocks are multiple clicks. Up popped all kinds of telephone numbers. When I mentioned that maybe I should talk with my previous employer, they told me not to contact them because Fidelity was the company's retirement account manager. Fidelity puts technology at the forefront in their business (I know from my own personal experiences with Fidelity over the years). by Shanon, 3/2/2017. What a useless individual and company! Active Trader - Platform freezing so much - must have serious processing problems Schwab is far better- no fees re: ETF holding period.0 replies 0 retweets 0 likes. Additionally, some brainiac actually decided to post a message in place of all that highly relevant content which states “To help you navigate...we’ve streamlined your client experience for the things you do most”. As a Fidelity active trader, there have been times where I just cannot access the market. You have to get a gold medallion stamp on their form usually a bank VP then send it back by mail. I am closing my account. 7/17/2020. THEY KEEP YOU OFF REAL TIME TRADING!!! This never happened. Pathetic for an investment firm. She died five years ago. I called Fidelity. This is inexcusable on Fidelity’s part considering this is the exact situation that I wanted to avoid and specifically discussed with Fidelity.Although promised the Managed funds person would contact me, that too never happened as promised. What has happened.? I told them it was too much but they insisted and verbally guaranteed it was correct due to a law suit settlement. Somehow one cent was left in my wife's account. today's rep. kept checking with "The Back Office". 3/20/2018. I ALWAYS go back to Fidelity Investments for my research on companies, businesses and industries. . We had one advisor in Oak Brook Illinois for many years, and now one in Naples Florida for many years. billionaire? TWO family members. 4/3/2020. by Low Fees wanted, They have a horrible customer service. And yes, I have been contacted by Fidelity after that, asking why I removed the brokerage account from their management. I do not understand why all the cheap investors invest money with them. Which I didn't qualify. Fidelity support said because my mail to address was in Canada that I was now a Canadian and by law was not allowed to have a cash account with Fidelity.Does anyone see a problem with this? I'm sure that at this point I could open up another brokerage account and no one would say a word. They sent them to an address 4 states away! sad. I completely trust the research information you can find on the website or with a customer service agent. Full Fidelity review. Bitcoin in ira fidelity has value in air because it has group action costs that are much lower than credit cards. He left this IRA to his spouse BY NAME as beneficiary, even after they were divorced 15 years before he died. I needed to explain the past phone calls with the previous agents. I made a stupid mistake to entrust life savings to this company . Cons: a lot, customer service, handling your money, secure communication, Three weeks ago I decided to open a trading account and change my current broker. An hour later, I received a call and they needed another document (they could have told me all in once). This indicates insecure business processes with uncontrolled practices. Why call it Customer Service if actually contacting them is so difficult and there is no actual "service"? They don't handle email or enable you to get more direct communication with the person handling your request, by Sharon, It is your money, you would assume that would mean something. What are Fidelity Investments IRA charges? Pros: Some of the reps are kind but mostly are not. But nothing happens. Look at my YOY rate of return . Their active trader platform is garbage now. Cons: Bad experience all around. Please use respectful and I'm not going to that trouble for a penny so, I guess, they will just keep sending them. But it's not typically thought of as a “go-to” company by people under 35 years old. Very ambivalent and once again confirmed they didnt really want to help.Several other issues that could have easily been resolved with a little courtesy and understanding.Fidelity focuses on large 401K and Corporate accounts, If you have an account under 2M you might look for a customer service friendly company that will take care of you and appreciate your business, ill take the account to TD Ameritrade, they seem to want the business... by Steve Beai, I opened an account because I wanted better that Ally. Disclosure: This post may contain references to products from our advertisers. ALTHOUGH FIDELITY HAD THE INFORMATION AND IDENTIY FOR THE LAST 20 YEARS ON ANOTHER ACCOUNT, THEY (1) BLAMED IT ON ALLEGED MISINFORMATION PROVIDED BY THE CUSTOMER, (2) INFORMATION IN THE POSSESSION OF A FIDELITY COMPANY WAS A SPERATE COMPANY AND THEREFORE THEY CANNOT USE IT. Often the people you talk to don't know what you want. She is 89 years old, has Altzhiemer and does not understand the stupid questions they ask.Bear in mind Fidelity Rep. was well aware I was doing this for my Mother. The rep, Glenn came back on the phone and I was told all the forms have been received, and ARE PROPERLY filled out. I called 5 times in two days. The deposit slips don’t list my name. CONSUMERS DO NOT CARE TO BE THROWN UNDER THE BUS WHEN FIDELITY'S SYSTEMS DO NO OPERATE PROPERLY AND THERE IS NO EXCUSE FOR A FIDELITY COMPANY TO STATE THAT THEY ARE NOT PART OF THE SAME ORGANIZATION. I'm going to make sure that EVERYONE I can tell is warned about this DISHONEST sneaky underhanded company (Fidelity) using every source I van find (print and social media) and word of mouth. And then when the prescription medicines I need for my disability suddenly came with a huge charge (that had NEVER been there in the past), the prescription company said that my new insurance with Fidelity didn't pay it later me the military company, and that they were forced to use them since Fidelity had gone behind my back and told the company that they were my insurance even though I told them flat out that I DIDN'T want them. numbers on what you have change all night two times at least. false information, speculations, or to remove spam. Today is Monday they told they are not gonna margin my account for the money transferred last week. The representative at the call center have a hard time finding the transaction and then justifying or even knowing for sure about how things are done. My Roth IRA has been with Fidelity for 10 years. As you can see from my Fidelity Investments review, we recommend them as your one-stop-shopping investment firm. I used Qualified Charitable Distributions from my IRA. 1. 11/27/2019. by Tim Routch, What is Fidelity Investments clearing firm? If it were not for their large team of corporate lawyers, I would pursue suing them since they have cost me money but sure they would just bury the little guy with lawyer fees. If there are any significant changes from your initial profile determination, they may revamp your investment strategy. the wait times are unbelievable and the call center often doesn't give the right answer. Interefere in customer accounts ,cry at evry foul ,sell stocks 1 day after bought. Highlights include a long list of no-transaction-fee mutual funds as well as commission-free trades for U.S. stocks and ETFs, among other investments. Horrible communication and did not deliver as promised. Funny side note...I remember working at Fidelity a LONG TIME AGO when they were one of the first companies using email for their customer accounts before any other investment companies had heard or thought of implementing that new technology. So, I thought it will be easy like any other online broker Ally, E-trade, etc. 6/30/2020. ON 11/23/2019 I sent the Power of Attorney form by mail. I also requested BOTH the account transfer AND a Durable Power of Attorney form to be sent by mail.I was told later NOT to return the Paper copy because this would cause confusion. I just told them their software was nonsensical and worthless. This was an invaluable feature of the app because it displayed a global map of world market states (up/down), futures and open market values, equity quotes that related to your holdings and watchlists, and market news briefs/links relative to each equity displayed (including quick charts and instant quotes). The good: These features make it better or as good as the best out there. Cons: What brokers or are you referring to the used car salesmen looking to scam you for a commission. Very poor, dishonest customer service. Clean design, smooth animations, minimalistic but not too plain is all you need but this app is great for people serious about investing and offers a lot of help from its more than helpful representatives. What, this is not the 1990s. She has received monthly statements for over ten years for the $.01. 6/12/2020. Who were now, providing information COMPLETELY opposite of all I had been told in the days before. by stella, Pros: A very disappointing relationship with Fidelity and it's service standards. No accountability. This company cost me a lot of money, time and frustration due to their incompentance. Cons: They really truly are incompetent like others say. Another very popular and better priced broker for 401K rollover into IRA account is Ally Invest. Cons: there is not enough time or space to list the cons. attitude of so called help is usually wrong and bad. Just write the amount you feel is taxable on your 1040 Form."2. tHE BROKERS ARE EXTREMELY INCONSISTENT WITH INFO THEY GIVE ME...AND THEY CLOSED MY ACCOUNT EVEN THOUGH i HAVE PAID FOR SHARES IN IT....VIOLATION OF sec AND finra. Fidelity is very difficult to deal with from contacting a pulse to the agents capable of performing what you need them to do, The call in centers have poorly trained service reps and not at the knowledge level that i want handing my funds.They love to advise of the penalties if any so they scare you into leaving your funds with them and the lack of access to your MONEY , well that's how they make there living. (I happen to know, from conversations with my father before he passed away, that this IRA is worth a great deal; in fact, an UNUSUALLY large amount.) Get 500 free trades with $100,000+ deposit. I opened an account because I wanted better that Ally. I told them from the beginning that I have insurance through the military. Best Overall: Fidelity Fidelity ranks as our top overall IRA account provider thanks to a combination of factors. It's obvious they just don't care!This is a total breakdown in leadership at Fidelity! I would not recommend this company to anyone.They cost me severe thousands by not properly investing my managed money in a timely manner.Plus there is always a long waiting time on phone.Since The error was totally a management error, they refused to recognize that gross mismanagement of my funds and correct their mistake. My father invested with Fidelity via an IRA Account. Disclaimer: Your review, broker rating, pros and complaints information must be honest. I am helplessly waiting. What happened with my mother's money. 5/23/2020. It was the "Go to site for clarity and Fidelity", It has turned in to a Junk status operation concealing data. 2/13/2018. Go to Vanguard and invest in cheap funds or their etfs. I had to log on and hunt for the reasons that they never approved it ! Not sure why there are small limits on the amount of tickets you can add. What are Fidelity Investments margin interest rates? I got annoyed at their exhaustive list of personal questions I must answer every time I called in. Cons: dont follow yuor directions, dont disclose all road blocks, almost impossible to contact once transaction has been completed - almost push you out the door. 10/20/2018, Cons: arrogant, disrespectful of customers. It seems as Fidelity doesn't pay much attention to terminated accounts with 0 balances. The people I wrote to said basically tough luck. 7/25/2019, Cons: Interefere in customer accounts ,cry at evry foul ,sell stocks 1 day after bought, My patience has just run out with FidelityThe first issue I had was that they allow you a margin account,(which is great) They offer you a additional daily margin amount for day trades.I would buy and sell stocks in same day and they red flagged me for being a pattern day trader.I am confused ,you offer me a daily margin amount ,I buy and sell in same day ,and you flag me for being a pattern day trader and shut my account down for 3 months.The last straw came just two days ago, I have a large trading amount and it is also a margin account.I made a very large purchase on a particular stock, at say 170 while it was consolidating.I used my money and I used Fidelity money as leverage which I legally have the right to do.The stock was consolidating and was ready to explode,however after one day Fidelity sent out a Margin warning stating they were going to liquidate my position. They do offer the typical FAQ's section, but its extremely limited and I didn't see where I could ask my own question. The app did not always integrate all the functions and data that we had on the website, especially when it came to research and analysis, they changed that. TWO names. Fidelity is a very conservative company, a plus for a financial firm. WOW was I wrong. At the end the representative asks me to put a limit order today - As if I am a fool, I will trade stock on first day when bear and bull both are highest and making the stock super volatile. This is happening every time I have an issue with them.Their FidelityPro site is horrible, graphs jerk on the screen, hard to move them around the screen.Under no circumstances you should choose them as your broker. 10/5/2020. I had a managed account paying 1.25% of the amount invested so about 5K annually.I also have a brokerage account with them. They wanted a copy of my Mother's SSI card. Consumer reviews could be edited by the website staff to keep free of inappropriate or offensive language, I sent them the warning and DEMAND letter from my mortgage company and they say the amount requested is not right! If, for whatever reason, you need to speak to someone, its impossible to get through their "automated misdirect system". by Dcgc34 pants, by Ted Cummings, mutual funds, options, and bonds.". From usability to cost, trade experience to order types, and everything in between. Use test deposits or something. 2/23/2018. Cons: Bad technology, things never work, poor service. Called Fidelity. Fidelity just removed all content from the “Feed” tab (which could be scrolled through without logging in). Fidelity is a comprehensive and responsive brokerage suitable for both new and experienced traders alike. All I wanted was simple transaction. Fidelity will publicly never acknowledge their failing for fear that people will find out the truth. Horrible results. What have we learned in this Fidelity IRA review? A few years ago this would not have been a problem, by Don C., PERHAPS THIS IS ONE OF HTE RESAONS FOR THE DRAMTIC DECLINE OF THEIR BUSINESS RESULTING IN THE RECENTLY PUBLISHED LOWER TRADE COMMISSIONS. Fidelity make up rules as its go!Today they told me they will have to hold my money until Monday. She was and IS the beneficiary BY NAME. Use Fidelity's IRA Contribution Calculator to determine your partial contribution amount. It plays with investor’s money, make weird decision to block trading and penalize investors for venting their anger . I'm sure if they commented on this they would say they have a set procedure. Need to use yahoo watch lists to overcome my need to watch a bunch of stock groupings easily. This morning 11/27/2019 I logged onto the account to check the status, since the paper work WAS received and in order, funds in the account, and to check if the Power of Attorney was in force. 5/31/2017, Pros: It was the "Go to site for clarity and Fidelity", Cons: It has turned in to a Junk status operation concealing data. if you go to arbitration you are wasting your time. (A filing conflicting with data the IRS has often triggers a probe.). Watch list should be next on the list. by Leonard, Not all trades are winners but when you have a position that is going to be the big one and Fidelity takes it upon themselves to sell your position prior to the explosion in price ,it is the last straw.I have had enough with the incompetence and there clowns in the office who have never traded and are going to take it upon themselves to liquidate my position for no reason other than the fact that they have no balls.F Fidelity I lost $200,000 because they want to offer you margin but want to tell you what securities to buy.Big trades make Big profits and Fidelity stole $200,000 out of my account.I am finished with this shit show. I have a little over 7 figures invested with Fidelity and so we have a so called Portfolio Specialist (Matthew Faubion) who is supposed to provide advice and review our portfolio quarterly. by Sean, Nothing but errors. UPON logging on I panic ed ..... $0.00 Balance ? And when I said what if I didn't pay for the insurance, they said I didn't have a choice and that they would just continue to take it out of my check without my permission. Bad technology, things never work, poor service. I called Wells Fargo and had to speak to 9 people before I learned that he had given me misinformation and the money was transfered to Merrill Lynch. You can read our advertising disclosure here. It seemed funny when I was trying to find my account, every time I called I had to talk to a different person. I absolutely hate their customer service. STOP! I just opened my bank a few weeks ago, and I get eStatements. No obvious way to contact them personally, although I've emailed and telephoned them in the past. Instead of correcting the 1099s, Fidelity's solution is for me to file 1099s that conflict with the versions they already sent to the IRS. ?..Why in the world would any client want that kind of stuff immediately available?? 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