Can We Trust Fidelity?

[foxfirev5]

+1.

Have been with Fido for 30 years and I'm very pleased with their tools, customer service and website. Last time I met with my private client rep was 2 years ago. He never sell me anything and knows that I'm a DIY and that I would call him if I need help.

My experience as well. As far as the OP's concern about the Reuters article, it's a tad over the top. Perhaps they're reaching a bit on the risk side with these accounts, but aren't any of the top performing funds? As an indexer with low cost funds I don't have a dog in this hunt.

My criteria are met with using both Fidelity and Vanguard. I don't see where trust is an issue at either place. However the customer service at Fidelity is better and I sure don't feel like an owner when I'm trying to straighten out one of Vanguards screw-ups.

 

[nwsteve]

However the customer service at Fidelity is better and I sure don't feel like an owner when I'm trying to straighten out one of Vanguards screw-ups.

Amen! Especially when the errors are "below the line" like arbitrarily changing beneficiaries on an account belong to senior parent. DM would have never discovered but we go lucky since I had POA and happen to be doing an annual "audit".
You know, some things are just too expensive to worry about doing right, I guess.

 

[davebarnes]

All our money is with Fido, so, yes I trust them:
Not to steal it,
Not to go bankrupt,
To be honest about published fees.

On the other hand, I take no financial advice from them. Nor, from any other professional advisors. I think Bogleheads is all you need for advice.

 

[Dtail]

All our money is with Fido, so, yes I trust them:
Not to steal it,
Not to go bankrupt,
To be honest about published fees.

On the other hand, I take no financial advice from them. Nor, from any other professional advisors. I think Bogleheads is all you need for advice.

Plus this wonderful site.

 

[COcheesehead]

My investing success is up to me, not the brokerage house. I question the OP’s intent with starting this thread.

 

[Freedom56]

Fidelity is fine as a broker. Just be careful with respect to who calls you representing Fidelity or your other brokers. Beware of cold calls seeking your account informaiton. Don't let this happen to you:

https://www.wsj.com/articles/fidelity-fined-1-3-million-for-failing-to-prevent-fraud-1450456152

Check your accounts on a regular basis. Criminals such as the woman posing as a Fidelity broker will prey on the most vulnerable.

 

[COcheesehead]

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Plus this wonderful site.

Bogleheads....heavy handed monitoring, one mind thinking. Plaaaaleeeze.
I love it here, there? Not so much.

 

[RobbieB]

Bobbleheads? Why would I want these spooky things around -

 

[OldShooter]

My investing success is up to me, not the brokerage house. I question the OP’s intent with starting this thread.

OP here. What is your question?

 

[njhowie]

3. Now this morniing I see @DFW_M5's thread on Fidelity's "RMD" funds, which appear to be huge ripoffs targeting unsophisticated customers. (http://www.early-retirement.org/forums/f28/fidelity-rmd-funds-91799.html). Frankly, it looks to me like any FA who put a client into these would be in breach of fiduciary duty.

I believe this is an inaccurate characterization of these funds and you're being quite harsh with your view of them.

I've addressed it on the other thread but will not repost here because of the length.

I do not own any of the funds, but can appreciate the approach being utilized by them.

 

[eytonxav]

I believe this is an inaccurate characterization of these funds and you're being quite harsh with your view of them.

I've addressed it on the other thread but will not repost here because of the length.

I do not own any of the funds, but can appreciate the approach being utilized by them.

I think a couple of initial criticisms, although well meaning, perhaps unfairly placed those funds in a bad light, so I suspect the OP was influenced by those posts. I appreciate the fact that others did seem to get it, and that is what is great about this site. The you receive a wide range of inputs and then can make your own decisions. Same goes with selecting a brokerage house.

 

[zedd]

I WAS with Fidelity several years ago. Back then they were having their "Make the right move" promotion. I had received via snail-mail a promotional letter, opened, with my name and SSN printed at the top. I called a Fidelity rep to complain AND wrote a letter to their CEO. That didn't stop the promotional correspondence with my PII.

I "made the right move" by moving EVERYTHING to Vanguard and have never been disappointed.

 

[OldShooter]

I think a couple of initial criticisms, although well meaning, perhaps unfairly placed those funds in a bad light, so I suspect the OP was influenced by those posts. ...

(OP here.) Yes, definitely, although going back and reading the thread I still think the things sound like a bad deal. Kind of like convenience stores, not economically sensible, but ... convenient. But the point is not not debate the RMD funds.

The interesting thing to me about the responses to this thread is that people are pretty much uninterested in Fidelity's products and whether they are good deals or some are exploitative (my issue). The focus is clearly on customer service, web site, etc., as @Cobra9777's post typifies. And many people are quite happy.

I think @marko's point about the people here being somewhat atypical/more expert is sound, too. The type of people asking me for advice and in my classes tend to be much less expert and more vulnerable, so maybe that is part of my issue.

To be clear, though, I completely trust Fido as a custodian of my money. Though most of our investments are at Schwab, I do have about a half million at Fido in a couple of test portfolios holding DFA funds. You have to go through an advisor to buy DFA, and the guy I found happened to use Fido as custodian. I have no issue with that at all.

Thanks to all (except a couple of rude people) for your comments.

 

[OldShooter]

Since it's my thread I guess I can drift it a little bit:

Who do you think are other major white hats besides the big three? I think that compiling a list of black hats would be too time consuming, and there are certainly many white hats among small advisory firms, but who else of the "biggies" do you think falls into this category?

For a basic criterion, I suggest that all reps must legally be fiduciaries: Series 65/66 Registered Investment Advisors or Investment Advisor Representatives. (Series 7 guys complying with the DOL rule do not qualify.)

Suggestions?

 

[alaska55]

You're overreacting IMO.
Just don't use fido for their products, and/or put your money somewhere else... Your posting history has shown you are a rather difficult person to please anyway

+1 your not kidding!