Fidelity Investments 401K Services

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Stay Away from Fidelity (Mis)Managed Accounts

Jun 21, 2012
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Pros:Salesmen  are very polite

Cons:Salesmen don't follow up with your account and you'll probably get lost in the shuffle.

The Bottom Line: Go to a local bank and find a financial advisor to handle your money. This way you'll have someone accountable for handling your account.


In early May 2012 I signed up for a Fidelity Managed account. The salesman was nice and seemed informative but it went downhill from there. I wanted to transfer money from a credit union CD to the managed account. I was under the impression that it would not take long to do this. However, a few days later the salesman called and left a message at work that it would be transferred by the 15th. I assumed 5/15/12. It turned out he said 6/15/12. (Had I known from the start it would take this long I would have withdrawn the money in person and mailed it to Fidelity and had my money moved in a few days.) However, six weeks later no one contacted me so I went online and checked my account to find that my money was sitting in a Money Market fund with a interest rate of 0.01% and had never been invested as promised. Needless to say, I wasn't happy. It's now been almost seven weeks (June 21, 2012) with my money not invested so I want to pull it out and now they have the audacity to want to charge me $50 for closing the account! I've had to explain this story to Fidelity representatives several times. Now I have been on hold for almost forty minutes waiting to talk to someone about having the $50 fee waived.
My advice is to use a local financial advisor instead of Fidelity Managed accounts. Find someone you can talk to in person. Check with your local bank. They often have financial services. Just don't use Fidelity.


Recommend this product? No


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