Fidelity Investments: Are The Reviews Positive Or Negative?

Fidelity Investments is a well-rounded brokerage platform that offers a wide range of investment options, resources, and tools for investors of all levels. With its low fees, extensive research capabilities, and user-friendly platforms, Fidelity has consistently scored high ratings and positive reviews from users and independent reviewers. In this article, we will explore the key features, pros and cons, and customer feedback to provide an in-depth understanding of Fidelity Investments' ratings and reviews.

Fidelity's customer service and support

Fidelity offers 24/7 customer service through a virtual assistant, and phone, email, and live chat support during normal business hours. The company also has a network of over 200 branches for in-person advice and educational options.

Fidelity's customer service is generally regarded as responsive and helpful. The company's customer representatives are described as intelligent, efficient, and well-trained. One reviewer praised the speed with which they could access customer support, stating that "helpful customer support is available in minutes (or less) by phone to solve your issue – a feature often overlooked until you need it." Another reviewer praised the company's responsiveness, stating that "Live chat is available seven days per week during normal business hours. The Help Center and YouTube channel answer most user questions."

However, some reviewers have criticized Fidelity's customer service, with some describing it as "terrible." One reviewer claimed that "Fidelity management [...] basically told me 'sorry, yes we screwed up which caused you to lose money, but we don't care and you will receive no compensation for our mistake.'"" Another reviewer stated that "I've been with Fidelity for 13 to 14 years. [...] 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."

Fidelity's customer support options include:

• Virtual assistant
• Phone support
• Email support
• Live chat support during normal business hours
• In-person support at over 200 branches
• Online Help Center
• YouTube channel

The range of investment options

Fidelity offers a wide range of investment options to its clients. The company allows investors to trade stocks, bonds, mutual funds, ETFs, options, forex, and three cryptocurrencies: Bitcoin, Ethereum, and Litecoin. It also offers investors the opportunity to purchase fractional shares, allowing them to diversify into higher-cost stocks by buying a slice of a share rather than the full amount.

Fidelity has a strong reputation for its mutual funds, with a large selection of no-transaction-fee funds, including its Fidelity Zero index funds, which have no expense ratio and no minimum investment requirement. These investor-friendly practices save customers a lot of money.

In addition, Fidelity offers more than 3,300 mutual funds that carry no transaction fee and nearly 950 funds with expense ratios of 0.50% or less. These funds come from Fidelity and other mutual fund companies.

The company also allows traders to buy over 100,000 individual bonds, including corporate, municipal, and government bonds.

Fidelity's investment options also include various types of accounts, such as DIY investing brokerage accounts, Roth individual retirement accounts (IRA), and robo-advisor and advisor-monitored investment accounts.

For those looking to trade more exotic products, Fidelity does not offer futures or options on futures trading. However, it recently introduced Fidelity Crypto, a separate account that allows trading in Bitcoin and Ethereum with a 1% spread markup.

Overall, Fidelity provides a diverse range of investment options to cater to the needs of both beginner and advanced investors.

The quality of its research and educational resources

Fidelity offers an extensive range of research and educational resources for investors of all levels. The company provides a wealth of valuable information on its website, including financial data, competitor analysis, news, and reports on individual stocks from third-party research companies such as Argus, Thomson Reuters, S&P Global, and Zacks. In addition, investors have access to SEC filings and market commentary, as well as reports on ETFs.

Fidelity's research capabilities are among the best in the industry, contributing to its recognition as the best overall brokerage and trading account. The company's stock screener is highly comprehensive, allowing investors to choose from pre-made screens or conduct self-directed screening with 26 criteria and customizable parameters.

Fidelity also offers a Mutual Fund Screener, which is challenging to find among its competitors. With a pool of 9,330 mutual funds, it is one of the best in the market. The screener includes pre-set options for quick results, such as asset class and category, key criteria, and Morningstar ratings.

The company provides an extensive mutual fund selection, with around 3,300 no-transaction-fee funds and four mutual funds with no expense ratio, which is a unique offering in the industry.

Fidelity's educational resources are equally impressive. The company offers webinars, recorded videos, and articles on various financial topics, including budgeting, managing debt, saving, trading, options, funds, and how to use the tools available on the platform, such as Active Trader Pro. These educational materials cater to investors of all skill levels, with content ranked according to skill level to facilitate progressive learning.

Fidelity also stands out for its commitment to financial education for younger individuals. The company offers the Fidelity Learning Lab, which provides free, state-standardized personal finance workshops for teachers to help them educate their K-12 students about financial concepts and prepare them for financial success.

Overall, Fidelity's research and educational resources are exceptional and suitable for nearly all investor levels. The company provides valuable insights, tools, and educational content to help investors make informed decisions and improve their financial literacy.

The usability of its website and mobile app

Fidelity's website and mobile app have received mixed reviews. While some users have praised the app for its user-friendliness, ease of navigation, and functionality, others have criticised it for being difficult to navigate and lacking certain features.

The Fidelity Mobile app allows users to manage their individual and workplace accounts, monitor their portfolio, trade securities, input trades for fractional shares, pay bills, access tax forms, and receive customizable alerts, among other features. The app has received solid ratings on Google Play and even better scores on Apple's App Store.

However, some users have complained about the app's lack of certain features and its cumbersome user interface. For example, one user mentioned that the order entry ticket is less tedious on competitor apps, such as Schwab's. Another user criticised the app for not registering or showing their executions, resulting in a financial loss. Additionally, some users have reported issues with transferring funds and poor customer service.

Overall, while the Fidelity website and mobile app have received some positive reviews for their functionality and ease of use, there are also several complaints about the app's user interface, lack of features, and technical issues. These issues may impact the usability of the platform for some users.

The fees and commissions charged

Fidelity Investments offers a range of accounts with different fee structures. Here is a detailed overview of the fees and commissions charged by Fidelity:

Account Fees

Fidelity offers a variety of accounts, including standard brokerage accounts, IRAs, Roth IRAs, and more. There are no account fees for standard brokerage accounts, and IRAs have a $0 account minimum. However, wealth management accounts have minimums ranging from $50,000 to $250,000, and fees ranging from 0.50% to 1.50%.

Trading Commissions

Fidelity stands out for its low trading commissions. It offers $0 trading commissions on stock, ETF, and mutual fund trades. Options trades have a competitive commission of $0.65 per contract, though this is higher than some brokers that offer completely free options trading. There is also an assessment fee of 1 cent to 3 cents per $1,000 of principal on selling orders.

Mutual Funds

Fidelity offers an extensive selection of mutual funds, including over 3,300 no-transaction-fee funds. Additionally, they offer four mutual funds with no expense ratio as part of their ZERO mutual fund lineup. These funds have no transaction fees or annual expense ratios, making them a great option for cost-conscious investors.

Fractional Shares

Fidelity's Stocks by the Slice program allows investors to buy fractional shares of over 7,000 stocks and ETFs for no additional commission. This feature enables investors to diversify their portfolios and invest in higher-cost stocks without needing to purchase a full share.

Robo-Advisor Accounts

Fidelity Go is Fidelity's robo-advisor service, which offers automated investment management. There are no advisor fees for accounts under $25,000, and a low 0.35% yearly fee for accounts above that threshold. This service is ideal for cost-conscious and beginner investors.

Wealth Management Accounts

For more personalized investment management, Fidelity offers wealth management accounts with dedicated advisors. These accounts have higher minimums and fees, starting at $50,000 and ranging up to $250,000. The fees for these accounts depend on the level of advisor support and range from 0.50% to 1.50%.

Other Fees

Fidelity also charges some additional fees for specific services. For example, there is a $100 fee for a stock certificate transfer and a $50 foreign settlement fee per trade. However, many standard services, such as account management, bill pay, and stop payment, are provided free of charge.

Overall, Fidelity is known for its low fees and investor-friendly practices. It eliminates many of the "nickel and dime" fees that other brokers charge, making it an attractive option for cost-conscious investors.

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