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adding other accounts to Fidelity

Posted: Fri Nov 18, 2016 10:57 am
by GordonG
For those Fidelity users out there, I see their website now has the option to add other accounts. Currently, I only have it set up to show my work retirement accounts and my personal brokerage account. I also have a few high-yield savings accounts with other banks and was thinking off adding them so they'd all show up on one page. Anyone else do this? My only concern is security. I wonder if someone managed to hack into my Fidelity account, would they then have access to all my other "linked" accounts, too?

Re: adding other accounts to Fidelity

Posted: Fri Nov 18, 2016 11:55 am
by dbr
This is a feature called "Full View" which involves placing your log on credentials for various accounts in the Fidelity account system. Their assurance about this is stated as "All data is secured within Fidelity, so we can provide you with the security and privacy you have come to trust and expect from Fidelity."

I have no idea what in fact the security issues with such a thing might or might not be. My personal position is that log on credentials to any particular account do not belong in somebody else's IT system. The one exception is authorization for fund transfers such as one financial institution being able to pull or push money to another one.

Re: adding other accounts to Fidelity

Posted: Fri Nov 18, 2016 12:25 pm
by livesoft
I have added investments from outside accounts manually, but have not given any login/password credentials to Fidelity, so there are no security issues for me.

That way, I can use the Fidelity tools as I see fit as in this thread: viewtopic.php?t=150267

I can also divide up my investments into "virtual" accounts such as All US Equities, All Foreign Equities, All Fixed Income and use the Fidelity tools separately on selected accounts and/or all accounts together.

Since the number of shares for each of my investments rarely changes, doing all this manually is trivial for me.

Re: adding other accounts to Fidelity

Posted: Fri Nov 18, 2016 12:54 pm
by Ron
The aggregation tool used by Fidelity/Full View is provided by Yodlee (as noted on the bottom of the Full View page).

It's the same company that provides the aggregation code to Vanguard.

Neither Vanguard or Fidelity uses their own code for this service.

I've used Yodlee (on their site) along with Vanguard and FIDO for years. And yes, I have provided all my account (including checking/credit card) info so I get an updated "view" of my financials every day.

- Ron

Re: adding other accounts to Fidelity

Posted: Fri Nov 18, 2016 12:56 pm
by dbr
So, basically if you are comfortable with Yodlee or any similar web service, you would be comfortable with this and otherwise not. Who would be responsible in case of a security breach?

Re: adding other accounts to Fidelity

Posted: Fri Nov 18, 2016 1:00 pm
by Ron
dbr wrote:So, basically if you are comfortable with Yodlee or any similar web service, you would be comfortable with this and otherwise not. Who would be responsible in case of a security breach?
Not every available service. I do also have all my accounts on Personal Capital to use their portfolio analysis tools.

FYI: https://www.yodlee.com/legal/yodlee-security/

- Ron

Re: adding other accounts to Fidelity

Posted: Fri Nov 18, 2016 1:08 pm
by Earl Lemongrab
Hacking your account, as in being able to log into Fidelity as you, would not be a threat. You can't do anything with the accounts in Full View expect look at the information. As the others have noted, the threat would be if the aggregator were hacked and login credentials somehow exposed. That would be a huge mess if it ever happened, because some targets might claim that TOS was violated by giving the credentials away. I don't know if companies using the service, Fidelity or Vanguard etc. could disclaim responsibility.

I am surprised these days that more custodians don't do what Capital One does. They have a separate "read only" login that is useless to hackers other than being able look at your assets. That would seem like a smart way to provide another layer of protection. Right now, aggregators aren't as useful if you use higher protection like two-factor.

Of course, you can do as Livesoft mentioned and just enter the assets as a manual account. That's good if the holdings don't change much, if you aren't buying and selling or doing reinvestment.

I like the Fidelity service, although it's being having some problems lately, because you can get a downloadable spreadsheet of all the holdings in Full View.

Earl

Re: adding other accounts to Fidelity

Posted: Fri Nov 18, 2016 1:20 pm
by GordonG
I guess I will see how it goes. I do like being able to see all my stuff at once. Here's some more info I found relating to Yodlee:

http://www.wellersaccountants.co.uk/blo ... odlee.aspx