Fidelity Duplicate Funds Now That There Are No Minimums

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Amphian
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Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Sun Aug 26, 2018 12:00 pm

Now that Fidelity has gone to zero minimums to invest in some mutual funds, I'm finding it a bit confusing as someone relatively new to Fidelity. (I have a 401K and HSA through my new employer.) For example, the small cap index funds FSSSX, FSSVX, FSSPX, and FSSNX all appear to be essentially the same fund now. Since Fidelity's fund screener only shows 20 funds per page, that means I'm really getting five different sets of funds per page with duplicates in each set. Previously, I could set the minimum investment to be 10K, for example, and only get one of each set.

1. Are these all likely to stay separate funds, or will Fidelity likely be combining them into one ticker?
2. If they aren't combining them, is there a way to choose one over the other rather than randomly?
3. Is there a way to eliminate "duplicates" when looking at funds in the screener?

I'm happy about the minimums being removed, since it means I can invest my HSA much sooner, just a little confused by the changes.

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whodidntante
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by whodidntante » Sun Aug 26, 2018 12:08 pm

It might take a while to consolidate due to legal and practical reasons. I agree it's a little confusing. It's overall a good thing for investors, so it's worth sorting through the confusion.

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by tfb » Sun Aug 26, 2018 12:23 pm

Amphian wrote:
Sun Aug 26, 2018 12:00 pm
1. Are these all likely to stay separate funds, or will Fidelity likely be combining them into one ticker?
Fidelity said the existing share classes will merge into one in November.
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SpaethCo
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by SpaethCo » Sun Aug 26, 2018 12:30 pm

tfb wrote:
Sun Aug 26, 2018 12:23 pm
Fidelity said the existing share classes will merge into one in November.
Yep, the fund consolidation was highlighted in this document by Fidelity:

https://www.fidelity.com/bin-public/060 ... esting.pdf

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Sun Aug 26, 2018 12:35 pm

Thanks - that's exactly what I need to know!

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by sc9182 » Sun Aug 26, 2018 12:42 pm

SpaethCo wrote:
Sun Aug 26, 2018 12:30 pm
tfb wrote:
Sun Aug 26, 2018 12:23 pm
Fidelity said the existing share classes will merge into one in November.
Yep, the fund consolidation was highlighted in this document by Fidelity:

https://www.fidelity.com/bin-public/060 ... esting.pdf
Good find, thanks. Nice thing with zero or low minimimus is, you can start contributing early on new/recent accounts which have low balances. Even more importantly, once you are in a specific fund, you now can automate future contributions directly go into that fund(s) without manual steps.

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arcticpineapplecorp.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by arcticpineapplecorp. » Sun Aug 26, 2018 7:18 pm

do you want to know what I find confusing?

Fidelity has their version of a target date fund. It's called a Freedom Fund. They're listed under "asset allocation" and you find them here:

https://www.fidelity.com/mutual-funds/f ... s/overview

Know what? Those freedom funds aren't index funds :shock: If you want to invest in a target date (freedom INDEX) fund you go to here:

https://www.fidelity.com/mutual-funds/f ... s/overview

but have to click at the bottom where it says "Research all Fidelity index funds" which takes you here:

https://www.fidelity.com/fund-screener/ ... =N&idxFd=Y

but then you've got to click on page two (of 6 pages) to actually get to the much lower priced fidelity freedom index funds.

Almost makes you think they'd rather you buy the more expensive freedom funds (actively managed) than their indexed (lower cost passively managed) freedom funds, because they sure don't make them easy to find. Why do you suppose that is?
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by tfb » Sun Aug 26, 2018 7:43 pm

arcticpineapplecorp. wrote:
Sun Aug 26, 2018 7:18 pm
Almost makes you think they'd rather you buy the more expensive freedom funds (actively managed) than their indexed (lower cost passively managed) freedom funds, because they sure don't make them easy to find. Why do you suppose that is?
The Freedom Index funds aren't listed under "asset allocation" for the same reason the total stock market index fund isn't listed under the "domestic equity" tab, because there's a separate tab for index funds. I agree that Index tab should have a section for asset allocation. However, on the 'research all' screener page, the Freedom Index funds show up easily when you filter by fund type and check the "asset allocation" box. You don't have to go page after page. The simplest explanation is someone missed the Freedom Index funds on the Index tab. If we tell them they may correct that oversight soon.
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arcticpineapplecorp.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by arcticpineapplecorp. » Mon Aug 27, 2018 7:41 am

tfb wrote:
Sun Aug 26, 2018 7:43 pm
arcticpineapplecorp. wrote:
Sun Aug 26, 2018 7:18 pm
Almost makes you think they'd rather you buy the more expensive freedom funds (actively managed) than their indexed (lower cost passively managed) freedom funds, because they sure don't make them easy to find. Why do you suppose that is?
The Freedom Index funds aren't listed under "asset allocation" for the same reason the total stock market index fund isn't listed under the "domestic equity" tab, because there's a separate tab for index funds. I agree that Index tab should have a section for asset allocation. However, on the 'research all' screener page, the Freedom Index funds show up easily when you filter by fund type and check the "asset allocation" box. You don't have to go page after page. The simplest explanation is someone missed the Freedom Index funds on the Index tab. If we tell them they may correct that oversight soon.
good points.

Another point to be made is that the duplication of funds with fidelity (which is the point of this post) means way more funds at fidelity (331 funds on 17 pages) : https://www.fidelity.com/fund-screener/ ... By=F&ntf=N than at vanguard (129 funds, all on one page) : https://investor.vanguard.com/mutual-fu ... nd-returns

more is not necessarily better. One of the reasons the TSP is hailed is because of its limited, not expanded options. Behavioral economics has shown that too many choices can overwhelm. I wonder how many people have bought a freedom fund (or similar) duplicate product of fidelity without realizing there was a similar, but lower cost option available, at the same site?

I notice that some/many (?) of the fido funds are "institutional", but I don't see an option to reduce the number of choices by eliminating "institutional" funds. That would be another benefit if fido would do that. It would certainly reduce the number of choices, many of which may not be relevant to individual, not institutional investors. For instance, I don't need to see four total stock market index funds in the lineup if two of them are institutional and institutional premium class.

Vanguard deals with this by having a separate site for institutional investors. I think that makes more sense and is less confusing for individual investors. At least have a way to screen out the institutional class funds fido.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by oldcomputerguy » Mon Aug 27, 2018 8:01 am

arcticpineapplecorp. wrote:
Sun Aug 26, 2018 7:18 pm
do you want to know what I find confusing?

Fidelity has their version of a target date fund. It's called a Freedom Fund. They're listed under "asset allocation" and you find them here:

https://www.fidelity.com/mutual-funds/f ... s/overview

Know what? Those freedom funds aren't index funds :shock: If you want to invest in a target date (freedom INDEX) fund you go to here:

https://www.fidelity.com/mutual-funds/f ... s/overview

but have to click at the bottom where it says "Research all Fidelity index funds" which takes you here:

https://www.fidelity.com/fund-screener/ ... =N&idxFd=Y

but then you've got to click on page two (of 6 pages) to actually get to the much lower priced fidelity freedom index funds.

Almost makes you think they'd rather you buy the more expensive freedom funds (actively managed) than their indexed (lower cost passively managed) freedom funds, because they sure don't make them easy to find. Why do you suppose that is?
In Fidelity’s mutual fund screener there is an option to select active or index funds. If you don’t see it in the “Refine your search” box, click on “More options”. Once you change that setting, the Freedom Index funds show up.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by arcticpineapplecorp. » Mon Aug 27, 2018 8:28 am

oldcomputerguy wrote:
Mon Aug 27, 2018 8:01 am
In Fidelity’s mutual fund screener there is an option to select active or index funds. If you don’t see it in the “Refine your search” box, click on “More options”. Once you change that setting, the Freedom Index funds show up.
thanks. that narrows it down to 109 funds (and 6 pages). It is still showing institutional class funds which is not relevant and could make the list of available funds fewer (and fewer pages). maybe i'm just not as familiar with using fido's site as vanguard's.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by ruralavalon » Mon Aug 27, 2018 9:02 am

arcticpineapplecorp. wrote:
Sun Aug 26, 2018 7:18 pm
do you want to know what I find confusing?

Fidelity has their version of a target date fund. It's called a Freedom Fund. They're listed under "asset allocation" and you find them here:

https://www.fidelity.com/mutual-funds/f ... s/overview

Know what? Those freedom funds aren't index funds :shock: If you want to invest in a target date (freedom INDEX) fund you go to here:

https://www.fidelity.com/mutual-funds/f ... s/overview

but have to click at the bottom where it says "Research all Fidelity index funds" which takes you here:

https://www.fidelity.com/fund-screener/ ... =N&idxFd=Y

but then you've got to click on page two (of 6 pages) to actually get to the much lower priced fidelity freedom index funds.

Almost makes you think they'd rather you buy the more expensive freedom funds (actively managed) than their indexed (lower cost passively managed) freedom funds, because they sure don't make them easy to find. Why do you suppose that is?
A rhetorical question?

I wonder why some people prefer the Fidelity website.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by arcticpineapplecorp. » Mon Aug 27, 2018 9:24 am

ruralavalon wrote:
Mon Aug 27, 2018 9:02 am

A rhetorical question?
I wonder why some people prefer the Fidelity website.
Me too. I understand they may have some tools that perhaps vanguard lacks (easier rebalancing, etc) but I don't find the main website as easy to navigate. Maybe it's irrelevant for people who are account holders because they're working off their login/account page, not the main page offered to potential customers. Would be interested in hearing others' opinions as well.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Jack FFR1846 » Mon Aug 27, 2018 9:42 am

ruralavalon wrote:
Mon Aug 27, 2018 9:02 am

A rhetorical question?

I wonder why some people prefer the Fidelity website.
A real answer:

Every single broker's website has its own quirks, pros and cons. It takes me half an hour to find anything on Vanguard's site. Some basic functions on TDAmeritrade takes me 15 minutes to find (like how to transfer cash back to my checking account) but their site has far more information and abilities than anyone else. Schwab, to me is the easiest to navigage. Fidelity is like finding your way through a maze and leaving a string behind you. Once you figure it out, it's dead easy. Some keys: the choices on the left greatly reduce the choices. Be sure to find "fees" to put as one of the columns and then hit that heading twice to get ER from low to high. For me, I then have all I need. But I've used Net Benefits for my 401's for a while and have had my IRA with Fidelity for over 15 years. With Vanguard, I have difficulty finding any listing of anything. But I'm not on that site often and own only one fund there, so it's not like I need listings to buy something.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by tfb » Mon Aug 27, 2018 10:35 am

arcticpineapplecorp. wrote:
Mon Aug 27, 2018 8:28 am
thanks. that narrows it down to 109 funds (and 6 pages). It is still showing institutional class funds which is not relevant and could make the list of available funds fewer (and fewer pages).
As already answered in this thread, multiple share classes will merge into one in November. So the list will be much shorter in a few months. Maybe down to 30-40.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by mervinj7 » Mon Aug 27, 2018 11:01 am

arcticpineapplecorp. wrote:
Mon Aug 27, 2018 7:41 am
Vanguard deals with this by having a separate site for institutional investors. I think that makes more sense and is less confusing for individual investors. At least have a way to screen out the institutional class funds fido.
I'm not sure if you have been following the recent threads but the big announcement from fido this month has been removing the minimum investments for all share classes and reducing the fees for their index funds to the lowest cost share class. Personally, I like having access to a 0.015% ER Total Market Fund (FSKAX) without the corresponding $100M minimum like VSMPX.

This is a very recent change and eventually all share classes which merged to a single one starting in November, as stated by other posters. When that happens, should there be a post that the Vanguard website is too confusing for investors with its various share classes with varying minimum investments for each index fund instead of single low-fee, no minimum share class structure like Fidelity?

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by arcticpineapplecorp. » Mon Aug 27, 2018 11:58 am

mervinj7 wrote:
Mon Aug 27, 2018 11:01 am
arcticpineapplecorp. wrote:
Mon Aug 27, 2018 7:41 am
Vanguard deals with this by having a separate site for institutional investors. I think that makes more sense and is less confusing for individual investors. At least have a way to screen out the institutional class funds fido.
I'm not sure if you have been following the recent threads but the big announcement from fido this month has been removing the minimum investments for all share classes and reducing the fees for their index funds to the lowest cost share class. Personally, I like having access to a 0.015% ER Total Market Fund (FSKAX) without the corresponding $100M minimum like VSMPX.

This is a very recent change and eventually all share classes which merged to a single one starting in November, as stated by other posters. When that happens, should there be a post that the Vanguard website is too confusing for investors with its various share classes with varying minimum investments for each index fund instead of single low-fee, no minimum share class structure like Fidelity?
thanks. good to know. thanks tfb. I look forward to fido's simplified website starting in November.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by CrossOverGuy » Mon Aug 27, 2018 12:15 pm

Does this mean that Fidelity will eliminate the fee that it charges on a set date each year if on that date your balance is less than $10,000 in a Premium account or $2,500 (or was it $3,000) in an Investor Account? I had been meaning to reallocate some funds but didn't want to drop below a certain level and either be hit with a fee or dropped down to Investor shares at a higher price point from on some Premium accounts. On the other hand, this kind of eliminates some kind of "exclusive" appeal which Premium had over Investor Shares, but hell, if it lowers everyone's fees, damn exclusivity, I'm happy!

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Mon Aug 27, 2018 12:26 pm

mervinj7 wrote:
Mon Aug 27, 2018 11:01 am
This is a very recent change and eventually all share classes which merged to a single one starting in November, as stated by other posters. When that happens, should there be a post that the Vanguard website is too confusing for investors with its various share classes with varying minimum investments for each index fund instead of single low-fee, no minimum share class structure like Fidelity?
Vanguard already lets you choose share class in the filter, which is what I was hoping to find on Fidelity. It's the second grouping from the bottom on their mutual fund filter.

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by mervinj7 » Mon Aug 27, 2018 12:44 pm

Amphian wrote:
Mon Aug 27, 2018 12:26 pm
mervinj7 wrote:
Mon Aug 27, 2018 11:01 am
This is a very recent change and eventually all share classes which merged to a single one starting in November, as stated by other posters. When that happens, should there be a post that the Vanguard website is too confusing for investors with its various share classes with varying minimum investments for each index fund instead of single low-fee, no minimum share class structure like Fidelity?
Vanguard already lets you choose share class in the filter, which is what I was hoping to find on Fidelity. It's the second grouping from the bottom on their mutual fund filter.
Yes, and my point is that share class no longer matters on Fidelity for their index funds. If you wanted, you can also sort by minimum investment in the Fidelity search filters just like you can on Vanguard's website. The reason so many show up is that all share classes have the same minimum (none). Feel free to buy any of them. It doesn't matter.

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Mon Aug 27, 2018 12:49 pm

Jack FFR1846 wrote:
Mon Aug 27, 2018 9:42 am
Every single broker's website has its own quirks, pros and cons. It takes me half an hour to find anything on Vanguard's site. Some basic functions on TDAmeritrade takes me 15 minutes to find (like how to transfer cash back to my checking account) but their site has far more information and abilities than anyone else. Schwab, to me is the easiest to navigage. Fidelity is like finding your way through a maze and leaving a string behind you. Once you figure it out, it's dead easy.
Agreed on the quirks - I have both Fidelity and Vanguard, and they irritate me in different ways for both the websites and customer service when you call.

I think my biggest complaint about Fidelity is there is no real way to organize "the maze". I called this week to fix an email issue and was told you have to update email changes in two different unrelated places on the site to make any change stick. I feel like Fidelity is like an Easter Egg hunt - see if you can find all the places to change something or deal with a rotten egg screwing things up down the road. I only have two accounts (401K and HSA) and am hesitant to open any others, because I don't need yet another set of user preferences on another account. We'll see if it starts making sense when I have been there a few years.

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Mon Aug 27, 2018 12:54 pm

mervinj7 wrote:
Mon Aug 27, 2018 12:44 pm
Yes, and my point is that share class no longer matters on Fidelity for their index funds. If you wanted, you can also sort by minimum investment in the Fidelity search filters just like you can on Vanguard's website. The reason so many show up is that all share classes have the same minimum (none). Feel free to buy any of them. It doesn't matter.
It does matter when you are new and trying to figure out what funds they offer - especially since the Fidelity view is so restricted. Or am I missing some way to get more than 20 per page?

Either way, it sounds like it will be fixed by the end of the year.

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by mervinj7 » Mon Aug 27, 2018 3:51 pm

Amphian wrote:
Mon Aug 27, 2018 12:54 pm
It does matter when you are new and trying to figure out what funds they offer - especially since the Fidelity view is so restricted. Or am I missing some way to get more than 20 per page?

Either way, it sounds like it will be fixed by the end of the year.
I'm not a fan of the screener either. For new folks, I just point them to the page below (first link on Google search for Fidelity index) which lists the most common index funds, their Vanguard Admiral equivalents and the relevant expense ratios. Most 3-fund Bogleheads will choose Total Market Index (ER 0.015%), Total Intl Index (ER 0.06%), and US Bond Index (ER 0.025%). For slice and dicers, there are other funds available but one notable fund that's missing is Small Cap Value (e.g. VSIAX).

https://www.fidelity.com/mutual-funds/i ... ndex-funds

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by oldcomputerguy » Mon Aug 27, 2018 3:58 pm

arcticpineapplecorp. wrote:
Mon Aug 27, 2018 8:28 am
oldcomputerguy wrote:
Mon Aug 27, 2018 8:01 am
In Fidelity’s mutual fund screener there is an option to select active or index funds. If you don’t see it in the “Refine your search” box, click on “More options”. Once you change that setting, the Freedom Index funds show up.
thanks. that narrows it down to 109 funds (and 6 pages). It is still showing institutional class funds which is not relevant and could make the list of available funds fewer (and fewer pages). maybe i'm just not as familiar with using fido's site as vanguard's.
Scroll down to “Fund Features” and change the “minimum investment” slider to $10,000. That should help.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by GoldStar » Mon Aug 27, 2018 4:07 pm

oldcomputerguy wrote:
Mon Aug 27, 2018 3:58 pm
arcticpineapplecorp. wrote:
Mon Aug 27, 2018 8:28 am
oldcomputerguy wrote:
Mon Aug 27, 2018 8:01 am
In Fidelity’s mutual fund screener there is an option to select active or index funds. If you don’t see it in the “Refine your search” box, click on “More options”. Once you change that setting, the Freedom Index funds show up.
thanks. that narrows it down to 109 funds (and 6 pages). It is still showing institutional class funds which is not relevant and could make the list of available funds fewer (and fewer pages). maybe i'm just not as familiar with using fido's site as vanguard's.
Scroll down to “Fund Features” and change the “minimum investment” slider to $10,000. That should help.
Start with the funds on the wiki page here:
https://www.bogleheads.org/wiki/Fidelity

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Mon Aug 27, 2018 4:53 pm

For those who are familiar with the Fidelity website - how do you see a list of all transactions for the year? It lets me set a custom range, but then tells me I can only look at 90 days at a time. That can't be right and I must be looking in the wrong place. (Portfolio -> Activity & Orders -> History)

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by oldcomputerguy » Mon Aug 27, 2018 8:26 pm

Amphian wrote:
Mon Aug 27, 2018 4:53 pm
For those who are familiar with the Fidelity website - how do you see a list of all transactions for the year? It lets me set a custom range, but then tells me I can only look at 90 days at a time. That can't be right and I must be looking in the wrong place. (Portfolio -> Activity & Orders -> History)
I’m not in front of my PC at the moment, but I believe there’s a drop-down that you can change to change the time period. Idon’t know sitting here whether YTD is one of the selectable options.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by walterbird » Mon Aug 27, 2018 9:28 pm

GoldStar wrote:
Mon Aug 27, 2018 4:07 pm

Start with the funds on the wiki page here:
https://www.bogleheads.org/wiki/Fidelity
Thanks! I did not know the wiki was updated with the ticker after the merger.

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Mon Aug 27, 2018 9:55 pm

oldcomputerguy wrote:
Mon Aug 27, 2018 8:26 pm
Amphian wrote:
Mon Aug 27, 2018 4:53 pm
For those who are familiar with the Fidelity website - how do you see a list of all transactions for the year? It lets me set a custom range, but then tells me I can only look at 90 days at a time. That can't be right and I must be looking in the wrong place. (Portfolio -> Activity & Orders -> History)
I’m not in front of my PC at the moment, but I believe there’s a drop-down that you can change to change the time period. Idon’t know sitting here whether YTD is one of the selectable options.
I can set any dates I want, but then it gives me an error and says I am not allowed to see more than 90 days at a time. :(

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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by tfb » Mon Aug 27, 2018 11:03 pm

Amphian wrote:
Mon Aug 27, 2018 12:49 pm
I called this week to fix an email issue and was told you have to update email changes in two different unrelated places on the site to make any change stick. I feel like Fidelity is like an Easter Egg hunt - see if you can find all the places to change something or deal with a rotten egg screwing things up down the road. I only have two accounts (401K and HSA) and am hesitant to open any others, because I don't need yet another set of user preferences on another account.
It's normal to have separate profiles between a 401k plan through an employer and retail accounts in your own name. You would have separate profiles if you have a 401k plan account and retail accounts at Vanguard as well.
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Mon Aug 27, 2018 11:30 pm

tfb wrote:
Mon Aug 27, 2018 11:03 pm
It's normal to have separate profiles between a 401k plan through an employer and retail accounts in your own name. You would have separate profiles if you have a 401k plan account and retail accounts at Vanguard as well.
I don't have retail accounts in my own name at Fidelity, just the 401K and HSA through my employer. My other accounts are at Vanguard.

gostars
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by gostars » Mon Aug 27, 2018 11:48 pm

CrossOverGuy wrote:
Mon Aug 27, 2018 12:15 pm
Does this mean that Fidelity will eliminate the fee that it charges on a set date each year if on that date your balance is less than $10,000 in a Premium account or $2,500 (or was it $3,000) in an Investor Account? I had been meaning to reallocate some funds but didn't want to drop below a certain level and either be hit with a fee or dropped down to Investor shares at a higher price point from on some Premium accounts. On the other hand, this kind of eliminates some kind of "exclusive" appeal which Premium had over Investor Shares, but hell, if it lowers everyone's fees, damn exclusivity, I'm happy!
Correct, that fee is gone. They can't penalize someone for being below the minimum when there is no minimum.

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tfb
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by tfb » Tue Aug 28, 2018 12:55 am

Amphian wrote:
Mon Aug 27, 2018 11:30 pm
tfb wrote:
Mon Aug 27, 2018 11:03 pm
It's normal to have separate profiles between a 401k plan through an employer and retail accounts in your own name. You would have separate profiles if you have a 401k plan account and retail accounts at Vanguard as well.
I don't have retail accounts in my own name at Fidelity, just the 401K and HSA through my employer. My other accounts are at Vanguard.
The HSA is in your own name. You can contribute to it outside payroll. If one day your employer stops using Fidelity for HSA, you still own it. The 401k plan account is in the name of the plan. You can't contribute to it separately. If one day your employer stops using Fidelity for 401k, that account will move with your employer's plan.
Harry Sit, taking a break from the forums.

Amphian
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Re: Fidelity Duplicate Funds Now That There Are No Minimums

Post by Amphian » Tue Aug 28, 2018 12:03 pm

tfb wrote:
Tue Aug 28, 2018 12:55 am
Amphian wrote:
Mon Aug 27, 2018 11:30 pm
tfb wrote:
Mon Aug 27, 2018 11:03 pm
It's normal to have separate profiles between a 401k plan through an employer and retail accounts in your own name. You would have separate profiles if you have a 401k plan account and retail accounts at Vanguard as well.
I don't have retail accounts in my own name at Fidelity, just the 401K and HSA through my employer. My other accounts are at Vanguard.
The HSA is in your own name. You can contribute to it outside payroll. If one day your employer stops using Fidelity for HSA, you still own it. The 401k plan account is in the name of the plan. You can't contribute to it separately. If one day your employer stops using Fidelity for 401k, that account will move with your employer's plan.
You are right - there is a buried link deep in the "change my contribution" page for the HSA that takes me to a page on another subdomain of Fidelity that would allow me to make a direct contribution. The two subdomains each have different profile, which are the two profiles I have to update separately, so this is still inconvenient, but at least it makes sense and I'll remember it. I had thought HSAs were like 401Ks in that they moved when your employer changed providers and you didn't get actual control of the account until you separated from the company. (This is my first year with an HSA.)

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