Fidelity Disclosed Personal Account Information

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TheClash
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Fidelity Disclosed Personal Account Information

Post by TheClash » Tue Oct 22, 2019 4:39 pm

In an attempt to sell product(s), a Fidelity representative left a voicemail at my office disclosing how much I made in dividends ($45,000) so far this year. My office voicemails are disseminated to key employees. Now, I don’t know if this is illegal, but it certainly breaches my trust with the organization.

557880yvi
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Re: Fidelity Disclosed Personal Account Information

Post by 557880yvi » Tue Oct 22, 2019 4:41 pm

Following

retired@50
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Re: Fidelity Disclosed Personal Account Information

Post by retired@50 » Tue Oct 22, 2019 4:43 pm

TheClash wrote:
Tue Oct 22, 2019 4:39 pm
In an attempt to sell product(s), a Fidelity representative left a voicemail at my office disclosing how much I made in dividends ($45,000) so far this year. My office voicemails are disseminated to key employees. Now, I don’t know if this is illegal, but it certainly breaches my trust with the organization.
Maybe you could ask Fidelity to put you on a "Do Not Call" list, assuming they have one for existing clients... If not, you can suggest they develop one... My condolences... Regards,

cherijoh
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Re: Fidelity Disclosed Personal Account Information

Post by cherijoh » Tue Oct 22, 2019 4:46 pm

TheClash wrote:
Tue Oct 22, 2019 4:39 pm
In an attempt to sell product(s), a Fidelity representative left a voicemail at my office disclosing how much I made in dividends ($45,000) so far this year. My office voicemails are disseminated to key employees. Now, I don’t know if this is illegal, but it certainly breaches my trust with the organization.
Why did Fidelity even have your work phone number?

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Doom&Gloom
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Re: Fidelity Disclosed Personal Account Information

Post by Doom&Gloom » Tue Oct 22, 2019 4:54 pm

If this happened to me, Fidelity could certainly look forward to a clash the first thing the next morning.

What an unnecessary PITA. Good luck escalating a complaint until you get somebody's attention.

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ResearchMed
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Re: Fidelity Disclosed Personal Account Information

Post by ResearchMed » Tue Oct 22, 2019 5:02 pm

TheClash wrote:
Tue Oct 22, 2019 4:39 pm
In an attempt to sell product(s), a Fidelity representative left a voicemail at my office disclosing how much I made in dividends ($45,000) so far this year. My office voicemails are disseminated to key employees. Now, I don’t know if this is illegal, but it certainly breaches my trust with the organization.
TOTALLY inappropriate, even if it was a home phone.
They needed to wait to speak directly with you to mention anything personal other than maybe Fidelity, agent's name, and a phone number. Not even "we'd like to sell you some wonderful investments given you are one of our really wealthy clients" (or "poor clients", depending :wink: ).

I'd pull my money from that rep, and perhaps from Fido, but DEFINITELY from that rep.

RM
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RickBoglehead
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Re: Fidelity Disclosed Personal Account Information

Post by RickBoglehead » Tue Oct 22, 2019 5:08 pm

Call CEO, Abby Johnson's office.
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557880yvi
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Re: Fidelity Disclosed Personal Account Information

Post by 557880yvi » Tue Oct 22, 2019 6:29 pm

No matter how many times Fidelity (the High Net Worth group) was told to not call us at home or at work (personal cells, home phone when we had one and work cells) they continually did so. And yes, work cell phone Voicemail was company property and was monitored. The calls came during the work day. Complaints did nothing, except get you labeled as uncooperative (aka you wouldn't be pressured into buying their high cost asset management services or products).

Trying to make a complaint about the behavior of these reps "up the chain" or writing to the CEO is likely to get directed to their "Risk Management" Dept - and they will invoke a little-known clause in their brokerage agreements that allows them to terminate you at any time for any reason and you have 30 days to move all your assets, then you are banned for life.

IMHO there are HNW clients they want to drive out if you are not supporting their bonuses and profits by giving them your assets to manage - you are not profitable (with zero fees now this is likely to even increase in the future).

Would suggest you consider moving to another broker, or resign yourself to the fact that these calls are unlikely to stop and complaining may bring some unwelcome backlash.

bac
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Re: Fidelity Disclosed Personal Account Information

Post by bac » Tue Oct 22, 2019 6:36 pm

Sheesh. That might be worse than when Fidelity reps TWICE phoned my sister's house and asked for her despite having been informed she had died.

HomeStretch
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Re: Fidelity Disclosed Personal Account Information

Post by HomeStretch » Tue Oct 22, 2019 6:40 pm

557880yvi wrote:
Tue Oct 22, 2019 6:29 pm
Trying to make a complaint about the behavior of these reps "up the chain" or writing to the CEO is likely to get directed to their "Risk Management" Dept - and they will invoke a little-known clause in their brokerage agreements that allows them to terminate you at any time for any reason and you have 30 days to move all your assets, then you are banned for life.
I am curious as I have never heard of this... has this actually happened to you or someone you know for making a legitimate complaint about marketing calls? If so, at which brokerage if you don’t mind sharing.

OP - your post makes a good case for not sharing work numbers with brokerage firms.

DrCheese
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Re: Fidelity Disclosed Personal Account Information

Post by DrCheese » Tue Oct 22, 2019 6:59 pm

My Fidelity rep would call me once a month asking "how I was doing". I called the 800 number, asked for that rep to be taken off my account and for me to placed on the "do not call list". Five years later, I have yet to receive a phone call from Fidelity nor to be assigned another rep.

557880yvi
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Re: Fidelity Disclosed Personal Account Information

Post by 557880yvi » Tue Oct 22, 2019 7:29 pm

HomeStretch wrote:
Tue Oct 22, 2019 6:40 pm

I am curious as I have never heard of this... has this actually happened to you or someone you know for making a legitimate complaint about marketing calls? If so, at which brokerage if you don’t mind sharing.

OP - your post makes a good case for not sharing work numbers with brokerage firms.
Yes, this actually happened at Fidelity after a number of complaints were made about the behavior of individuals in the HNW group. But all Brokerages have this wording buried in their agreements and this happens more often that you would think.

I believe that behaviors may vary between offices and the personalities/drivers ($$ comp) of those who run the practices and that there is not a "standard" per se. We were with several offices due to moves - and largest one, located in a very high income area near a very expensive city had the most aggressive/relentless "advisors" and their HNW team would call home and work, pressure us to use their management services despite being told NO many times or pressure you to buy investments (at one time they were pitching Black Rock non-stop - think the office must have had some sort of quota to sell it. They called frequently about it) Eventually when we saw a Fidelity # come up on our cells we simply stopped answering.

It would be pretty easy to get work phone numbers as you fill out profiles which ask where you work (and of course, they could look you up on LinkedIn then call the company).

Ferdinand2014
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Re: Fidelity Disclosed Personal Account Information

Post by Ferdinand2014 » Tue Oct 22, 2019 7:33 pm

Change your contact number.
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Info_Hound
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Re: Fidelity Disclosed Personal Account Information

Post by Info_Hound » Wed Oct 23, 2019 11:58 am

DrCheese wrote:
Tue Oct 22, 2019 6:59 pm
My Fidelity rep would call me once a month asking "how I was doing". I called the 800 number, asked for that rep to be taken off my account and for me to placed on the "do not call list". Five years later, I have yet to receive a phone call from Fidelity nor to be assigned another rep.
Ditto. No calls unless I initiate them.

pyld76
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Re: Fidelity Disclosed Personal Account Information

Post by pyld76 » Wed Oct 23, 2019 4:00 pm

I'd be [deleted] moving assets in the morning if I was met with anything except a gushing apology after complaining about this.

[Deleted] I've never had fido do that to me, but as far as they are concerned I'm only barely a NHWI and maybe not even textbook (since getting there requires my 401k).

[Edits by moderator oldcomputerguy]

Jack FFR1846
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Re: Fidelity Disclosed Personal Account Information

Post by Jack FFR1846 » Wed Oct 23, 2019 4:14 pm

557880yvi wrote:
Tue Oct 22, 2019 7:29 pm

It would be pretty easy to get work phone numbers as you fill out profiles which ask where you work (and of course, they could look you up on LinkedIn then call the company).
Good luck with that for me. Changed all my linkedIn info to bogus, saved, then deleted my account following the hack and password theft.


Regarding the behavior, I guess I'd start by hanging up on them, blocking their number and if they called from another phone, move my Private Client account out. Plenty of other good brokers out there looking for assets and offering $$ to move there.
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Stinky
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Re: Fidelity Disclosed Personal Account Information

Post by Stinky » Thu Oct 24, 2019 10:15 am

TheClash wrote:
Tue Oct 22, 2019 4:39 pm
In an attempt to sell product(s), a Fidelity representative left a voicemail at my office disclosing how much I made in dividends ($45,000) so far this year. My office voicemails are disseminated to key employees. Now, I don’t know if this is illegal, but it certainly breaches my trust with the organization.
Move to Vanguard.
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megabad
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Re: Fidelity Disclosed Personal Account Information

Post by megabad » Thu Oct 24, 2019 2:30 pm

I would assume this is against Fidelity's policy, so I would expect perpetrator to be fired immediately. To me this is no better than a medical office calling and leaving a voicemail and this is against policy at any doctor's office that I have ever been to. A financial firm should never leave voicemails anywhere with any personal information. I agree with the other poster's though, no reason to ever provide a financial firm with your work number. Work numbers are for work.

MnD
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Re: Fidelity Disclosed Personal Account Information

Post by MnD » Fri Oct 25, 2019 8:59 am

IMO you disclosed your personal information by providing Fidelity with a work number as a contact where messages are forwarded/available to others. Change your Fidelity contact number to cell only and chalk it up to lessons learned. On the bright side, having people at work know you aren't a financially desperate, paycheck to paycheck type isn't such a bad thing.
70/30 AA, Global market cap equities, TSP G and DODLX FI. Rebalance to AA if FI <25% or >35%. Weighted ER<= 0.10%. 5% of annual portfolio balance SWR, Proportional (to AA) withdrawals.

Ron
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Re: Fidelity Disclosed Personal Account Information

Post by Ron » Fri Oct 25, 2019 9:52 am

Well, with your first post we all know what you made in dividends from FIDO :mrgreen: ...

That info can't really be important IMHO if you're willing to share it here.

- Ron

Coburn
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Re: Fidelity Disclosed Personal Account Information

Post by Coburn » Fri Oct 25, 2019 10:59 am

I don't know if this faux pas means you should pull your account from Fidelity (probably not a move I'd do in your shoes, but that's for you to determine), but at the very least you should call to have the work number and related details removed from your current profile.

I would also be escalating contact with their customer service/complaint dept to see what remedial action they might offer to you...

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