Wanting to leave Fidelity

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abner kravitz
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Re: Wanting to leave Fidelity

Post by abner kravitz » Fri Apr 13, 2018 2:56 pm

DaftInvestor wrote:
Fri Apr 13, 2018 2:44 pm
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
This would have been an easy problem to fix (and one that I did fix).
My Fidelity executive reached out to me once with something - I told him never to call me again and that I would reach out to him if I ever needed anything. I told him to make sure my records indicated I didn't want to be contacted. That was years ago - No one from Fidelity ever called me again.

(I have accounts at Fidelity, Vanguard, and Schwab - they all have their pluses/minuses)
I think they have called me once in 20 years, and I never told them not to. They probably have better targets than me.

LeftCoast
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Re: Wanting to leave Fidelity

Post by LeftCoast » Fri Apr 13, 2018 3:17 pm

tmsul100 wrote:
Thu Apr 12, 2018 12:25 pm
I've been with Fidelity 20+ years and never had a bad experience - in fact never had a less then stellar experience. Some of the approval processes are cumbersome (signed hard copies, etc.), but I assume some of that is regulatory stuff. The best work-around is if you have a local Fidelity office. I primarily use their web site or one of their wealth advisors. But if I need something expedited they handle it in the office with cheerfulness and efficiency. Just a thought. And Vanguard is getting killed on service (full disclosure, I've never had to interact with them).
+1

RickBoglehead
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Re: Wanting to leave Fidelity

Post by RickBoglehead » Fri Apr 13, 2018 3:49 pm

I am finishing my transfer. Fidelity said I could have a zero balance in my brokerage account, using it for Fidelity Credit Card deposits. Then they refused the partial transfer of the stock holdings, said I had to have money in the account. Coincidentally, credit card deposit then hit, $54 and change. Transfer attempted again, refused, said I have to have $150 in the account for a partial transfer.

Chatted, they said zero was fine. I said no, you rejected it, now it has $54 and you still rejected it. Response - "we'll open a work ticket".

My response - I transferred more cash to bring the balance to $150 (which their system said will take till Tuesday, whereas I get same day credit with Vanguard). Then Vanguard will try again.

After this, I'll be ensuring that every account at Fidelity has the absolute minimum balance they allow, and will be emptying my wife's 403B twice a year. I went from annoyed to pissed off.

On a funny note, my Vanguard rep called and left me a voicemail and said "you're not going to be happy"...

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fandango
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Re: Wanting to leave Fidelity

Post by fandango » Fri Apr 13, 2018 5:43 pm

To clarify my previous post, I did ask and receive a total of 3 Fidelity "Account Executives". All displayed the same characteristics. The last one seemed shocked when we pulled 90% of our investments and transferred to Vanguard. I got tired of all the "selling" and "posturing" and told him that on two occasions.

If you like someone calling you randomly at work and home trying to sell you the latest "gimmick" then hang with Fidelity. I won't.

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aspirit
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Re: Wanting to leave Fidelity

Post by aspirit » Fri Apr 13, 2018 5:56 pm

I was pondering this yesterday. Fidelity changing its ER structure. I'm still unsure about this info except it seems to be New clients only ! Heres the link: https://www.wsj.com/articles/fidelity-i ... 1523439001
Time & tides wait for no one. A man has to know his limitations.

Sam1
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Re: Wanting to leave Fidelity

Post by Sam1 » Fri Apr 13, 2018 6:02 pm

I find that very few people do their job well these days. Mistakes are made all the time. I almost expect it. I think I’d have to have my money managed by some ultra high net worth group to receive perfect service.

RickBoglehead
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Re: Wanting to leave Fidelity

Post by RickBoglehead » Fri Apr 13, 2018 6:03 pm

fandango wrote:
Fri Apr 13, 2018 5:43 pm
To clarify my previous post, I did ask and receive a total of 3 Fidelity "Account Executives". All displayed the same characteristics. The last one seemed shocked when we pulled 90% of our investments and transferred to Vanguard. I got tired of all the "selling" and "posturing" and told him that on two occasions.

If you like someone calling you randomly at work and home trying to sell you the latest "gimmick" then hang with Fidelity. I won't.
They only had 10%, now they have 0.65%. Can't move the 403b.

sc9182
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Re: Wanting to leave Fidelity

Post by sc9182 » Fri Apr 13, 2018 8:39 pm

Just about getting $2500 retention bonus from Fidelity. Besides excellent service! Self directed account - no fees! We gifted a very-nice M-B coffee travel-mug (below $25), and the advisor fell-flat for our token of appreciation. One has to realize, they are human beings too, and have families to run., and face many of the same challenges you/family face. Show mutual empathy/appreciation for families., we inquired how their daughter's college progressing. He also thanked us for a referral (a HNI person) we made to him not too long ago.

He now want to see if he can bat harder for getting us additional retention bonus (on top of the $2500).

Sorry your 10% portfolio hasn't given much leverage to you. If I were you, I would meet up, and bargian to get maximum transfer/retention bonus.

If you really don't want to be disturbed - can let them know.

A 401k left at former employer apperas like an 'abandoned' beautiful child (to them, not us). Brokerage/wealth-management/private-client division love to make your former 401k, new home under their brokerage/WM division (hopefully they want to put your former 401k into rollover ira may be layered with some AUM fees!).

Now, you don't have to be sucker for AUM fees and your IRA can still be managed by your own investmernt control without AUM fees/programs.

If/once you mention: you are interested to invest in leveraged products/Etfs, they run far away from you :-) No more bothering calls you mentioned !! No need to actually invest in such products, just saying!

While at it, get some 'transfer bonus" reward too - show me the money!
Last edited by sc9182 on Sat Apr 14, 2018 8:22 am, edited 1 time in total.

rgs92
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Re: Wanting to leave Fidelity

Post by rgs92 » Fri Apr 13, 2018 9:29 pm

Like others here, I use Fidelity for investments and a regular bank and credit union for checking, direct deposits, and cash/bill management.
It works very easily. I've done this for decades.

Use Ally and some local bank for savings and just setup back and forth transfers between them, that's all. You just click, and it's done.

I can't envision any possible problem with this unless you have something extremely complicated or out of the ordinary.
I don't understand.

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munemaker
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Re: Wanting to leave Fidelity

Post by munemaker » Mon Apr 16, 2018 9:41 am

fandango wrote:
Fri Apr 13, 2018 5:43 pm

If you like someone calling you randomly at work and home trying to sell you the latest "gimmick" then hang with Fidelity. I won't.
I have never received a call from Fidelity, nor has my wife. Never.

Maybe our account there is too small for them to try to up-sell us. Most of our assets are at Vanguard. We have just under a million dollars at Fidelity.

edit: Thinking about this further, most of our Fidelity account is a transferred 401k. They were very helpful with the transfer. At the conclusion, they connected me with a financial planner/advisor who tried to talk me out of index funds and pushed smart-beta funds and other funds where the manager has consistently outperformed the S&P500. I declined. He asked me how he could help me. I told him nothing now, and that if I ever need any help or advice, I would call. I never called, and they never called me. So maybe it is a matter of setting expectations.
Last edited by munemaker on Mon Apr 16, 2018 9:59 am, edited 2 times in total.

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munemaker
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Re: Wanting to leave Fidelity

Post by munemaker » Mon Apr 16, 2018 9:45 am

rgs92 wrote:
Fri Apr 13, 2018 9:29 pm
Like others here, I use Fidelity for investments and a regular bank and credit union for checking, direct deposits, and cash/bill management.
It works very easily. I've done this for decades.

Use Ally and some local bank for savings and just setup back and forth transfers between them, that's all. You just click, and it's done.
I like the concept of using Fidelity for checking. Problem is I currently receive 1% interest on checking at Capital One 360, and I don't think Fidelity pays anything, do they?

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msi
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Re: Wanting to leave Fidelity

Post by msi » Tue Apr 17, 2018 2:28 am

Greatness wrote:
Thu Apr 12, 2018 11:45 am
For the last 8+ years I've had my checking, roth and 401k (solo) with Fidelity. I am really no longer happy with their service. The support is horrible. You cannot instantly link accounts, etc. The only think good is the Visa card. If I transfer my retirement accounts to Vanguard, they will require me to sell all the assets I am told. What else can I do? Is there any company that offers cash management services such as Fidelity, just better service? I mean, just to add a savings account, they have to first call or text me to verify it is me, then they want a voided check (how online savings account), a deposit slip (again, online savings account) AND a copy of the statement. [(removed) --admin LadyGeek] Fidelity used to be a dream to use, but now it's horrible.

Open for advice and suggestions.
Looks like Fidelity wants a voided check, deposit slip, OR a copy of the statement, not all 3. https://www.fidelity.com/customer-servi ... to-add-eft

HIinvestor
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Re: Wanting to leave Fidelity

Post by HIinvestor » Tue Apr 17, 2018 4:56 am

We have accts at Fidelity, Schwab and Vanguard. So far we’ve been fine will all of them. Only ever had problems with Wells Fargo, trying to get them to transfer the IRA of deceased relative. They wanted to give it to state of CA! :-(

We like that Schwab has bricks and mortar office in Honolulu and wish Fidelity still did.

We have checking and savings accts with other institutions.

RickBoglehead
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Re: Wanting to leave Fidelity

Post by RickBoglehead » Tue Apr 17, 2018 5:52 am

munemaker wrote:
Mon Apr 16, 2018 9:45 am
Problem is I currently receive 1% interest on checking at Capital One 360, and I don't think Fidelity pays anything, do they?
You're not getting 1% on checking with Capital One unless you have $100,000 in checking, and that would not make much sense. Their Money Market pays more, but that's not a checking account.

UpperNwGuy
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Re: Wanting to leave Fidelity

Post by UpperNwGuy » Tue Apr 17, 2018 6:34 am

If I were you, I would stay at Fidelity. Your reason for leaving is not compelling. I think that you will find the bank account linking process at Vanguard to also be annoying. I just went through it twice, and it made me unhappy, but once it was behind me, I got over it.

JW-Retired
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Re: Wanting to leave Fidelity

Post by JW-Retired » Tue Apr 17, 2018 8:13 am

fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.
This sounds odd based on our 30 or so years experience with both Fidelity & Vanguard. I hardly ever call either of them and they never call me.

The few times I have asked either of them anything Fidelity is slightly more responsive, but neither has been difficult. I can recall only one time a Fido person started to pitch something at the end of one of my rare calls, but he shut up immediately when I said not interested.

But what's an "Account Executive" do anyway? Maybe having one was your problem?
JW
Retired at Last

inbox788
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Re: Wanting to leave Fidelity

Post by inbox788 » Tue Apr 17, 2018 12:27 pm

Greatness wrote:
Thu Apr 12, 2018 1:06 pm
Seems Vanguard wants me to sell all my 401k holdings prior to switching. Which, I do not want to do. I do not understand why they make things so hard to do. The ironic part is that all the holdings in the 401k are Vanguard ETFs.
What are your holdings? Are there company specific holdings that are not bonefide Fidelity traded mutual funds? I think that's one of the reasons companies use shadow funds as a way to trap you into brokerage. (529 example is California Scholarshare INDEX U.S.
EQUITY that tracks TIEIX, but I don't think can be transferred out in kind easily)

If they are really Vanguard ETFs, I don't see why they couldn't do a transfer in kind, but since you're talking about a 401k plan, there's no tax issue with selling and buying back (or buying something else you want that might be even better). Is an IRA rollover involved? https://thefinancebuff.com/rollover-401 ... arket.html

Anyway, as far as Vanguard vs Fidelity, I only have the Visa at Fidelity and use Vanguard brokerage. Neither has been bad in my experience, but reading here, many folks are dissatisfied with Vanguard. If it's just slow with doing things, that's ok with me, since I don't want it to be too easy to make unnecessary changes. Difficulty doing things is another matter. And similarly, Schwab is what more folks tend to rave about good service, but complaints about Fidelity are not all that common.

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bostondan
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Re: Wanting to leave Fidelity

Post by bostondan » Tue Apr 17, 2018 12:48 pm

JW-Retired wrote:
Tue Apr 17, 2018 8:13 am
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.
This sounds odd based on our 30 or so years experience with both Fidelity & Vanguard. I hardly ever call either of them and they never call me.

The few times I have asked either of them anything Fidelity is slightly more responsive, but neither has been difficult. I can recall only one time a Fido person started to pitch something at the end of one of my rare calls, but he shut up immediately when I said not interested.

But what's an "Account Executive" do anyway? Maybe having one was your problem?
JW
I agree. We have $6+ million at Fidelity and they have never tried to push anything on us. They offered to tell us about what type of managed investment services they offer, but I declined and they continued to be just as helpful. They are always very responsive despite making very little money off of us.

On the other hand, I have about $250k at Merrill Edge, and despite multiple pleas I continue to get phone calls from people at ME asking if I will move to a managed investment platform. I keep my account there despite this because I get benefits at BofA by having it there.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

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Earl Lemongrab
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Re: Wanting to leave Fidelity

Post by Earl Lemongrab » Tue Apr 17, 2018 1:37 pm

bostondan wrote:
Tue Apr 17, 2018 12:48 pm
On the other hand, I have about $250k at Merrill Edge, and despite multiple pleas I continue to get phone calls from people at ME asking if I will move to a managed investment platform. I keep my account there despite this because I get benefits at BofA by having it there.
And for me, other than the initial reach-out call, I've never had any push from Edge and I have more than that there.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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bostondan
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Re: Wanting to leave Fidelity

Post by bostondan » Tue Apr 17, 2018 1:40 pm

Earl Lemongrab wrote:
Tue Apr 17, 2018 1:37 pm
bostondan wrote:
Tue Apr 17, 2018 12:48 pm
On the other hand, I have about $250k at Merrill Edge, and despite multiple pleas I continue to get phone calls from people at ME asking if I will move to a managed investment platform. I keep my account there despite this because I get benefits at BofA by having it there.
And for me, other than the initial reach-out call, I've never had any push from Edge and I have more than that there.
Interesting. Maybe I'm not saying the magic words to get them to stop calling me.

Overall, it sounds like for each company it depends who gets assigned to your account. If someone annoying is assigned to you, then you'll be hearing from them frequently no matter what you say.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

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Earl Lemongrab
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Re: Wanting to leave Fidelity

Post by Earl Lemongrab » Tue Apr 17, 2018 1:44 pm

bostondan wrote:
Tue Apr 17, 2018 1:40 pm
Overall, it sounds like for each company it depends who gets assigned to your account. If someone annoying is assigned to you, then you'll be hearing from them frequently no matter what you say.
I would use the general contact secure messaging, lay out the complaint, and inform them that you will be moving your assets if it ever happens again.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

MrPotatoHead
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Re: Wanting to leave Fidelity

Post by MrPotatoHead » Tue Apr 17, 2018 9:59 pm

fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
Interesting. I have had an account at Fido since 1983 and never have been subject to this behavior. I don't doubt your experience, just wonder as to the difference in treatment.

We did spend over 3 hours on the phone with Fido yesterday sorting through a number of matters, all positive experiences. They also initiated 3 calls yesterday to ask for clarification and to offer some helpful advice (that lowered their fee income).

spammagnet
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Re: Wanting to leave Fidelity

Post by spammagnet » Tue Apr 17, 2018 10:50 pm

Greatness wrote:
Thu Apr 12, 2018 11:45 am
For the last 8+ years I've had my checking, roth and 401k (solo) with Fidelity. I am really no longer happy with their service. The support is horrible. You cannot instantly link accounts, etc. The only think good is the Visa card. If I transfer my retirement accounts to Vanguard, they will require me to sell all the assets I am told. What else can I do? Is there any company that offers cash management services such as Fidelity, just better service? I mean, just to add a savings account, they have to first call or text me to verify it is me, then they want a voided check (how online savings account), a deposit slip (again, online savings account) AND a copy of the statement. [(removed) --admin LadyGeek] Fidelity used to be a dream to use, but now it's horrible.

Open for advice and suggestions.
Vanguard, not Fidelity, is the institution that's making the move hard, by requiring that you sell their own ETFs.

And you want to move to Vanguard?

kaudrey
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Re: Wanting to leave Fidelity

Post by kaudrey » Wed Apr 18, 2018 11:53 am

My partner is transferring his various accounts (IRA, SEP, brokerage) to Schwab (where I have mine), and is doing an in-kind transfer of assets - nothing needs to be sold.

I've had Schwab for 25+ years, and I love their website, their Chat and phone customer service is very helpful, etc.

RickBoglehead
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Re: Wanting to leave Fidelity

Post by RickBoglehead » Thu Apr 19, 2018 7:40 am

RickBoglehead wrote:
Fri Apr 13, 2018 3:49 pm
I am finishing my transfer. Fidelity said I could have a zero balance in my brokerage account, using it for Fidelity Credit Card deposits. Then they refused the partial transfer of the stock holdings, said I had to have money in the account. Coincidentally, credit card deposit then hit, $54 and change. Transfer attempted again, refused, said I have to have $150 in the account for a partial transfer.

Chatted, they said zero was fine. I said no, you rejected it, now it has $54 and you still rejected it. Response - "we'll open a work ticket".

My response - I transferred more cash to bring the balance to $150 (which their system said will take till Tuesday, whereas I get same day credit with Vanguard). Then Vanguard will try again.

After this, I'll be ensuring that every account at Fidelity has the absolute minimum balance they allow, and will be emptying my wife's 403B twice a year. I went from annoyed to pissed off.

On a funny note, my Vanguard rep called and left me a voicemail and said "you're not going to be happy"...
So the saga continues...

Vanguard tried the transfer when the $150.01 showed as "Available to Trade". Fidelity rejected it because the funds were not yet in the account, just showing as available.

Funds arrived, balance of $150.01. Vanguard attempted again, but on this fourth attempt they screwed up and coded it as FULL.

They told me to have Fidelity stop it. Fidelity said "no problem, we can change it to a partial transfer based on your verbal instructions". They then proceeded to do a full transfer anyway, with the account set to close...

Fidelity refuses to admit when they are wrong, and now says I should simply contact them next Friday to keep the account open. I figure it's a 10% chance that works right.

Amazing incompetence.

Also, being "on a recorded line" or using Chat or email simply means that Fidelity will hold you to anything they want to, yet not hold themselves to any promises / commitments they make.

I have zero regrets on pulling my assets.

Chip
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Re: Wanting to leave Fidelity

Post by Chip » Thu Apr 19, 2018 8:01 am

RickBoglehead wrote:
Thu Apr 19, 2018 7:40 am
Vanguard tried the transfer when the $150.01 showed as "Available to Trade". Fidelity rejected it because the funds were not yet in the account, just showing as available.

Fidelity refuses to admit when they are wrong, and now says I should simply contact them next Friday to keep the account open. I figure it's a 10% chance that works right.

[...]

Amazing incompetence.
"Available to trade" is fundamentally different from "settled cash". You can only transfer settled cash to an external account. Those and other balance definitions are available on the Fidelity web site here.

Your ignorance of the rules isn't Fidelity's incompetence.

RickBoglehead
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Re: Wanting to leave Fidelity

Post by RickBoglehead » Thu Apr 19, 2018 8:08 am

Chip wrote:
Thu Apr 19, 2018 8:01 am
"Available to trade" is fundamentally different from "settled cash". You can only transfer settled cash to an external account. Those and other balance definitions are available on the Fidelity web site here.

Your ignorance of the rules isn't Fidelity's incompetence.
I had no ignorance. I wasn't transferring cash FROM Fidelity, I was transferring cash TO Fidelity. I made the incorrect assumption that when they showed the $150.01 as available to trade in my account, that meant they would allow the partial transfer of the stock shares (NOT the cash which was remaining in the account) to proceed. They did not.

Of course they had said I could do the partial transfer with a zero cash balance - Nope.
Then they said I could do it with $50 cash balance remaining - Nope.
Then they said they would change the transfer from Full to Partial - Nope.

Now they say that after the full transfer is complete, I can contact them next Friday and they will reopen the account and require a zero cash balance.

They then offered me a bridge for sale.

Dottie57
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Re: Wanting to leave Fidelity

Post by Dottie57 » Thu Apr 19, 2018 8:14 am

DaftInvestor wrote:
Fri Apr 13, 2018 2:44 pm
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
This would have been an easy problem to fix (and one that I did fix).
My Fidelity executive reached out to me once with something - I told him never to call me again and that I would reach out to him if I ever needed anything. I told him to make sure my records indicated I didn't want to be contacted. That was years ago - No one from Fidelity ever called me again.

(I have accounts at Fidelity, Vanguard, and Schwab - they all have their pluses/minuses)
I have a very calm Fidelity Advisor. We"vet had several meetings where I wasn't interested in any of the higher priced products he presented. He has stopped calling. He is very nice and is wiling to help me if needed.

bawr
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Re: Wanting to leave Fidelity

Post by bawr » Thu Apr 19, 2018 8:09 pm

munemaker wrote:
Mon Apr 16, 2018 9:45 am
I like the concept of using Fidelity for checking. Problem is I currently receive 1% interest on checking at Capital One 360, and I don't think Fidelity pays anything, do they?
FDIC insured deposits below $100k in Fidelity's Cash Management Account currently earn 0.19%. Whenever there is a meaningful amount of spare cash in my CMA, I manually buy shares of a money market fund (FZDXX), which currently earns 1.77%. Shares of the money market fund in the CMA are auto-liquated to meet the account's debit needs.

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AllieTB1323
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Re: Wanting to leave Fidelity

Post by AllieTB1323 » Thu Apr 19, 2018 8:57 pm

Greatness wrote:
Thu Apr 12, 2018 1:06 pm
Seems Vanguard wants me to sell all my 401k holdings prior to switching. Which, I do not want to do. I do not understand why they make things so hard to do. The ironic part is that all the holdings in the 401k are Vanguard ETFs.
This is a head spinning comment.

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Artful Dodger
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Re: Wanting to leave Fidelity

Post by Artful Dodger » Fri Apr 20, 2018 7:36 am

tuningfork wrote:
Fri Apr 13, 2018 10:24 am
By the time OP reads all the responses to this thread, Fidelity would have finished linking OP's bank account. :sharebeer
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
That seems to be specific to the account executive assigned to you, or in my experience, the account executive's assistant. My first year at Fidelity, the quarterly call from the assistant to request a meeting was easily ignored. The second year, same executive but a new assistant called. The messages left were urgent and implied I needed to take immediate action. I still ignored them but started thinking about moving my account. Another year, that executive left the company, I was assigned a new executive (and new assistant), and all has been good since.
I wonder if this is specific to a local office, or as you say, the account Exec or assistant. I've had three assigned to me over the past 6 or 7 years, and all were pleasant, and no one pushed any product. Usually when I get a call, it's to invite me to an event like a investment seminar with food, drinks, etc., or a more social event.

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Re: Wanting to leave Fidelity

Post by UpperNwGuy » Fri Apr 20, 2018 7:59 am

RickBoglehead wrote:
Thu Apr 19, 2018 8:08 am
Chip wrote:
Thu Apr 19, 2018 8:01 am
"Available to trade" is fundamentally different from "settled cash". You can only transfer settled cash to an external account. Those and other balance definitions are available on the Fidelity web site here.

Your ignorance of the rules isn't Fidelity's incompetence.
I had no ignorance. I wasn't transferring cash FROM Fidelity, I was transferring cash TO Fidelity. I made the incorrect assumption that when they showed the $150.01 as available to trade in my account, that meant they would allow the partial transfer of the stock shares (NOT the cash which was remaining in the account) to proceed. They did not.

Of course they had said I could do the partial transfer with a zero cash balance - Nope.
Then they said I could do it with $50 cash balance remaining - Nope.
Then they said they would change the transfer from Full to Partial - Nope.

Now they say that after the full transfer is complete, I can contact them next Friday and they will reopen the account and require a zero cash balance.

They then offered me a bridge for sale.
In your list of screwups you should have added the Vanguard screwup (full vs partial) that created the opportunity for the third Fidelity screwup. I would contend that Vanguard's screwup was the worst of the four.

student
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Re: Wanting to leave Fidelity

Post by student » Fri Apr 20, 2018 8:00 am

bawr wrote:
Thu Apr 19, 2018 8:09 pm
munemaker wrote:
Mon Apr 16, 2018 9:45 am
I like the concept of using Fidelity for checking. Problem is I currently receive 1% interest on checking at Capital One 360, and I don't think Fidelity pays anything, do they?
FDIC insured deposits below $100k in Fidelity's Cash Management Account currently earn 0.19%. Whenever there is a meaningful amount of spare cash in my CMA, I manually buy shares of a money market fund (FZDXX), which currently earns 1.77%. Shares of the money market fund in the CMA are auto-liquated to meet the account's debit needs.
FZDXX has a 1 million dollars minimum. Am I missing something?

bawr
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Re: Wanting to leave Fidelity

Post by bawr » Fri Apr 20, 2018 9:03 am

student wrote:
Fri Apr 20, 2018 8:00 am
FZDXX has a 1 million dollars minimum. Am I missing something?
The initial purchase minimum for FZDXX is actually only $100,000. The balance may drop below that level after the initial purchase.

There is also SPRXX, with an initial purchase minimum of $2,500, and a current yield of 1.65%.

Chip
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Re: Wanting to leave Fidelity

Post by Chip » Fri Apr 20, 2018 9:04 am

student wrote:
Fri Apr 20, 2018 8:00 am
FZDXX has a 1 million dollars minimum. Am I missing something?
I don't know where you saw $1M. It's 100k minimum. And I could swear that when I bought it last year the minimum was only 10k in an IRA, but I don't see that separate minimum listed now.

There are other options besides the FDIC-insured core account at Fidelity. I use SPAXX (1.24%) in my taxable account and FDRXX (1.29%) in IRAs.

bawr
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Re: Wanting to leave Fidelity

Post by bawr » Fri Apr 20, 2018 9:13 am

Chip wrote:
Fri Apr 20, 2018 9:04 am
I don't know where you saw $1M. It's 100k minimum. And I could swear that when I bought it last year the minimum was only 10k in an IRA, but I don't see that separate minimum listed now.
The minimum for IRAs is still $10,000. The information is listed here:

https://fundresearch.fidelity.com/mutua ... /31617H805

Chip
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Re: Wanting to leave Fidelity

Post by Chip » Fri Apr 20, 2018 1:27 pm

^^^Thanks. Footnote 4 on the page I linked COULD have that info, but they chose not to put it there for some reason.

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Fudgie
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Re: Wanting to leave Fidelity

Post by Fudgie » Fri Apr 20, 2018 6:54 pm

:oops:
Last edited by Fudgie on Fri Jun 08, 2018 6:10 pm, edited 1 time in total.

student
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Re: Wanting to leave Fidelity

Post by student » Fri Apr 20, 2018 7:14 pm

bawr wrote:
Fri Apr 20, 2018 9:03 am
student wrote:
Fri Apr 20, 2018 8:00 am
FZDXX has a 1 million dollars minimum. Am I missing something?
The initial purchase minimum for FZDXX is actually only $100,000. The balance may drop below that level after the initial purchase.

There is also SPRXX, with an initial purchase minimum of $2,500, and a current yield of 1.65%.
My mistake. I misread it.

student
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Re: Wanting to leave Fidelity

Post by student » Fri Apr 20, 2018 7:14 pm

Chip wrote:
Fri Apr 20, 2018 9:04 am
student wrote:
Fri Apr 20, 2018 8:00 am
FZDXX has a 1 million dollars minimum. Am I missing something?
I don't know where you saw $1M. It's 100k minimum. And I could swear that when I bought it last year the minimum was only 10k in an IRA, but I don't see that separate minimum listed now.

There are other options besides the FDIC-insured core account at Fidelity. I use SPAXX (1.24%) in my taxable account and FDRXX (1.29%) in IRAs.
My mistake. I misread it.

drzzzzz
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Re: Wanting to leave Fidelity

Post by drzzzzz » Fri Apr 20, 2018 9:39 pm

I will be curious to see what annoying calls if any that I receive from Fidelity since I am in the process of transferring two IRAs for my mother to Fidelity from another company and the Fidelity service that I have received so far has been outstanding. They have helped with paperwork, answered questions on the phone, transfer me to an IRA rollover specialist for this issue, and when I went to the office with questions about timing for the rollover, the front desk person scanned in all the paperwork that needed to get Fidelity signatures and called their IRA team, asking them to priortize it since there is a firm deadline coming up when this needs to be done by. In addition, when I was in the office dropping off paperwork and I asked about Donor Advised Funds, they checked to see if an associate was available who then went over how their accounts work and when he or I had a specific question that he couldn't answer, he just called the specialists who work in their charitable foundation department. So far, I have found it so much easier to be able to work with Fidelity than Vanguard and it was really nice to be able to go into an office to get things handled quickly. I am a long-term Vanguard customer and not planning to leave, but my level of annoyance with Vanguard, their archaic approach on some issues, and some of their recent screwups in my family's accounts, as well as their lack of interest in fixing problems is frustrating.

RickBoglehead
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Re: Wanting to leave Fidelity

Post by RickBoglehead » Fri May 04, 2018 7:01 am

My saga continues, and reinforces why I left Fidelity.

After numerous failed attempts to do a partial transfer of just stock in my joint account to Fidelity (3 rejects by Fidelity as described prior), on April 17th the transfer was put in again. This time, as stated prior, Vanguard screwed up and coded it as full, not partial. So stock plus $150.01 in cash coming over. Now here's where the fun gets even better.

The stock had a partial share. That partial share is sold. Fidelity sends the full shares and the $150.01. Days later, the partial share sale is completed, and it's transfer begins. Fidelity says to contact them on 4/27 and they will reactivate the account, since I want to keep it open for my Fidelity Credit Card deposits.

I contact Fidelity on 4/27, but it's still transferring, so I am told to try again on 4/30. On 4/30 it's still processing, so I wait until 5/1.

When the transfer of the partial share cash is complete, Fidelity has now posted interest in the account of $.01, and now that's in process of being transferred. So, when I contact them on 5/1 they still can't reactivate the account, because the $.01 transfer is processing...

So the rep says that I can send them a letter (which I can upload) asking them to immediately cancel the $.01 transfer and reopen the account. Or I can send them a letter and say let the $.01 transfer happen, and then reopen the account. I'm fuming, and then he says "I could also monitor the account for you, and on Friday when the $.01 transfer is done I can reopen the account without you doing anything. And, I can now turn off the ability for any future transfers to automatically happen, so that this doesn't become a continuous process".

In other words, back on 4/17 when I contacted Fidelity, they could have said "let us turn on this flag to stop future transfers since you've indicated that you want to keep the account open", and all this wasted time on future contacts could have been avoided...

Yes, every company has issues. But at least at Vanguard my rep fixes anything that happens quickly.

This process with Fidelity could have gone on further, if instead of $150.01 there was say $5,000. That $5,000 would have generated way more than $.01 in interest, and that interest would be big enough that while it was being transferred out it would have generated interest, which would have...

InvestorThom
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Re: Wanting to leave Fidelity

Post by InvestorThom » Fri May 04, 2018 4:49 pm

I had been very satisfied with Fido for 15 years and was a Private Client Group customer. Then a serious service issue occurred. Several frontline reps, including the “relationship advisor”, were clueless as to why this occurred and were unable/uninterested/ unempowered to escalate to someone who could explain it to me. Instead they chose to lie — seriously, LIE — to me in verbal and follow-up written communications. They were arrogant and condescending.

Integrity is very important to me especially when it involves my money. I did not blink at transferring the assets in my five accounts to Schwab. It took a little time but was no loss to me — Schwab even credited the fees Fido charged to close my accounts.

Service issues occur everywhere. It’s the service recovery that’s important to me. In this case there was a complete lack of effort to recover and therefore wiped out 15 years of good service.

Cruise
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Re: Wanting to leave Fidelity

Post by Cruise » Fri May 04, 2018 5:12 pm

InvestorThom wrote:
Fri May 04, 2018 4:49 pm
I had been very satisfied with Fido for 15 years and was a Private Client Group customer. Then a serious service issue occurred. Several frontline reps, including the “relationship advisor”, were clueless as to why this occurred and were unable/uninterested/ unempowered to escalate to someone who could explain it to me. Instead they chose to lie — seriously, LIE — to me in verbal and follow-up written communications. They were arrogant and condescending.

Integrity is very important to me especially when it involves my money. I did not blink at transferring the assets in my five accounts to Schwab. It took a little time but was no loss to me — Schwab even credited the fees Fido charged to close my accounts.

Service issues occur everywhere. It’s the service recovery that’s important to me. In this case there was a complete lack of effort to recover and therefore wiped out 15 years of good service.
As a long-time PCG customer, I'd be interested in hearing more about the issue you describe.

2pedals
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Re: Wanting to leave Fidelity

Post by 2pedals » Fri May 04, 2018 6:28 pm

RickBoglehead wrote:
Thu Apr 19, 2018 7:40 am
RickBoglehead wrote:
Fri Apr 13, 2018 3:49 pm
I am finishing my transfer. Fidelity said I could have a zero balance in my brokerage account, using it for Fidelity Credit Card deposits. Then they refused the partial transfer of the stock holdings, said I had to have money in the account. Coincidentally, credit card deposit then hit, $54 and change. Transfer attempted again, refused, said I have to have $150 in the account for a partial transfer.

Chatted, they said zero was fine. I said no, you rejected it, now it has $54 and you still rejected it. Response - "we'll open a work ticket".

My response - I transferred more cash to bring the balance to $150 (which their system said will take till Tuesday, whereas I get same day credit with Vanguard). Then Vanguard will try again.

After this, I'll be ensuring that every account at Fidelity has the absolute minimum balance they allow, and will be emptying my wife's 403B twice a year. I went from annoyed to pissed off.

On a funny note, my Vanguard rep called and left me a voicemail and said "you're not going to be happy"...
So the saga continues...

Vanguard tried the transfer when the $150.01 showed as "Available to Trade". Fidelity rejected it because the funds were not yet in the account, just showing as available.

Funds arrived, balance of $150.01. Vanguard attempted again, but on this fourth attempt they screwed up and coded it as FULL.

They told me to have Fidelity stop it. Fidelity said "no problem, we can change it to a partial transfer based on your verbal instructions". They then proceeded to do a full transfer anyway, with the account set to close...

Fidelity refuses to admit when they are wrong, and now says I should simply contact them next Friday to keep the account open. I figure it's a 10% chance that works right.

Amazing incompetence.

Also, being "on a recorded line" or using Chat or email simply means that Fidelity will hold you to anything they want to, yet not hold themselves to any promises / commitments they make.

I have zero regrets on pulling my assets.
RickBoglehead wrote:
Fri May 04, 2018 7:01 am
My saga continues, and reinforces why I left Fidelity.

After numerous failed attempts to do a partial transfer of just stock in my joint account to Fidelity (3 rejects by Fidelity as described prior), on April 17th the transfer was put in again. This time, as stated prior, Vanguard screwed up and coded it as full, not partial. So stock plus $150.01 in cash coming over. Now here's where the fun gets even better.

The stock had a partial share. That partial share is sold. Fidelity sends the full shares and the $150.01. Days later, the partial share sale is completed, and it's transfer begins. Fidelity says to contact them on 4/27 and they will reactivate the account, since I want to keep it open for my Fidelity Credit Card deposits.

I contact Fidelity on 4/27, but it's still transferring, so I am told to try again on 4/30. On 4/30 it's still processing, so I wait until 5/1.

When the transfer of the partial share cash is complete, Fidelity has now posted interest in the account of $.01, and now that's in process of being transferred. So, when I contact them on 5/1 they still can't reactivate the account, because the $.01 transfer is processing...

So the rep says that I can send them a letter (which I can upload) asking them to immediately cancel the $.01 transfer and reopen the account. Or I can send them a letter and say let the $.01 transfer happen, and then reopen the account. I'm fuming, and then he says "I could also monitor the account for you, and on Friday when the $.01 transfer is done I can reopen the account without you doing anything. And, I can now turn off the ability for any future transfers to automatically happen, so that this doesn't become a continuous process".

In other words, back on 4/17 when I contacted Fidelity, they could have said "let us turn on this flag to stop future transfers since you've indicated that you want to keep the account open", and all this wasted time on future contacts could have been avoided...

Yes, every company has issues. But at least at Vanguard my rep fixes anything that happens quickly.

This process with Fidelity could have gone on further, if instead of $150.01 there was say $5,000. That $5,000 would have generated way more than $.01 in interest, and that interest would be big enough that while it was being transferred out it would have generated interest, which would have...
I fail to see this as a problem with Fidelity, Vanguard messed up the original transfer. Vanguard transferred your account in full to Fidelity. Vanguard told you they could not fix a mistake that Vanguard created and you have to work through Fidelity to fix it. Fidelity is working with you fix a problem that Vanguard created. Since the transfer was in error Fidelity sent money and securities back to Vanguard and Vanguard is still transferring 1 cent to Fidelity and can't cancel the original transfer until all the funds have cleared and the original order in fixed. It seems to me you should have had the stocks pulled by Fidelity in the first place.

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Ged
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Re: Wanting to leave Fidelity

Post by Ged » Fri May 04, 2018 7:02 pm

MrPotatoHead wrote:
Tue Apr 17, 2018 9:59 pm
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
Interesting. I have had an account at Fido since 1983 and never have been subject to this behavior. I don't doubt your experience, just wonder as to the difference in treatment.

We did spend over 3 hours on the phone with Fido yesterday sorting through a number of matters, all positive experiences. They also initiated 3 calls yesterday to ask for clarification and to offer some helpful advice (that lowered their fee income).
My experience with Fidelity is similar to yours. When I was first employed in 1978 I took advantage of my employer's retirement account offering with Fidelity which had 6% match. At that time my father had been using Fidelity's brokerage services for 10 years or so.

Since then I've had a couple of other employers with retirement accounts at other service providers, and also some money at Vanguard. The other retirement account providers - Valic, John Hancock and MONY were pathetic in comparison to Fidelity. I got my money away from them as soon as possible.

My experience with Vanguard was good as well, except they didn't respond as quickly and their online services were not as comprehensive. To me they were AA vs Fidelity's AAA. The others I had to deal with were no higher than D. I've since closed my Vanguard account mostly to simplify my life.

In my accumulated 40 year experience with Fidelity I've never had an issue that failed to be addressed quickly and professionally. When I contacted Fidelity after my father passed and I started working on his estate they assigned a specialist who provided excellent information and service.

A Fidelity account manager did contact me about 3 times about 5 years ago trying to get me to use their managed account services. He also provided a portfolio review and discussion of my financial plan which I thought was pretty decent. I told him I was not interested in the managed services - which were I thought were definitely not in my interest to use. He has not called me again.

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Earl Lemongrab
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Re: Wanting to leave Fidelity

Post by Earl Lemongrab » Fri May 04, 2018 7:08 pm

In general, it's best to start your transfer at the receiver. I haven't had any substantial transfer problems other than a couple that were more or less my fault. One was an error in the source account number, easily fixed. The other was not knowing that Scottrade had a relatively high minimum account size, like $1500. I usually leave some cash to keep the account going, but that time I had to convert it to a full transfer.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

Mr.BB
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Re: Wanting to leave Fidelity

Post by Mr.BB » Sat May 05, 2018 11:11 am

Every company has people that like and hate them. You will find people that have never had a problem with fidelity, vanguard, t.rowe or Schwab and you will find people with horror stories at each of these companies.


If you don't like your experience where you are at, then pick another company. Just make sure your new company has the various services you need.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

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