Fidelity had been managing my retirement account for years, charging a 0.6% fee. But now, I was considering a change. I wanted to take the reins and manage the investments myself.
When I reached out to Fidelity, they assured me that if I stopped their service, my existing investments would remain untouched.
Some of my investments were in Fidelity funds without clear information on their holdings or percentage allocations. This left me in a bit of a predicament.
After many discussions and learning from the Fidelity community, I’d like to share how I canceled my Fidelity managed account and stopped paying management fees.
Do I Have To Liquidate My Portfolio?
If you decide to stop Fidelity’s management service, certain funds that only Fidelity’s team can manage for you will need to be sold.
You’ll likely need to open a new account with Fidelity and transfer other eligible securities from your old Fidelity managed account to your new retirement account.
Given it’s a retirement account, you had little to lose by selling the existing investments and starting afresh with equities. Find stocks, ETFs, or mutual funds you are familiar with and invest in those yourself.
I opted to stop Fidelity’s management service and opened a new account with them. For those managed exclusively by Fidelity, they were sold to cash and then transferred.
The cancellation process involved a recorded phone call for authorization, but it was smoother than expected.
Now, I’m at the helm of my retirement investments, with a clearer vision of where I want to go.