Is Fidelity a Fiduciary? Should I Hire Their Financial Advisor?

Someone asks:

Fidelity has assigned me a “financial consultant”. Does anyone know if they are supposed to be fiduciary advisors, I. E., they should give me advice on what is good for me, not what’s good for Fidelity or their commission?

Update: I have questions about 401(k) at another broker through my work and the IRA at Fidelity. I want to concurrent the contribution limits and conditions. Once I figure that out, I will pick my own investments.

Answers:

James F:

Nobody cares about your money more than you do. I say self manage, if you don’t have the time or interest to do it yourself than by all means use their advisor. I would max out your employer March if you aren’t already. When/if you leave your current employer roll the 401k over into your existing account. I would always suggest maxing out employer contributions. It’s free money!!

Glenn M:

I agree with James, I have a meet with Fidelity to, but i want to see what advice they have and then will self manage. Any and all input is good for me and I will make the call after that. Good luck.

Jim M:

I have a fidelity advisor. Everything is your choice. My advisor helps answer any questions I have. He helped us figure out safe investments and mutual funds we picked. Great service.

Steve S:

My experience is that they will answer questions and talk about things like asset allocation but will not give actual advice or recommendations.

Monika D:

Had one for years with WFC. Big mistake ever. Bunch of crooks who are trying to brainwash you based on your lack of knowledge and trust. Since I transferred to Fidelity I’m in full control. Occasionally I talk to Fidelity representative. I educate myself on daily basis and finally my gains are not bloody 5%.

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Hi! I'm Diego, 38, and I currently reside in New York. I work as a financial analyst. I primarily focus on initiatives involving research and data analysis.

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