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Who Is Fidelity?

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I realize that this is off topic, but somewhat related. I deal routinely with Fidelity, Vanguard and Schwab. Here is a recent letter to Fidelity about my experience transferringan Inherited IRA.


Thought you might like to pass on my perceptions to those who care regarding a recent transfer of an Inherited IRA to Fidelity. I use Schwab and Vanguard also.


To put it bluntly, there is the feeling that there is no case managemt at Fidelity. Every letter is from some one different. Every phone is from someone different and every U.S. mail correspondence is from a different address. For instance, I have received communication from New York, Westlake, Texas and Cinncinati. I have received communication from Fidelity and I have received communication from National Financial Services, LLC. There is still unfinished business with some more money to be transferred and I don't have a clue who to talk to at Fidelity or WHO Fidelity really is. The last communication came from Texas, but one has the feeling that that is only going to delay things.


In contrast, when I deal with Schwab, for example, someone calls me and follows through to completion.


I hope this is useful for you.






COMMENTS from Gadfly---anyone else had similar experiences. In general, Schwab, who also has my 403b7 is light years ahead in customer service. Who cares that the charge a bit more for trades? Unless one is a day trader, $10.00 really doesn't amount to too much given their level of service.


Thanks for letting me vent, even though this isn't exactly kosher for this topic.

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Lets us know what Fidelity response is.

I got out of Schwab several years ago when they increased their fees on my 403b. Instead accepting a check to pay the fees, Schwab said that I had to sell a share or two from my 403b to pay for the fee! I was pissed. I don't want to touch that money until I retire. Because of the high fees, I transferred all of my money to Vanguard, thank God.

You will have good and bad experiences with just about every company. Heck, you know how I love Vanguard and TIAA CREF. It took me six months to get my VA check set to auto deposit from the VA to Vanguard. Some of it was the VA responsibility, but most of the problem was from Vanguard. Sure it’s frustrating, but for my money, I will endure the frustration of mistakes made by any low fee company, including Fidelity, Vanguard and TIAA CREF, than the faster service of the expensive brokers and their companies. The auto deposit with Vanguard has been working fine now. A frustration every five or ten years is endurable because of the money I keep from lower costs. I like that. I think more about the long term effects than the short term frustrations.

If fast service is important to you, go for it. It’s your money. Just remember, that the faster service costs you money every year for as long as you are with that broker.

Just my experience and opinion,



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