Fidelity Sucks...Do Not Employ Fidelity

[BigBrandonAllenFan]

Long story short...

Do not use Fidelity as your retirement fund account.  I was placed on a 1 yr probationary period for what they branded "excessive trading".  Problem is, they clearly state in their bylaws that an account holder trading online will be warned if a trade constitutes "excessive trading", and that the account holder has the option to back out of any trade that is considered excessive trading.  I was not given any such warning, only the sudden sanction.  When I talked with Fidelity, they were unwilling to lift the sanction. 

I explained the fact that I made 23.7% profit on my account last year (as they well know), while the large majority of "sideliners" (folks who rarely trade or actively manage their account), lost on average 17% last year.  They didn't care, and for the next year, I can only buy once every quarter, which cramps my style to say the least.  I can sell at any time, I just can't buy but on four days all year.

I do have one option, which is to sue Fidelity for breach of contract.  Monday, I'm am going to contact a securities law firm (probably Rose Law Firm), and see if I have a case to sue.

I was further told by Fidelity, "These 403b, 401k types of accounts are not set up for active trading, in that they are long term accounts"...What the hell does that mean?  I'm supposed to sit idly by while I lose 17% in a given year rather than make 23.7%... Fidelity doesn't supply account managers, only fund managers.  It is up to each account holder to manage his own funds.

The bad part, I was sanctioned for buying Fidelity conservative Income Bond to often.  I only used this fund as a stable shelter when I sold real stocks/commodities.  It was only a haven, not for making any profit, as the fund stock price never varies, just pays dividends.

Anyways, after I liquidate the remaining "stock" funds I own, I will be be moving my money to another broker other than Fidelity.  I'm also going to post this information on every national and local board I know of that has anything to do with finance.  An internet war of sorts.  It'll get back to them.

Screw Fidelity.

[ricepig]

They scare......

[PonderinHog]

Can't you move your holdings to another brokerage?

[BigBrandonAllenFan]

Can't you move your holdings to another brokerage?

Yes, but currently I have 33% of my acct invested in stock funds.  A change in brokers will probably be my move when I liquidate my stocks.  I'm holding for profit for now.

[McKdaddy]

Ha/ha, interesting.

[hog.goblin]

Interesting indeed.  Keep us in the loop.

[OnTheHillHogFan]

What did the lawyers say?

[AirWarren]

I have fidelity with my job now. Joy.

[HawgWild]

I have fidelity with my job now. Joy.

Totally different circumstances.

[AirWarren]

Totally different circumstances.

Gotcha. I was a little disgusted when I saw this thread.

[DeltaBoy]

Thanks for the heads up.

[BigBrandonAllenFan]

Well, I never switched my fund to another company.  My restriction has been lifted.

I was able to clip a 12% profit this year with only 4 buys and sells.  So I'm happy.  That wasn't nearly as good as the previous year's 23%, but this year with Trump in the driver's seat, I think I can grab a 50% overall profit in 2017 on my portfolio.

[BigBrandonAllenFan]

What did the lawyers say?

They said the company may be violating the law, but hiring someone to fight them is just not really worth it unless you are in the multimillion dollar range with your account.  I'm not quite there yet.