Financial Consultant (Former Employee) – Anonymous – December 4, 2018
Typical day is fielding phone calls, inbound or outbound
Able to develop professionally, CFP, Masters degree, etc
Management is always changing and most managers have never performed higher level roles, like financial consultant roles. They have strictly focused on managing people and not understanding what people really do.
Culture is up and down depending on your manager and the managers manager. Always changing and they are looking to the next position.
Hardest part of job is keeping up with changing policies and procedures, especially if it pertains to your compensation.
Best part of role was being able to work from home.
Work from home, good work life balance
Constantly being watched. Watch out for random audits, if you did something wrong, they will find you and fire you.
Financial Advisor (Former Employee) – Salt Lake City, UT – February 7, 2019
In sales positions, they have incentives to reward people for different activities. For example, if you send 10 leads to the local branch per week, you get X. Or if you contact a certain amount of people you get Y. The frustrating part is those incentives start to create a culture of fighting and competing against one another as well as cheating or lying about certain numbers. You can also get fired for saying you got a certain metric and you didn't. Incentives will drive your employees to do certain things and Fidelity wasn't responsible enough to see those outcomes and protect the employees.
Overall not a bad place to work, typical day is handling inbound customer service calls. You learn a great deal the first 6 months going through their training and their study program is top notch for passing the series 7 and 63 exams. Your daily schedule is very structured and if you get to far "off schedule" (long calls run through breaks, you have to use the restroom when its not your scheduled break, etc.) Management will get onto you. They literally track your every move while onsite. On the plus side of the structured schedule, you almost always work 40 hours a week (unless you want overtime, which is regularly available if you need the $$), the only two busy times where you will go over 40 hours are end of the year and tax season. You can climb the ladder fairly quickly as far as promotions go, but the higher positions are still inbound call center jobs with slight pay raises.
Work/Life Balance is good, great training and edu.
High Net Worth Service Associate (Current Employee) – American Fork, UT – February 7, 2019
Don't get me wrong, this is a great place to work if you are just starting off. Benefits and pay are good. However, advancing in the company is extremely difficult and political. If you are able to work the politics, then you're in business. If not, then get your experience and look elsewhere. To provide some perspective, I'm weeks away from being a CFP(r) professional, bachelors of Financial Planning, and excellent work performer with several years of experience. However, no one in planning and guidance says I'm ready. Yet, I see people with far less experience and education moving up. No one can provide me with a clear, consistent answer as to why I am unable to advance.
Culture and perks vary widely by divisions within Fidelity.
Managing Director, Relationship Manager (Former Employee) – Covington, KY – February 12, 2019
Some areas of the company offer wide autonomy, flexible schedules and work from home options, often with business travel as part of the role. Bonuses tend to be bigger and access to more senior management is expected. In the call centers, even the most senior positions, though well paid, are still call center oriented. A "senior" manager would be a Director or above. Absolutely no contact with real senior management - say SVP and higher. Call center culture is also much more political and morale just isn't what it is in the institutional businesses, FMR or IT. Still, unparalleled benefits, smart, ambitious people, fantastic facilities and generally good opportunities to learn and grow. Fidelity on your resume opens doors.
Benefits, training, prestige.
Variable cultures/morale between departments, can be political.
Ran by people that do not appear to have the greatest business intelligence.
Customer Service Representative II (Former Employee) – Durham, NC – December 3, 2018
The management at Fidelity is very weak and will lie to your face without any problem. I worked in the charitable division and I could only imagine how other divisions are managed. My 401k is still managed by Fidelity and they do nothing, but lose money. I will be moving my 401k as soon as I get another job. They only are concerned with money, and this is the charitable side of Fidelity. They lied to my face during the initial interview and anytime i raised concerns in one-on-one meetings. I was given promotions and more money to stay with the company, however I would have liked them to keep their word, or just not give their word.
Fidelity highly values recent college graduates, but does not respect loyalty. I would recommend to start your career here, earn the knowledge and experience, and finally find a new challenges elsewhere. Fidelity has quickly fallen behind its competition and is struggling to catch up. The culture is not as advertised. It is difficult to move around within the company and advancement only occurs for external candidates. It is a running joke that happens to be reality that you have to leave Fidelity to get ahead. The company consistently under pays compared to all other companies offering skill roles and falls back on its benefits as the reason. Fidelity has to take a long hard look at itself in order be around in the next 20-50 years.
Senior Systems Analyst and Tech Lead (Former Employee) – Merrimack, NH – November 13, 2018
Started out doing deployment to servers via SMS Migrated from windows to unix. Learned many new skills during the migrations. Workday would consist of going oncall - working issues. Working on projects, attending meetings, weekend oncall, Training others. Management - All of them like to micro manage everything.- 8 hour day would consist of 5 hours of meetings. Leaving 3 hrs to get things done. 3 hours isn't enough time. So late nights - long days. Hardest part of the job - being oncall which is 60% of your time. Advancements only happen in india. US team wouldn't advance. 17 years and I have only seen one person in our group get a small promotion.. I stayed for the money and the co-workers
Vice President, Financial Consultant (Former Employee) – Albany, NY – December 11, 2018
The training received while in the role I had was outstanding. The firm makes tremendous investments in its people. The office culture was very collaborative and supportive, which fostered greater personal and team growth.
The micro management was a drawback. With all the great training, there was no opportunity to internalize it and use it within my own style. I got the impression that management wanted the "McDonalidization" of the advisor force. This was the most difficult aspect of the job.
I loved interacting with the clients and my colleagues both at the local and national level.
A typical day as a Wholesaler involved about 6 meetings with Financial Advisers, along with a group lunch either in the Brokerage Firm’s Office, or taking Advisor’s out. Usually once or twice a week, a dinner meeting would also be scheduled. You learn very quickly time management and advanced planning; being late to the first appointments could affect the rest of your day. Management was very responsive to needs or problems, but also made sure you were able to run your territory on your own. The culture was very Professional and service oriented. Do all you can to help your Advisors understand and utilize Fidelity products. The hardest part of the job was getting appointments every day to fill the calendar. The most enjoyable was group meetings with Advisors as well as clients. Utilizing Fidelity’s research and expertise to help advance investment plans
Travel, great company name and reputation, excellent benefits
My experience working for Fidelity has been so-so. The company provides great retirement and workplace benefits, which makes it difficult to move on. However, the workload has continually increased over the past few years, leading to more and more turnover within the company. I feel that the company provides the proper career resources to succeed, yet provide very little guidance to taking advantage of these resources. Also, as we are provided "coaching time" to focus on ourselves, this time seems to always be more directed towards efficiency and getting in front of more clients where as it should really be more directed towards career path progression. Words to management: hire more employees and take a genuine interest in our success.
Customer Service (Current Employee) – American Fork, UT – December 28, 2018
After more than four years with the company, I can honestly say that times are changing. Fidelity has put its focus on the younger generation which is glaring for its employees and customers. Management consistently presents a shiny new opportunity or outlook only to have a caveat. They offer work from home, only if you work so much overtime. They offer an increased bonus, only because they raised the stats to earn it. The list goes on. Save yourself. It’s downhill from here.
Relationship Manager (Former Employee) – Fort Lauderdale, FL – January 17, 2019
Fidelity has great company culture with amazing benefits. The micromanagement of employees is a major detractor. Provides great services to clients but typically lacks staff for volume of work. Consistent turnover and things change quickly.
Fidelity has a good overall company culture and great benefits but ththe pay is terrible. As a result there has been high turnover in recent years which is now affecting work-life balance. It is becoming extremely stressful and more associates are leaving the firm for higher paying positions doing similar work.
401k match, profit sharing, company sponsored events, good PTO allotment
Fidelity had a great compensation package and you worked extremely hard for every penny of it. Expectations were very high (as it should be). I worked with some terrific people. Management was very good when I first started at the company- not so much towards the end of my tenure. However, I learned a lot and as challenging as the job could be, I enjoyed working there the majority of the time. If there were other opportunities at the location where I worked it's possible that I would have remained at the company. However, opportunities at that site were limited.
Manager (Current Employee) – Salt Lake City, UT – September 29, 2018
Thought I would be with Fidelity for my whole of my career, but in the past couple of years career growth has almost completely disappeared for leadership roles. Fidelity does a great job of getting people into the industry and licencing. I earned my 7, 63, 9 and 10 financial licenses. Work life balance has gotten much worse the past few years for leaders. The most enjoyable part of being a manager is working with my associates/direct reports. Benefits, profit sharing, and 401k match are amazing.
If you are looking for a career in this industry, Fidelity is stable. My new experience at Fidelity was during the 2008 market meltdown. In short, Fidelity was the place to be, because the marketplace considers Fidelity "safe-haven" primarily due to it's name recognition in the 401K and other Employer Sponsored Plan market. While other brokerage firms were losing both assets under management and capitalization in the secondary market, Fidelity as a privately held company was sheltered from the massive, public equity sell-off. The campus in Westlake, TX where I worked is very nice. The company is VERY family-friendly. I will ALWAYS be thankful to Fidelity for supporting me in my move out-of-state to be closer to help raise my young daughter at the time. Fidelity is the best company out of several of the top-name brokerage companies I worked for during my 20-year career. Definitely submit your application to Fidelity today!
Family Owned, Family Values, Trusted & Respected Industry Name
They are purging the older workers with retirement incentives
Remittance Processing Associate (Current Employee) – Canton, MA – February 2, 2019
A typical day for me is very busy from beginning to end - the job is very easy to learn and all common sense - management does not communicate with employee very well - they let who they want to know what the information is and the others are left in the wind to figure out things themselves - the culture is great - it's a mix culture in there and that's nice - for me there is no hard part of this job - like I said it is common sense - the most enjoyable part of my job is cross training in other areas of the business
some days not having enough hours in the day, cause there is no work so you have to leave and be short on your hours
Treasury Analyst (Former Employee) – Jersey City, NJ – November 13, 2018
Fidelity offers a culture where the associates and managers can get along as peers. For the most part, the managers and directors are very approachable and would not hesitate to offer a helping hand. Overall compensation, along with benefits makes it very competitive, and it offers a great work-life balance.
Due Diligence Consultant II (Former Employee) – Westlake, TX – October 28, 2018
The phone roles can be tough. You spend most of your day on the phone and its difficult to attend community service events or seminars if there were calls holding. They continued to assure phone reps that they would be allowed to receive off the phone time but rarely was the case. The day was rarely varied, even though they assured phone reps that they planned on breaking up the monotony so that phone reps could get off the phones and take additional projects on for half their day for growth and development opportunities.
Off the phone roles at Fidelity do provide a much more email-intensive form of customer service, which has its pros and cons. Depending on the criticality of the role in the department, there may be opportunities to work remotely with possible flex hours.
Unfortunately, a few managers were more concerned about their own advancement opportunities versus helping their staff develop and grow. Overall, Fidelity had some great people that made the company feel small and homely given its impressive stance in the financial services industry.
difficult for phone roles, management can be obtuse and concerned with their own advancement