Usable portal to very good service
Written: Jul 27 '04
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Pros: Fidelity has a good fund family
Flexible investment controls
Cons: Probable multiple use site, and it shows
The Bottom Line: More impressed by Fidelity than their website
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| blakdogg's Full Review: Fidelity Investments 401K Services |
There is little choice in your 401k provider, the decision is generally made by your employer. You also have little control over the subset of features at your disposal, so this review is of dubious value.
Having said that, Fidelity is the 401k provider chosen by my employer, and I have used their website for more than three years. The site also includes access to health insurance and other benefits, these are not included in the review
Positives
Investment Options
Fidelity's Fund Family is more than adequate, as Fidelity is one of the larger financial services providers in the USA. There are more than 50 mutual funds available to investors. These funds include representatives from most of the investment sectors; large and small cap, domestic and international stocks and bonds. There is also a reasonable mix of Index and managed funds. Fidelity also provides mutual funds targeted towards retirement, where the fund is rebalanced as it ages. Fidelity does not provide access to all its funds, but the options are more than sufficient.
Control
Fidelity's web site provide the user with a great degree of control over their investments. The website allows you to transfer cash among mutual funds, change the destination of your contributions and the amount contributed. It also allows you to take loans and make withdrawals. These functions do have options that are not related to my 401k, and there is no real explanation of these options. This complicates the interface, but not fatally so.
Tools and Information
Fidelity has a lot of information on their funds, and they allow investors to request paper copies of their prospectuses. They provide quite a few screeners, which should allow you to locate funds that suit your investment objectives. A slicker tool is the Portfolio Planner, which is supposed to allow you to mold your portfolio to match your financial goals .... its usefulness is somewhat dubious.
Negatives
Account Control
The Fidelity website does not have a flexible account policy, there are too many restrictions related to account 'name' and password changing. The website does not allow you to change your password, instead customer service must be contacted.
Lack of focus
The site seems designed for multiple usages, I assume that this is the same site provided to Fidelity's IRA, brokerage and Insurance customers. This manifests as a site with some pointless options, and quite a few dead ends ... not nice.
Overall
The site is nothing special, Fidelity as a brokerage and 401k provider is a more impressive entity. The site is functional, with little or no flourishes. The site does not detract from the services provided by Fidelity, and as such is more than adequate.
Recommended:
Yes
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Epinions.com ID:
blakdogg
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Location: NY
Reviews written: 60
Trusted by: 4 members
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