Are you considering changing your investment platform to Fidelity Investments? With its wide range of investment products, competitive pricing, and excellent customer service, Fidelity is an attractive option for many investors. However, switching to a new investment platform can be a daunting task, especially if you’re not familiar with the process. In this article, we’ll walk you through the steps to change to Fidelity Investments, highlighting the benefits and potential drawbacks of making the switch.
Why Choose Fidelity Investments?
Before we dive into the process of switching to Fidelity, let’s take a look at why you might want to consider making the change. Fidelity Investments is one of the largest and most reputable investment platforms in the world, with over 40 years of experience in the industry. Here are just a few reasons why you might want to choose Fidelity:
- Wide range of investment products: Fidelity offers a vast array of investment products, including stocks, bonds, ETFs, mutual funds, and options. This means you can diversify your portfolio and invest in a variety of assets, all from one platform.
- Competitive pricing: Fidelity is known for its competitive pricing, with low fees and commissions on many of its investment products. This can help you save money and maximize your returns.
- Excellent customer service: Fidelity has a reputation for providing excellent customer service, with a team of experienced representatives available to help you with any questions or concerns you may have.
- Advanced trading tools: Fidelity’s trading platform is highly advanced, with a range of tools and features to help you make informed investment decisions.
How to Change to Fidelity Investments
Now that we’ve covered the benefits of choosing Fidelity, let’s take a look at the steps involved in switching to the platform. Here’s a step-by-step guide to help you make the transition:
Step 1: Open a Fidelity Account
The first step in switching to Fidelity is to open a new account. You can do this online, by phone, or in person at a Fidelity branch. To open an account online, simply visit the Fidelity website and follow the prompts. You’ll need to provide some personal and financial information, including your name, address, and social security number.
Required Documents
To open a Fidelity account, you’ll need to provide some documentation, including:
- A valid government-issued ID (such as a driver’s license or passport)
- A social security number or individual taxpayer identification number (ITIN)
- Proof of address (such as a utility bill or bank statement)
Step 2: Fund Your Account
Once your account is open, you’ll need to fund it. You can do this by transferring money from your bank account, or by rolling over funds from an existing retirement account. Fidelity accepts a range of funding methods, including:
- Electronic funds transfer (EFT)
- Wire transfer
- Check deposit
- Retirement account rollover
Funding Options
Here are some details on the funding options available:
| Funding Method | Description |
| — | — |
| Electronic funds transfer (EFT) | Transfer money directly from your bank account to your Fidelity account. |
| Wire transfer | Transfer money from your bank account to your Fidelity account using a wire transfer. |
| Check deposit | Deposit a check into your Fidelity account. |
| Retirement account rollover | Roll over funds from an existing retirement account to your Fidelity account. |
Step 3: Transfer Your Investments
If you have existing investments that you’d like to transfer to Fidelity, you can do so using the company’s transfer service. This service allows you to transfer investments from other brokerage firms, as well as from retirement accounts. To initiate a transfer, simply log in to your Fidelity account and follow the prompts.
Transfer Options
Here are some details on the transfer options available:
- Brokerage firm transfer: Transfer investments from another brokerage firm to your Fidelity account.
- Retirement account transfer: Transfer funds from an existing retirement account to your Fidelity account.
Step 4: Set Up Your Portfolio
Once your account is funded and your investments are transferred, you can start setting up your portfolio. Fidelity offers a range of investment products and tools to help you make informed decisions. You can choose from a variety of pre-built portfolios, or create your own custom portfolio using Fidelity’s online tools.
Portfolio Options
Here are some details on the portfolio options available:
- Pre-built portfolios: Choose from a range of pre-built portfolios, each designed to meet a specific investment goal.
- Custom portfolios: Create your own custom portfolio using Fidelity’s online tools.
Potential Drawbacks of Switching to Fidelity
While Fidelity is a highly reputable investment platform, there are some potential drawbacks to consider when switching. Here are a few things to keep in mind:
- Fees and commissions: While Fidelity is known for its competitive pricing, there may be some fees and commissions associated with certain investment products.
- Minimums and requirements: Some Fidelity investment products may have minimums or requirements, such as minimum balance requirements or trading activity requirements.
- Learning curve: Fidelity’s trading platform can be complex, and may require some time to learn and navigate.
Conclusion
Switching to Fidelity Investments can be a great way to take control of your investments and achieve your financial goals. With its wide range of investment products, competitive pricing, and excellent customer service, Fidelity is an attractive option for many investors. By following the steps outlined in this article, you can make a smooth transition to Fidelity and start building the portfolio you need to achieve your financial goals.
What are the benefits of switching to Fidelity Investments?
Switching to Fidelity Investments can provide numerous benefits, including access to a wide range of investment products, competitive pricing, and excellent customer service. Fidelity is one of the largest and most reputable investment firms in the world, with a long history of helping investors achieve their financial goals. By switching to Fidelity, you can take advantage of their extensive resources and expertise to help you make informed investment decisions.
In addition to its investment products and services, Fidelity also offers a range of tools and resources to help you manage your investments and achieve your financial goals. These include online trading platforms, mobile apps, and educational resources, as well as access to financial advisors and investment professionals. By switching to Fidelity, you can gain access to these resources and take control of your financial future.
How do I transfer my existing investments to Fidelity?
Transferring your existing investments to Fidelity is a relatively straightforward process. To get started, you will need to open a new account with Fidelity and then initiate a transfer from your existing brokerage firm. You can do this online, by phone, or in person at a Fidelity branch. You will need to provide some basic information, such as your account number and the type of investments you want to transfer.
Once you have initiated the transfer, Fidelity will take care of the rest. They will work with your existing brokerage firm to transfer your investments to your new Fidelity account. This process typically takes a few days to a week, depending on the type of investments and the brokerage firm. During this time, you can track the status of your transfer online or by contacting Fidelity’s customer service team.
What types of investment products does Fidelity offer?
Fidelity offers a wide range of investment products, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), options, and more. They also offer a variety of retirement accounts, such as 401(k), IRA, and Roth IRA, as well as other types of investment accounts, such as brokerage accounts and custodial accounts. In addition, Fidelity offers a range of investment products specifically designed for active traders, including margin accounts and trading platforms.
Fidelity also offers a range of investment products that are designed to help you achieve specific financial goals, such as saving for retirement or a down payment on a house. These products include target date funds, index funds, and other types of investment vehicles that are designed to provide a steady return over time. By offering such a wide range of investment products, Fidelity can help you create a diversified investment portfolio that is tailored to your individual needs and goals.
How much does it cost to invest with Fidelity?
The cost of investing with Fidelity varies depending on the type of investments you choose and the services you use. Fidelity is known for its competitive pricing, with many investment products and services available at a lower cost than other investment firms. For example, Fidelity offers a range of index funds and ETFs with no fees or commissions, as well as a variety of other investment products with low or no fees.
In addition to the cost of individual investment products, Fidelity also charges some fees for certain services, such as account maintenance and trading. However, these fees are generally lower than those charged by other investment firms, and Fidelity often waives them for accounts with a certain minimum balance. By offering competitive pricing and low fees, Fidelity can help you keep more of your money and achieve your financial goals.
Can I manage my investments online with Fidelity?
Yes, Fidelity offers a range of online tools and resources that allow you to manage your investments from the comfort of your own home. Their website and mobile app provide access to a wide range of investment products and services, including online trading, account management, and research tools. You can use these tools to buy and sell investments, monitor your account activity, and track your investment performance.
In addition to its online tools, Fidelity also offers a range of educational resources and investment guidance to help you make informed investment decisions. These resources include articles, videos, and webinars, as well as access to financial advisors and investment professionals. By providing these resources, Fidelity can help you take control of your investments and achieve your financial goals.
Is my money safe with Fidelity?
Yes, your money is safe with Fidelity. Fidelity is a highly reputable and well-established investment firm, with a long history of protecting its customers’ assets. They are a member of the Securities Investor Protection Corporation (SIPC), which provides insurance coverage for brokerage accounts up to $500,000. They also have a strong track record of regulatory compliance and have never had a major security breach.
In addition to its regulatory compliance and SIPC membership, Fidelity also has a range of internal controls and security measures in place to protect its customers’ assets. These include robust encryption and firewalls, as well as strict access controls and monitoring systems. By taking these precautions, Fidelity can help ensure that your money is safe and secure.
How do I contact Fidelity’s customer service team?
Fidelity’s customer service team is available to help you with any questions or concerns you may have. You can contact them by phone, email, or online chat, and they are available 24/7 to assist you. Fidelity also has a network of branch locations across the United States, where you can meet with a financial advisor or investment professional in person.
In addition to its customer service team, Fidelity also offers a range of online resources and tools to help you manage your investments and answer your questions. These include FAQs, tutorials, and educational resources, as well as a comprehensive online help center. By providing these resources, Fidelity can help you get the support you need to achieve your financial goals.