Working at Fidelity Investments — Reviews by Employees

I worked in IT here for 7 years, supporting the fund management arm of the business. Required to carry a pager and cell phone at all times -- even when not "on call" -- and routinely had to field calls from incompetent coworkers in the middle of the night (for years, calling about the same things which they were simply too lazy to learn).

Huge amounts of time spent on the phone training offshore workers in India and, after 2 or 3 years, there was little to no improvement... I spent hours each week correcting their mistakes and doing damage control. The job itself was very specific to my particular department and not something you could simply staff with a random resource, which I and other coworkers conveyed over and over to the powers that be, to no effect. Management here doesn't have a clue.

I was repeatedly promised promotions and other opportunities for growth... all lies.

As has been noted, politics reign supreme here, which I suppose makes Fidelity the same as most large corporations.

In the end, I had just completed a week of on call, worked all Saturday and Sunday (15+ hours) upgrading servers and was fired on Monday (in the afternoon, after letting me work all day), supposedly for violating the Internet use policy (admittedly, I checked personal email in such a way that circumvented their blocks... as the job itself was mind-numbing and I needed an occasional distraction after doing the same exact thing for 7 years with zero opportunities for advancement... HR actively blocks one's efforts to move internally). Prior to this, I had always received outstanding performance reviews, excellent feedback from customers and had never been put on any kind of performance plan or probation. It is also interesting to note that I was terminated exactly 3 weeks before I would have been eligible to receive my year-end bonus. Coincidence?

I wasted the bulk of my 20s working for this organization and have nothing to show for it. Definitely feel "used," as others have noted. Would not recommend it to anyone.

After reviewing many of the posts from the past year, there seems to be a lack of entries from the FESCO side of the Fidelity business. For those of you who are reading this as a potential new hire or applicant, that means the 401k and workplace benefit division. At least I think that's what it is. Every day we have new management and you never know what department you're working for from one day to the next. When I was hired just under 3 years ago the first concept I learned in training was that the F in Fidelity stands for flexibility and that was not a lie. In three years I've had multiple team managers and directors have been shifted from place to place. These shifts were not because I advanced because there is no place to advance to unless you move across the floor to stay on the phone. It used to be that it was an advancement to move from 401k to pension but now that's a lateral move.

The positives about working in the customer service is the camaraderie that builds from everyone having the same experiences either with customers or life in general and the company benefits. For those who are wanting to finish a degree or start one you really can't beat 90% tuition reimbursement. The 7% 401k match is also a boost because you soon learn that you are the only person that will be able to control your retirement income so you might as well start early. Currently, CSS still has a quarterly performance bonus and we have annual increases. When call volume is down there is VTO so you don't have to feel miserable about having to stay chained to your desk while waiting for the next call. Idle hands are the devil's workshop and that leads to web surfing which is frowned upon. The less you know about the world and business then you aren't a threat.

The keys to success are to just do what's required and do it well. Don't worry about what you think about the change because next week it will change back to what you did before. If you can't go with the flow then this would definitely not be the job for you.

Fidelity is a good place to start your career in financial services. The pay is sub par but the benefits are nice. They paid for my bachelor's degree. Well, 90% of it which is a lot. I will say that most of the managers there are really not that interested in finance nor do they know a whole lot about investing in general, but they definitely know how to micromanage you which can become very aggravating. The best part about Fidelity is the people. most of the people who work there are tons of fun and are just using Fidelity as work experience before applying to grad school. The older people who are still at Fidelity are generally extremely unambitious and not that sharp. Fidelity is a place where a person can show up to work, take calls in a disengaged fashion and go home and watch TV. A lot of people get fat too, because a day of talking to Fidelity's clients leaves you completely unmotivated to get off the couch and go to the gym.
There are a few good managers at Fidelity who are underpaid and not recognized for what they do. As for the rest of them, well, they are not smart, they try to get people fired, they suck up to upper management like crazy, and did I mention that they are not that intelligent. I am referring to middle management by the way. There are many competent people in upper management.
I feel like my job is very secure. Very few layoffs through out this recession which was appreciated by many. There isn't a whole lot of growth potential at Fidelity. They prefer to bounce people around laterally with out pay increases or that much of a bonus increase either.
Honestly, you should just go there to get your series 7 and then get out as fast as you can so that you can work at a real firm and actually do something that matters. The job description for financial representatives at fidelity should read "reset PIN's for clients all day long everyday." That's pretty much what you do the whole time.
Well, take this review with a grain of salt. I tried to be as generous as possible, but I will say that if you want to do rewarding work Fidelity is not that place.

I imagine most reviews on this site are negative as most people vent when things suck. Things have changed for the worse in my 10yrs here. Raises cut in 1/2 and bonuses no longer available for non salary employees. Benefits still good but career growth non-existent. Company motto appears to be do twice as much work for the same money and be glad you have a job. HR does not exist and management does it's best not to promote anyone. Management changes have left company with no leadership and hard working employees are overlooked while political suckups and backstabbers get ahead. If the economy ever recovers look for a mass exodus of employees leaving.

What about Rodger Lawson's announcement today and better yet, no successor named yet again. The place can't get out of their own way and the working environment is a nightmare. Politics, politics, politics! The people who have long tenure, hate the people who are new and are threatened because we have more experience, are better educated and understand that their is more to life than Fidelity. Some of the new senior execs are assume and it is a shame that people like Rodger are leaving as are others (some forced out). HR is a nightmare and certainly does nothing for the employees.

I have been with Fidelity over 5 yrs and plan to stay with the firm for at least another 5. The other reviews on here all seem to be from the few people who could not hack it anywhere in the financial services industry. During the last 5 years I have only seen 2 people get fired. Job security is second-to-none. No other financial firm coaches and coddles their employees like fidelity. 6 months+ to get the series 7 with several weeks of paid study time (85% pass rate as a firm), 100% inside sales, non-commissioned based sales structures with extremely low base-line goals and a stack ranked bonus pay-out structure. Sales bonuses based on 2 measures, quantity and quality so that everyone has the chance to get paid. Base salary around 35k starting, 45k for entry level sales, 60k for midlevel and 80k+ for upper level. Bonuses up to 20-30% percent of pay. Unlimited advancement opportunities. I have taken 5 promotions in my 5 yrs, but I have seen others move much further than that. With nearly unlimited OT opportunities starting off as a financial rep you could easily make 45-50k in your first year not including 10% profit sharing, tuition/computer/fitness reimbursment, 7% 401K match and greath health benefits. The bottom line: Fidelity is a great place to get started in financial services with very little pressure and all the time and training you need to eventually venture off on your own as indepent advisor.

In India working in a call center is considered prestigous. In America...if you are working in a call center you are at the bottom of the barrel....It is as simple as that. Most of these types of Jobs are located in low cost, low income areas where the local low skilled workers are more than happy to take them. If your previous opportunities were in a mill, coal mine or other type of factory then a call center would be a step up.

It just depends on the lens you see the world through. In contrast, if you are from a large metropolitan area and somehow found yourself in a small town for a time, each day feels like HELL! This particular call center is about 300 miles or so from the New National Headquarters of the Klu Klux Klan which is in a place called Paducah KY!

In KY, many of the workers possess academic education, however, I would still classify them as low skilled as they really have no place to develop real world business skills (unless you consider talking, being a phony and lying a skill). As for the sales licenses required, any fool with mediocre to average intelligence can get a series 7 license, most just barely pass, even with finance degrees.

Anyone with any real business talent would not stay in call center or a hick town. STAY AWAY unless you have no choice!

This review is about the IT only. Somebody mentioned that incompetence took over in 2005. Well, it happened around 2000. Realistically, 30% of IT personnel can be let go on the spot. If you are talking PMs and SVPs - 90%. In contrary to somebody's statements - new senior management in, at least one, IT department is top notch. There is a lot of doubt that the old guard will tolerate new folks for a long time. This company could be one of the best in the industry and the new management is trying - changes are not happening fast enough, though. If you are and want to be an engineer - run away. There are no technical problems, only political ones.

The team CEI score produces a toxic, cancerous environment within some teams because we are left to guess as to who is holding back the teams. Imagine playing on a baseball or football team and nobody knows for sure who is the worst players. Only at Fidelity call centers do you go to work and not know who is killing your team's performance!

Worked for Fidelity for ~13 years in IT (FISC/FTG). It was a good place to work at one point (the 90's), but as has been described many times incompetence took over at some point around 2005.

No recognition, no promotions, demotions, constant back-stabbing and politics, and riddled with incompetent management-level types...that about sums it up.

I would like to pay special attention to the horrible HR team at Fidelity. Words cannot describe just how despicable they are. In many ways, Fidelity became a really bad place to work right about the time that HR was allowed free reign. The review/rating systems is outstandingly horrible.

I tried repeated times towards the end to get Fidelity to lay me off, to no avail. Unfortunately I was well-connected in the company and was doing something that was in very high demand. Finally I got fed up and quit about two years ago. Moved on to much greener pastures and couldn't be happier... I immediately close any and all accounts I had with Fidelity.

Avoid this place in every way possible.