Seems like this one was blown way out of proportion. Also a Fidelity customer of 25 years now and while I receive a lot of communications from them I cannot imagine handling this one in this manner. There are simple escalation paths that can be taken and my experience with Fidelity customer service has been nothing short of excellent. I won't be selling off my Fidelity investments and fleeing them for another brokerage that may have worse customer service.
One of the points of irritation Hugh expressed with Fidelity is that the letter was machine generated. Unfortunately, this is the trend in all businesses. And that trend will only grow as large businesses invest in AI. Machines are cheaper than people. I too find this very frustrating.
10:2210:30 Hugh. Deep breath. That wasn't a threat. Once you got annoyed and maybe your own problem you lost it. I'm a senior and have been a self directed customer for 30 years and very satisfied.
This is NOT a Fidelity problem. It is a state law problem. I managed my Mother's accounts in Texas. I got a few of those warnings from a few banks she had CDs in due to inactivity. I had the same reaction. But it is NOT just Fidelity.
Exactly. The post office probably returned a piece of mail that was mis-sorted to another carrier's route, and it triggered events that led to an escheatment letter/email. And if you don't work with a broker at the company who knows you, you will spend an inordinate amount of time on the phone, first proving who you are, and then waiting for the highly scripted telephone rep. to "fix" the information in their system. Then, pray that it propagates correctly throughout the system and solves the problem.
This is not a Fidelity problem. I am a lawyer at a brokerage firm. Unfortunately, the SEC, FINRA, NASAA, FINCen and other agencies heap regulation upon regulation on us that make it difficult for even for us to comply with all of the rules. That said, what you described are plain vanilla, routine issues that should be easy to resolve. But increasing incidents of fraud require more and more safeguards which are cumbersome for ordinary retail investors. PS: Elder Financial Abuse laws are inapplicable here and apply to fraud or potential fraud. Happy to share our perspective with you sometime. And very glad Paul Atkins will be heading the SEC soon.
I suspect Hugh would've been less unhappy, had the scripted service agent been more human, and shown some concern for his inconvenience. Instead he got the line over and over. And no real kindness.
Hugh, Please check your Fidelity accounts every day and you may be able to avoid many of these issues. It is usually possible to transfer funds down to a zero balance and then ask them to close the account. Everything is easier online.
Just told my Husband to look at all our financial accts when he does our taxes, and make sure nothing is with Fidelity. He thinks we may have something. I detest Companies like this. We close credit card accounts occasionally for bad service like this too. We don't tolerate it.
Hugh...if I sent this video to my folks (75 and 74), THEY would probably freak out, as they are with Fidelity, and I help them with their retirement accounts.
Long time customer of Fedelity. Had my sun open an account. They refused to open the account as well as refused to return the monies submitted to fund the account. Moving assets as I can from them. Never have been treated like they did refusing to say a word one way or another.
I can forgive the letter. That's based on various laws and regulations. What I find ridiculous is why it took so long (90 minutes) to close the accounts.
You may be a lawyer but you are obviously not an escheat law expert. Your opinion about Fidelity is therefore irrelevent. Maybe you should research your state's escheat laws before posting a video like this.
Thank you. I have a feeling they are not the only ones doing this. I had a similar experience with Schwab a couple of years back, where their customer support representatives would just hang up on you. Now I've just received a threat letter from Social Security and both phone numbers are unreachable and just hang up on you.
That's a valid concern. I heard the same sentiment voiced by Patrick Wood at Technocracy News when referring to China's social credit score system. The way things are going we could all be faced with issues that can't be resolved because there's no one to talk to. The machine makes the rules and the machine always wins.
Might be A I at work behind the curtain. I remember when a bank was charging people for going to a ATM and get their own money out. I left them years ago.
I have been a Fidelity customer since 1976 and during those years I have looked at other brokerages and have arrived at the same conclusions. Fidelity is accurate, timely, and priced fairly. In listening to your rant I am left with the conclusion that are only involved in these matters on a very superficial basis, hence the frustration. The problem is not Fidelity it is to some extent your lack of understanding in how these systems work. The federal rules are many and complex as you next commenter points out.
I'm gonna have to wait until I either leave, or retire my current job. They manage my 401(k) and my pension. I've already determined I'm cashing out my pension and moving it to somewhere more stable.
Fidelity is great. I’ve been with him for years and have a substantial amount of money there. The only moron is this guy talking in this will be the last time I watch this show because if he’s wrong on this, what else is he wrong on? He sounds like Donald Trump oh wait Donald Trump called him a moron that time So I can’t believe I’m agreeing with Donald Trump
What's with the "Go on-line and do such and such." They asked you to call them. Why can't they do it? If I wanted to do something on-line, I would already have done it.
Hugh, you can move your money out of your companies 401k. Its called an "indirect rollover". Your 401k rules probably will allow it. Just ask. Im in the industry. The "indirect rollover" is a legit avenue for people to use providing you are 59 1/2. Good luck!
And people wonder why people are on drugs. If Hugh struggles with these types of things imagine the average person. How hard is it to move an Roth IRA from fidelity?. This is terrible
Really? your personal issues with the bureaucracy of life are all that is on your mind these days? I hope you never have to fight with an insurance company OMG
If you are older than 59.5 years old you can do what is called an "in service rollover" of your 401k to an IRA. You should contact your financial advisor and ask how this can apply to you.
انا اختك ابوس ايدك والله تمر ايامنا وليالينا واحنا لانملك شي اين القلوب الراحمه ضااااق حالنا ووضاااااق بنا الحال والله ما كتبت هذا الكلام الا من الضيق وقسوت الضروف يِآ نآس يِآآمٌـٍة مٌحًمٌد صِآرتٍ قلّوبگٍمٌ بلّآ رحًمٌهً ولّآشفُقهً ولّآ آنسآنيِهً گٍمٌ شگٍيِتٍ وگٍمٌ بگٍيِتٍ گٍمٌ نآديِتٍ وگٍمٌ نآشدتٍ ولّگٍن لّآ حًيِآٍة لّمٌن تٍنآديِ هًلّ يِرضيِگٍمٌ آن آخوآنيِ يِبگٍون ويِمٌوتٍون مٌن آلّجُوع وآنتٍمٌ مٌوجُودون يِعلّمٌ آلّلّهً آلّعلّيِ آلّعظَيِمٌ آننآ لّآ نمٌلّگٍ حًتٍى قيِمٌـٍة گٍيِلّو دقيِق آبيِ مٌتٍوفُيِ ﻭﺃﺧﻮﺍﻧﻲ ﺻﻐﺎﺭ ﻟﻴﺲ ﻟﻨﺎ ﺃﺣﺪ ﺃﻗﺴﻢ ﺑﺎﻟﻠﻪ ﺍﻟﻌﻈﻴﻢ ﺃﻧﻬﻢ ﻧﺎﻣﻮﺍ ﺃﻣﺲ ﺟﻮﻋﺎﻧﻴﻦ ﻭﻫﻢ ﻳﺒﻜﻮﻥ من الالم والولايات ﻳﺎﺃﻫﻞ ﺍﻟﺨﻴﺮ ﻫﻞ ﻳﺮﺿﻴﻜﻢ ﺃﻧﻨﺎ ﻣﻦ ﺃﻣﺲ ﻟﺤﺪ ﺍﻵﻥ ﺑﺪﻭﻥ ﺃﻛﻞ ﻳﺎﺃﺧﻮﺓ الأسلام يافاعلين الخير انا اقسم بالله على كتاب الله اني لااكذب عليك ولا انصب ولا احتال اني بنت يمنيه نازحين انا واسرتي بيتنا ايجار الشهرب 20 الف يمني والان علينا 60 الف حق3 شهور وصاحب البيت من الناس الي ماترحم والله يا اخي انه يجي كل يوم يبهدلنا ويتكلم علينا ويريد يطردنا من البيت للشارع لانناماقدرناندفعله الأجار وما يروح الئ بعدما نبكي ورجعوتكلمو الجيران ومهلنالاخره الأسبوع واذا دفعنا له حلف يمين بالله بيخرجنا إلى الشارع بدون رحمه واحنا.مشردين من بلادنا بسبب هذا الحرب ولانجد قوت يومنا وعايشين اناوامي واخوتي سغار والدنا متوفي الله يرحمه ومامعنا أحد في هذا الدنيا يقف جاانبنا في هذه الظروف القاسيه ومامعي اخوان كباره يقفوامعنا في هذا الظروف اخوتي سغار ولكن انا بنت لااستطيع ان اشتغل اقسم بلله ان اخواني خرجوا على للشارع وشافو وشافو الجيران ياكلو راوقفو وقفوا عند بابهم لجل يعطوهم ولوخبزه يسد بها جوعهم والله الذي له ملك السموات والارض انهم غلقو الباب وطردوهم ورجعویبکوایموتومن الجوع والله ما نجد لقمت عیش والان لوما احدنا ساعدنا في كيلوا دقيق اقسم بالله انموت من الجوع فيا اخي انا دخيله على الله ثم عليك واريد منك المساعده لوجه الله انشدك بالله تحب الخير واتساعدني ولو وتطلب اسم بطاقتي وترسلي ولاتتاخر وايعوضك الله بكل خير فيا اخي انت رجال إذاشفت اسرتك جاوعين المستحيل من اجل تامن لهم الأكب ولكن انابنت عيني بصيره ويدي قصيره ليس لي أب مثلك واخواني سغار شوف كيف حالتهم وساعدنا وأنقذنا قبل أن يطردونا في الشارع تتبهدل أو نموت من الجوع أنا اقسم بالله الذي رفع سبع سموات بلاعمدوبسط الارض ومهداني لااكذب عليك بحرف من هذا الرساله واني ماطلبتك إلى من ضيق ومن قسوت الضروف والحال الذي احنافيه وانا واسرتي نسالك بالله لولك مقدره ﻳﺎﺃﻫﻞ ﺍﻟﺨﻴﺮ ﺍﻟﻲ ﻋﻨﺪﻩ ﺍﻟﻘﺪﺭﻩ ﻋﻠﻰ ﻣﺴﺎﻋﺪﺗﻨﺎ لايتاخر علينا لحظه هاذا رقمي واتساب 00967772168484 الذي يقدر يساعدنا يراسلني على الواتساب نرسله ألاسم الكامل يحولنا بقدر استطاعته جزاكم الله خيرتــــ الجزاء~؛؛؛،،،\\,,...._...,.\\]>>]⇶]♡].......>..>..&.>..>>....>.>.
You do know the word fetching means Attractive or Beautiful, and goes back to the late 1800s right? Let the man call his love beautiful if he wants to.
Seems like this one was blown way out of proportion. Also a Fidelity customer of 25 years now and while I receive a lot of communications from them I cannot imagine handling this one in this manner. There are simple escalation paths that can be taken and my experience with Fidelity customer service has been nothing short of excellent. I won't be selling off my Fidelity investments and fleeing them for another brokerage that may have worse customer service.
Got to say it, first time watcher of Hewitt, and now last time watcher. How obnoxious can lawyers be? He’s the poster that answers that question..
One of the points of irritation Hugh expressed with Fidelity is that the letter was machine generated. Unfortunately, this is the trend in all businesses. And that trend will only grow as large businesses invest in AI. Machines are cheaper than people. I too find this very frustrating.
10:22 10:30 Hugh. Deep breath. That wasn't a threat. Once you got annoyed and maybe your own problem you lost it. I'm a senior and have been a self directed customer for 30 years and very satisfied.
This is NOT a Fidelity problem. It is a state law problem. I managed my Mother's accounts in Texas. I got a few of those warnings from a few banks she had CDs in due to inactivity. I had the same reaction. But it is NOT just Fidelity.
Exactly. The post office probably returned a piece of mail that was mis-sorted to another carrier's route, and it triggered events that led to an escheatment letter/email. And if you don't work with a broker at the company who knows you, you will spend an inordinate amount of time on the phone, first proving who you are, and then waiting for the highly scripted telephone rep. to "fix" the information in their system. Then, pray that it propagates correctly throughout the system and solves the problem.
I like Fidelity! Good funds and good service for me.
Gez, took over 5 minutes to get to the point.
This is not a Fidelity problem. I am a lawyer at a brokerage firm. Unfortunately, the SEC, FINRA, NASAA, FINCen and other agencies heap regulation upon regulation on us that make it difficult for even for us to comply with all of the rules. That said, what you described are plain vanilla, routine issues that should be easy to resolve. But increasing incidents of fraud require more and more safeguards which are cumbersome for ordinary retail investors. PS: Elder Financial Abuse laws are inapplicable here and apply to fraud or potential fraud. Happy to share our perspective with you sometime. And very glad Paul Atkins will be heading the SEC soon.
The government never makes things easier.
I suspect Hugh would've been less unhappy, had the scripted service agent been more human, and shown some concern for his inconvenience. Instead he got the line over and over. And no real kindness.
The volume is better. Thank you.
Hugh you’re kind of cranky with the brokerage. You are indeed a lawyer.
Hugh, Please check your Fidelity accounts every day and you may be able to avoid many of these
issues. It is usually possible to transfer funds down to a zero balance and then ask them to close the account. Everything is easier online.
Just told my Husband to look at all our financial accts when he does our taxes, and make sure nothing is with Fidelity. He thinks we may have something.
I detest Companies like this. We close credit card accounts occasionally for bad service like this too. We don't tolerate it.
Hugh...if I sent this video to my folks (75 and 74), THEY would probably freak out, as they are with Fidelity, and I help them with their retirement accounts.
Hugh: you sound like an uneducated elite defuse.
Long time customer of Fedelity. Had my sun open an account. They refused to open the account as well as refused to return the monies submitted to fund the account.
Moving assets as I can from them. Never have been treated like they did refusing to say a word one way or another.
Fidelity wasn't good for me and I closed it a couple of years ago. I'm glad that I did.
I think it was most likely your fault. I've made a fortune there just sitting on my rear end.
I can forgive the letter. That's based on various laws and regulations. What I find ridiculous is why it took so long (90 minutes) to close the accounts.
You really stretched this out.
You may be a lawyer but you are obviously not an escheat law expert. Your opinion about Fidelity is therefore irrelevent. Maybe you should research your state's escheat laws before posting a video like this.
Thank you. I have a feeling they are not the only ones doing this. I had a similar experience with Schwab a couple of years back, where their customer support representatives would just hang up on you. Now I've just received a threat letter from Social Security and both phone numbers are unreachable and just hang up on you.
All of these outfits are run by machines. Where are you going to go when the only response obtained from any of them is the voice of AI?
That's a valid concern. I heard the same sentiment voiced by Patrick Wood at Technocracy News when referring to China's social credit score system. The way things are going we could all be faced with issues that can't be resolved because there's no one to talk to. The machine makes the rules and the machine always wins.
I am with Charles Schwab and do not receive any such letters or mail of this type. Can see your point and am happier than ever to be with Schwab!
Please join MADE: Mothers Against Dangerous Ebikes
Might be A I at work behind the curtain. I remember when a bank was charging people for going to a ATM and get their own money out. I left them years ago.
I have been a Fidelity customer since 1976 and during those years I have looked at other brokerages and have arrived at the same conclusions. Fidelity is accurate, timely, and priced fairly. In listening to your rant I am left with the conclusion that are only involved in these matters on a very superficial basis, hence the frustration. The problem is not Fidelity it is to some extent your lack of understanding in how these systems work. The federal rules are many and complex as you next commenter points out.
I'm gonna have to wait until I either leave, or retire my current job. They manage my 401(k) and my pension. I've already determined I'm cashing out my pension and moving it to somewhere more stable.
That was brutal. Fidelity really screwed the pooch.
Hugh the company I work for they use Fidelity . They use to use Vanguarg
Fidelity is great. I’ve been with him for years and have a substantial amount of money there.
The only moron is this guy talking in this will be the last time I watch this show because if he’s wrong on this, what else is he wrong on?
He sounds like Donald Trump oh wait Donald Trump called him a moron that time
So I can’t believe I’m agreeing with Donald Trump
What's with the "Go on-line and do such and such." They asked you to call them. Why can't they do it? If I wanted to do something on-line, I would already have done it.
I had the same letter from schwabb
Hugh, don’t read any more letters or make any more calls. I can’t take another ten minute screed.
Hugh, you can move your money out of your companies 401k. Its called an "indirect rollover". Your 401k rules probably will allow it. Just ask. Im in the industry. The "indirect rollover" is a legit avenue for people to use providing you are 59 1/2. Good luck!
Fidelity is freaking out now! 😂
We get all kids of scam calls. I'm just not that lonely.
And people wonder why people are on drugs. If Hugh struggles with these types of things imagine the average person.
How hard is it to move an Roth IRA from fidelity?. This is terrible
I left fidelity about 4 years ago.
Really? your personal issues with the bureaucracy of life are all that is on your mind these days? I hope you never have to fight with an insurance company OMG
Hugh double check I believe you can move your monies prior to retirement provided you are over 591/2.
Are you sure you aren’t in some stage of dementia?
If you are older than 59.5 years old you can do what is called an "in service rollover" of your 401k to an IRA. You should contact your financial advisor and ask how this can apply to you.
I think they try to hang on to all accounts with a death grip
Recent follower, but after this tirade you appear to be a nut job. Flee Fidelity for where when the issues were of your own making.
Goodness, this really set you off, didn't it?
That's a fine Trump Tantrum, Hugh!! 🙄
انا اختك ابوس ايدك والله تمر ايامنا وليالينا واحنا لانملك شي اين القلوب الراحمه ضااااق حالنا ووضاااااق بنا الحال والله ما كتبت هذا الكلام الا من الضيق وقسوت الضروف يِآ نآس يِآآمٌـٍة مٌحًمٌد صِآرتٍ قلّوبگٍمٌ بلّآ رحًمٌهً ولّآشفُقهً ولّآ آنسآنيِهً گٍمٌ شگٍيِتٍ وگٍمٌ بگٍيِتٍ گٍمٌ نآديِتٍ وگٍمٌ نآشدتٍ ولّگٍن لّآ حًيِآٍة لّمٌن تٍنآديِ هًلّ يِرضيِگٍمٌ آن آخوآنيِ يِبگٍون ويِمٌوتٍون مٌن آلّجُوع وآنتٍمٌ مٌوجُودون يِعلّمٌ آلّلّهً آلّعلّيِ آلّعظَيِمٌ آننآ لّآ نمٌلّگٍ حًتٍى قيِمٌـٍة گٍيِلّو دقيِق آبيِ مٌتٍوفُيِ ﻭﺃﺧﻮﺍﻧﻲ ﺻﻐﺎﺭ ﻟﻴﺲ ﻟﻨﺎ ﺃﺣﺪ ﺃﻗﺴﻢ ﺑﺎﻟﻠﻪ ﺍﻟﻌﻈﻴﻢ ﺃﻧﻬﻢ ﻧﺎﻣﻮﺍ ﺃﻣﺲ ﺟﻮﻋﺎﻧﻴﻦ ﻭﻫﻢ ﻳﺒﻜﻮﻥ من الالم والولايات ﻳﺎﺃﻫﻞ ﺍﻟﺨﻴﺮ ﻫﻞ ﻳﺮﺿﻴﻜﻢ ﺃﻧﻨﺎ ﻣﻦ ﺃﻣﺲ ﻟﺤﺪ ﺍﻵﻥ ﺑﺪﻭﻥ ﺃﻛﻞ ﻳﺎﺃﺧﻮﺓ الأسلام يافاعلين الخير انا اقسم بالله على كتاب الله اني لااكذب عليك ولا انصب ولا احتال اني بنت يمنيه نازحين انا واسرتي بيتنا ايجار الشهرب 20 الف يمني والان علينا 60 الف حق3 شهور وصاحب البيت من الناس الي ماترحم والله يا اخي انه يجي كل يوم يبهدلنا ويتكلم علينا ويريد يطردنا من البيت للشارع لانناماقدرناندفعله الأجار وما يروح الئ بعدما نبكي ورجعوتكلمو الجيران ومهلنالاخره الأسبوع واذا دفعنا له حلف يمين بالله بيخرجنا إلى الشارع بدون رحمه واحنا.مشردين من بلادنا بسبب هذا الحرب ولانجد قوت يومنا وعايشين اناوامي واخوتي سغار والدنا متوفي الله يرحمه ومامعنا أحد في هذا الدنيا يقف جاانبنا في هذه الظروف القاسيه ومامعي اخوان كباره يقفوامعنا في هذا الظروف اخوتي سغار ولكن انا بنت لااستطيع ان اشتغل اقسم بلله ان اخواني خرجوا على للشارع وشافو وشافو الجيران ياكلو راوقفو وقفوا عند بابهم لجل يعطوهم ولوخبزه يسد بها جوعهم والله الذي له ملك السموات والارض انهم غلقو الباب وطردوهم ورجعویبکوایموتومن الجوع والله ما نجد لقمت عیش والان لوما احدنا ساعدنا في كيلوا دقيق اقسم بالله انموت من الجوع فيا اخي انا دخيله على الله ثم عليك واريد منك المساعده لوجه الله انشدك بالله تحب الخير واتساعدني ولو وتطلب اسم بطاقتي وترسلي ولاتتاخر وايعوضك الله بكل خير فيا اخي انت رجال إذاشفت اسرتك جاوعين المستحيل من اجل تامن لهم الأكب ولكن انابنت عيني بصيره ويدي قصيره ليس لي أب مثلك واخواني سغار شوف كيف حالتهم وساعدنا وأنقذنا قبل أن يطردونا في الشارع تتبهدل أو نموت من الجوع أنا اقسم بالله الذي رفع سبع سموات بلاعمدوبسط الارض ومهداني لااكذب عليك بحرف من هذا الرساله واني ماطلبتك إلى من ضيق ومن قسوت الضروف والحال الذي احنافيه وانا واسرتي نسالك بالله لولك مقدره ﻳﺎﺃﻫﻞ ﺍﻟﺨﻴﺮ ﺍﻟﻲ ﻋﻨﺪﻩ ﺍﻟﻘﺪﺭﻩ ﻋﻠﻰ ﻣﺴﺎﻋﺪﺗﻨﺎ لايتاخر علينا لحظه هاذا رقمي واتساب 00967772168484 الذي يقدر يساعدنا يراسلني على الواتساب نرسله ألاسم الكامل يحولنا بقدر استطاعته جزاكم الله خيرتــــ الجزاء~؛؛؛،،،\\,,...._...,.\\]>>]⇶]♡].......>..>..&.>..>>....>.>.
Please stop calling your wife "the fetching Mrs. Hewitt"> It's so classless.
You do know the word fetching means Attractive or Beautiful, and goes back to the late 1800s right? Let the man call his love beautiful if he wants to.
Depends on what class you are referring to. To the educated, considerate, committed hudband class Hugh belongs to, it’s seen as a great compliment.
You are hereby banned from watching, or listening to Hugh.