Fidelity Gold IRA Review
As of today the stock market is like a never ending roller coaster – one minute you’re at the top of the world and the next you’re plummeting down faster than you could have ever imagined. We can point fingers everywhere we want, but the fact of the matter is that the media is driving the marketplace and so are big businesses.
With so much uncertainty plaguing the minds of many, it’s no wonder why investors are bracing themselves after every trade. Fortunately, a lot of everyday Americans and World Citizens like yourself have found a loophole to protect their investments: investing in Gold.
Precious metals companies like Fidelity Investments have begun offering their services by providing Gold backed IRAs (Individual Retirement Accounts). The reason is that Gold is a much more stable commodity than something else backed by a paper-asset like the US Dollar.
Fidelity Investments has been in business for over 60 years and any company that has been in business that long, must be doing something right. Or at least that’s what you may think. Perhaps they’re doing something extremely bad but they’re the best at it?
But don’t take our word for it, read this Fidelity Gold IRA review and decide for yourself. With tons of Fidelity complaints coming from consumers who have invested with Fidelity, any smart investor would take caution after this review.
Fidelity Investments: Not An Accredited BBB Company
177 complaints closed with BBB in last 3 years | 64 closed in last 12 months
If you aren’t familiar with the Better Business Bureau (BBB), they’re a credible organization that rates businesses with a letter grade from A to F (A good, F bad). Their main priority is to, as their slogan says, start with trust. Meaning that their main mission is to shed good and bad light on companies, this way you can make educated decisions before committing to a specific company.
Typically you want a business to have an A+ rating, unfortunately for Fidelity Investments, they aren’t accredited with the Better Business Bureau. This means that BBB doesn’t think Fidelity is a credible enough establishment to be given a good business grade, given that they have not met the required standards of a reputable business. If that wasn’t enough, Fidelity has had over 177 complaints within the last 3 years and have only resolved 64 cases. This means that there have been a lot of unhappy customers. Many complaints from consumers vary from problems with the products, sales issues, and billing issues.
The Complaints Board is another trusted consumer review site. Consumers can post complaints and share their personal experiences with any particular company and has since gained the trust of thousands of consumers near and far. In this case, one consumer shares their experience with Fidelity Investments around the basis of “poor customer service.”The consumer goes on to say that his stocks were destroyed by Fidelity without his knowledge or consent. His complaint was a fair one as well. Concerned that his money would be losing money (transfer fees) while moving from various investments, the man was unhappy and wanted his money back. After 60 days he finally got his money minus the fees they had charged. It’s safe to say that he was not a happy investor.
Another former client of Fidelity states that after purchasing a large sum of stocks with Fidelity, that the stocks fell drastically. After holding onto the stocks for a longer period of time, in hopes that the stocks would rise again, they finally did and actually held some value. Excited that a profit was going to be made, he decided to sell the stocks and earn a return.. or so he though. Unfortunately for him, Fidelity had thrown away his stocks without his consent and he was never to see a profit. His stocks are now worthless and despite it not being his fault, Fidelity did not reimburse his investment and/or loss.
Whenever you’re doing business with a financial institution, you want to know that your trust comes first. That the company has built a foundation on integrity and truth. Unfortunately for one customer, he believes that Fidelity Investments isn’t interested in helping their clients.
After 20 years of doing business with Fidelity, the consumer feels that his opinion is no longer valued and that the company acts on their own behalf. The situation arises when his 401k no longer produced the accustomed quarterly checks he was used to getting. You would think that having his 401k investment with the company for over 20 years, that they would let him know about this stipulation. Without any knowledge at all, he was shocked to find out that the company had made investments in companies he had no knowledge of and lost over $38,000.
The issue was never resolved and the man never received any compensation from the company. He then states “I would like to make a statement to either parties convention about the way that I was treated by fidelity.” We’ve yet to find out if he was ever allowed to make a proper statement on his experiences with Fidelity.
Adapting With Change
Investing in today’s economy isn’t the same as it was 20 or even 10 years ago. Unfortunately for many investors, the times have changed and their investment portfolios haven’t. To expect investments to remain exact the same for the rest of your life is a bit arrogant. Every Smart Investor adapts to change and time. Fidelity has been around since the mid 20th century so they definitely do have a great business model.
Unfortunately, within the last 5 years or so the company has been growing at a larger than normal pace and quite often a company can become more than it can handle. And since a lot of consumers love investing with companies that have been around for a long time, it’s no wonder uneducated clients will go with a company based on the name rather than the research. Upon further review, we believe that Fidelity was once a household name could be trusted. Now however, we believe that investors should pause and think before making any financial decisions regarding this company.