Corporate Greed-Fidelity

[Tim]

Click bait, but Fidelity changes corporate policies without notice. 100% fine with that, but it is an irritant.
Private Client’s had been defined as $1m total account balance.
One benefit I have used for years is “free” TurboTax.
In December 2021, they redefined the TurboTax only qualification to be $1m taxable. The feature was simply removed. No notice to Fidelity Private Client support desks (which are wonderful), personal advisors, staff or existing clients.

The 20% discount through Fidelity is less than the 25% discount TurboTax offered via direct email.
Haven’t found anything on their site in writing.
Three return phone calls confirming “no longer available”. Won’t move the needle, just irritating they didn’t communicate.
https://www.fidelity.com/trading/act...service-levels
Still shows on their website.
Denied!

100% was better.

[Marko-ER]

Cannot agree with more. Fido does this as much and maybe more than others. My favorite is how they try to virtue signal with Fidelity DAF, but when Abigail Johnson (head owner/shareholder) gets asked if they are willing to do anything on their end like lower fees or forego salary with unprecedented need due to COVID, no answer the question doesn't even register. Don't even get me started on TIAA-CREF (used to work for what is now their subsidiary Nuveen). All this pushed me ever more to think get yours, don't be a martyr (martyrdom for your 'vocation' is a vein that runs strong particularly among physicians).

[Tim]

Cannot agree with more. Fido does this as much and maybe more than others. My favorite is how they try to virtue signal with Fidelity DAF, but when Abigail Johnson (head owner/shareholder) gets asked if they are willing to do anything on their end like lower fees or forego salary with unprecedented need due to COVID, no answer the question doesn't even register. Don't even get me started on TIAA-CREF (used to work for what is now their subsidiary Nuveen). All this pushed me ever more to think get yours, don't be a martyr (martyrdom for your 'vocation' is a vein that runs strong particularly among physicians).

I would not expect Abigail Johnson to take any such action.
"And yet, behind the scenes, the Fidelity Charitable branch of her corporation lets money from its Donor-Advised Funds flow to organizations that espouse racist idea and practices." This is not her money. Now is you want to ask her about her personal charities, feel free.
The majority of criticism I have seen has a point of view. It is a privately held business. What fees do you want lower? Never yet heard of anyone public or private voluntarily taking a cut in compensation, Covid or not.

Yes, she is extremely wealthy.

[afan]

You made three phone calls to try to get a 20% discount on TurboTax? What value do you put on your time?

And why in the world would people at Fidelity take pay cuts or lower fees due to COVID?

[Tim]

You made three phone calls to try to get a 20% discount on TurboTax? What value do you put on your time?

And why in the world would people at Fidelity take pay cuts or lower fees due to COVID?

Three phone calls, yep. AND I paid $49.00 plus tax.
A previous poster was suggesting DAF funds at Fidelity and Abigail Johnson need voluntarily change.
My only “job” is to pay taxes. Fidelity called back twice. I lost the battle for a free lunch.

TY2021 TurboTax Online Deluxe DIY $59.00 $49.00

Subtotal $49.00 Estimated tax $3.23 Order total $52.23

No big deal. The sad part is that now I will send this to my daughter. I doubt I will get paid. But likely I will get a free dinner or trip. Time well spent. Oh she won’t like the bad news. Needs to dump about $28k in taxable to hit retirement savings of 20%.
The simple message to her is: 50 % of your gross pay goes to taxes and retirement. If I get that message through, it is more than worth $49.