[Lucy]

Hi.. Good Evening, everyone. I had two sessions with a financial advisor in Fidelity. They were advising me to bring my external funds into fidelity to manage that collectively to which I didn’t agree during the conversation.

At no point, I verbally said, please go ahead and transfer all of my assets from every other organization into fidelity.

However, one week later, I see that there were multiple asset transfer requests initiated from my account to bring my external money into Fidelity.

I am totally surprised that this happened without my knowledge and those requests are waiting for me to take action.

Did this ever happen to anyone?

TIA.

[Ben]

Impossible. They cannot pull funds without client approval.

So, my guess is you signed off on some form you didn’t understand.

[Damon]

Nothing you said makes sense. How would Fidelity even have your account information if YOU didn’t provide it?

I’m not a defender of big corporations but your explanation of what occurred makes 0 sense right now.

Can you give more context regarding how Fidelity even knows where your other accounts exist?

[Katie]

Deny the request. Knowing your account details gives them access to requests, but without you confirming the details, I don’t think they can access the accounts.

That would be why the requests are waiting as opposed to a confirmation or transaction history.

Regardless, I would immediately deny the request and the access and find someone new to work with.

[Manu]

It appears that they initiated a request to transfer your external funds into your Fidelity account, and those requests are currently pending your approval in the system.

If that’s the case, you can simply disapprove or deny those requests and send them a note clarifying that you never authorized or requested the external funds transfer.

There may have been some miscommunication on their end, and this should be easy to resolve since the transfer hasn’t been processed yet.

In general, I’ve noticed that Fidelity advisors often focus on cross-selling or upselling services.

If you use their Full View feature, it gives them visibility into your external funds, which they may then leverage as an opportunity to initiate a conversation about moving those funds into Fidelity.

By the way, I also have an upcoming meeting with a Fidelity financial advisor soon!

[Andrew]

In another life, I worked with transferring assets and it is often a long, painful process that requires multiple steps and signatures.

Perhaps a step was skipped?

[Frank]

Don’t use Fidelity as an advisor. They are conflicted. Just use them to hold your assets and hire someone independent.

[Crystal]

How did they even know where your external accounts were? I’ve literally been working on an account transfer since December from one institution to another (it’s a more complex transfer) but it’s certainly not something that spontaneously happens (in this case I wish it would but instead it’s so much paperwork and the institution I’m transferring from is the absolute works and fighting every step of the way)

[Kenny]

I’ve met with a Fidelity advisor a couple times. It was very low pressure and they recommended transferring everything I could to Fidelity but never forced me to.

I decided to transfer most of my assets there.

There was an electronic form I had to fill out to get the transfers going.

[Amy]

There is no way this could have happened without your authorization. You probably signed a document they provided without reading it.

[Anna]

Are you sure you were meeting with fidelity? Why would you be screen sharing and sharing your other account details?

[Author]

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