Fidelity is offering restitution to clients after a website outage left millions of customers temporarily locked out of their accounts for more than two hours on Wednesday.
Processing Content
Pedestrians pass a Fidelity Investments office in Boston, Massachusetts Tuesday, May 8, 2007. Until recently, LBO dealmakers led by Henry Kravis, David Bonderman and Leon Black paid scant attention to the interests of shareholders as they gorged on a record $864 billion of publicly traded companies in the past three years. Even Boston- based Fidelity, the largest U.S. mutual-fund company, with $1.4 trillion of assets, and Baltimore's T. Rowe Price Group Inc., which manages $350 billion for clients, were told to take it or leave it when presented with takeover offers. Now, the balance of power is beginning to shift as investors, tired of watching LBO firms make as much as eight times their money buying and selling public companies, are demanding more. Photographer: JB Reed/ Bloomberg News
Bloomberg News
The brokerage firm said they would potentially offer several free trades, and waive commissions on select trades attempted during the outage. The claims are being evaluated on a “case-by-case” basis, the firm says.
“We’ll be reviewing each situation and then addressing them,” a Fidelity spokesman said Friday afternoon. “It depends on the individual case.”
The firm blamed the snafu on a “technical issue” but would not elaborate. A service alert on the company’s homepage had said, “We understand that some clients are unable to log in right now due to an internal technical issue… Please try again shortly.”
As brokerage firms keep getting sued for allegedly not providing clients fair returns on their uninvested cash, the SEC tells investment advisors they also have legal liabilities.
Longevity and constant financial tickers these days often trigger retirees' fears that they will outlive their assets. Here's how financial advisors can coach them through.
Members of the Transparent Advisor Movement are meeting around the country in "Flat Fridays" events. And the collaboration is revealing all of the nuance around fees.
Large wealth managers are chasing a multitrillion dollar opportunity to manage more of their clients' assets. But many high net worth investors give their business to multiple firms, whether out of a desire for protection, habit or a need to shop around for the best returns.
The latest projections indicate the main Social Security retirement fund will reach insolvency in less than six and a half years. For retirees and their advisors, that could mean a potential rethink of retirement plans.
Michael Beloff has helped families with special needs while also understanding how to best take care of his own son with autism. He's grown free outreach into a thriving niche.
