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.
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.”
Like 2023, 2024 has been good to Edward Jones. The St. Louis-based firm finished the first quarter with higher revenues and more financial advisors on its payroll.
More than a third of financial advisors will retire in the next decade in a profession in which nearly 3 out of 4 rookies fail to make the grade, creating a headcount problem for the industry.