Fidelity Investments

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10 people found this helpful  

Filled with people who have been working there too long and are afraid to ever work anywhere else.

Director (Former Employee) Boston, MA

ProsGreat 401k matching, year-end bonus & shares. Good health benefits. Some quality people still work there.

ConsComparatively low salary, unless you come in at a certain level. I was at Fidelity for several years -- in the beginning I was excited to be there, and I got great reviews and I moved up, and I did meet some really good people, so I thought there was a future there for me. But after seeing behind the curtain and realizing every part of the business was messed up, I jumped ship when the opportunity presented itself.

In every business unit I was in, I saw a shocking lack of leadership. Projects are started and stopped in a haphazard, wasteful way based on whichever direction the political wind is blowing. Projects take years to complete when they shouldn't, and sometimes things launch and then they are immediately discarded. Or subpar work -- the standards, when you are talking about technology or communications or design, are way too low for a company of this size and reputation -- is allowed to launch and is weirdly celebrated. The website is terrible, and the technology at Fidelity is frighteningly behind, yet they spend billions on it every year.

Many VPs (and there are oh-so-many) are afraid to say what they think, so naturally everyone underneath them is. People who move slowly and don't make waves are rewarded. People who suggest new ways to approach things are often viewed as threatening by people who have been sitting comfortably in their roosts for too long. Very little actual work gets done and I think Fidelity customers would be shocked to see how much money is wasted by this company on people who are paid way too much for producing way too little by the end of the year. Typically you'll see a business unit with a couple of overworked worker bees and several VPs who go to a lot of meetings but don't do much except talk at each other in meetings and try to figure out how to work the politics.

HR is obsessed with the upper echelon of management, and could care less about the employees. They'll drive themselves crazy over how some memo looks to Executive A or all the SVPs and meanwhile they put very little forethought into a relocation strategy that affects thousands of employees and will bite them in the long run. For example, how many future genius fixed income portfolio managers will sign up to work in Merrimack, New Hampshire when they can go to the competitors in New York or London? And how many dollars is this firm saving by outsourcing HTML work to India when the work takes three times as long to be completed because every single piece of it must be explained, checked, and then checked and requested three more times until it is correct (and each round takes 2 weeks)?

The word on the street is with the up-and-coming leadership regime, it's all about the yes-men, and there's no heart there. Some of the old benefits have already disappeared, and most of the people in the know expect that when the Chairman retires, his successor wants to get rid of things like the long-loved employee shares. Believe me, this will happen.

This company loves layers, and insecure management lets incompetence reign in those layers -- especially directors and VPs -- because they can manipulate those employees or because they're too afraid to fire people who are in over their heads. Management and HR love to market to themselves internally.

Yet Fidelity will continue to make money in spite of this because it has reached a certain size in the marketplace. When I left, I took my money with me because after seeing how the sausage is made, this really isn't the best place to put your money. (Unless you are a high net-worth customer, they push you into the Freedom Funds, which are consistent underperformers.)

It's sad, because from what I understand from people who were there for a really long time, it used to be a really great company. This sentiment is heard around the firm, but I know a lot of people are afraid to leave because they're shackled to the benefits.

Life is short -- there are a lot of companies out there. If you're not overly committed to your kids' private schools or college tuitions, get the heck out while you still can. There is a world outside Fidelity.

Advice to Senior ManagementI was at Fidelity for more than 8 years. I've seen enough to know that management there only listens to themselves, so it's pointless to give them advice.

No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    General Overview.

    Investment Solutions (Current Employee) Covington, KY

    I have been working at Fidelity Investments full-time for more than a year


    Pros: Great benefits, solid training, paid licenses. Cons: Working over the phones, flawed metrics, work some holidays. Advice to Senior Management: Lay off the outdated metrics and actually focus on customer service,… Yes, I would recommend this company to a friend More
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Great benefits and not too bad if you don;t mind a phone job.

    Premium Relationship Associate (Current Employee) Salt Lake City, UT

    I have been working at Fidelity Investments full-time for more than a year


    Pros: Good benefits-healthcare, vacation, sick time, 401k match etc. Great place to… Cons: Very micromanaged because it is a phone job. Shifts for… Advice to Senior Management: Don't do so many loan positions, but give people the… Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company… More
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