Fidelity Investments - Great place to start a career in finance, SLC is not a great place long-term for high level talent | Glassdoor
There are newer employer reviews for Fidelity Investments
There are newer employer reviews for Fidelity Investments

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Helpful (2)

"Great place to start a career in finance, SLC is not a great place long-term for high level talent"

Star Star Star Star Star
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Financial Services Representative in Salt Lake City, UT
Current Employee - Financial Services Representative in Salt Lake City, UT
Recommends
Positive Outlook
Approves of CEO

I have been working at Fidelity Investments full-time (More than a year)

Pros

- Excellent training program to obtain knowledge of the industry and financial licenses
- Good company culture with mid-level management that cares about your work/life balance
- Industry leading benefits package (health, dental, 401k with 7% match and 10% profit sharing bonus - essentially a 17% match if you contribute 7% to your 401k, tuition reimbursement is $10,000, Company covers most or all of the cost of mass transit passes, etc.)

Cons

- Benefit package is great at the cost of low base pay compared to industry competitors.
- If you get an MBA or advanced degree, there are virtually no opportunities in SLC to take advantage of that. The only high paying career opportunities are in phone sales and management. However management has virtually no turnover which is because of the great situation they have (Many have +10 year tenure), but this is bad if you want to try to get into management - be prepared to wait years for that opportunity or be forced to find an opportunity somewhere else.
- For those in SLC who want to move elsewhere in the country most of the opportunities are only for representatives who want to go to branches, if you want to go to a higher value added position in Boston or any other location good luck if you don't have connections or years of experience. Getting an advanced degree while working means nothing if you are trying to get in the door outside of their conventional channel of campus recruiting at mostly Ivy league or east coast universities.

Advice to Management

- If putting thousands into reimbursing the cost of tuition for those employees getting advanced degrees, work with them to identify a career path and opportunities to actually make use of it, otherwise you will continue to lose them to competitors who do offer such opportunities.

Other Employee Reviews for Fidelity Investments

  1. Helpful (4)

    "Fidelity no longer the company it used to be..."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Client Services in Covington, KY
    Former Employee - Client Services in Covington, KY
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Fidelity Investments full-time (More than 10 years)

    Pros

    Flexibility to work from home. Salary and benefits better than average but Fidelity has made many changes to reduce these in recent years (i.e. elimination of pension plan; change in merit and bonus review program; move to high deductible medical plan).

    Cons

    Fidelity is a sweatshop. If you job involves client services, you find yourself working on vacation and holidays with no appreciation or reward. Fidelity has been doing consistent reductions in force over the last several years so less employees do more work. The company also recycles the same managers year after year which do nothing but provide lip service to upper management. The old boys club rules at Fidelity. If you are part of the club you are in. However, if you are honest and speak the truth, you are out. Senior management does not want to hear the truth and doesn't care about what the rank and file employees want or need or for that matter what the clients need. On the institutional side of the business, what is best for the client is what is in the best interest of Fidelity.
    Client Boards are just ways for senior management to goes to posh hotels/locations to schmooze with clients and give them lip service. Recent changes in the merit review process results in most employees being rated as average. This review process is a bell curve so only a handful are rated as excellent and requires that some employees fall into the need to improve category. This certainly makes it easy to determine who is out for the continual reductions in force. Finally, if you manage clients beware that if that client leaves, the buck stops with you. Even if the decision is out of your control (i.e. senior management won't budge on pricing or the client is bought by another company that is not with Fidelity) your manager will hold you accountable and your job will be on the line.

    Advice to Management

    I would say to take the time and energy to really hear what the rank and file employees want and need but that would be assuming management cares about this. They don't. Management only wants to hear what it wants to hear and no employee satisfaction survey will provide them the true answers as the vast majority of employees do not trust that it is truly anonymous. This has created a completely disfunctional culture.


  2. Helpful (2)

    "It's not quite the Borg, but it is an intense place to work. Not for the squeamish."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Director, Operations in Marlborough, MA
    Former Employee - Director, Operations in Marlborough, MA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Fidelity Investments full-time (More than 8 years)

    Pros

    Diverse business lines present opportunities for internal movement
    Many smart, customer-focused, collaborative professionals
    Compensation including bonuses is lucrative, depending on job role
    Many opportunities for internal training, especially for managers
    Very structured, hierarchical environment which some people like

    Cons

    Extremely siloed, due to the diverse business lines and operational complexity
    Constant, relentless organizational changes at all levels, with entire groups being relocated, realigned or disbanded without sufficient explanation
    Communication from executive and senior management was lacking and/or confusing
    Middle managers were under intense pressure to produce results but often not given the needed resources
    Depending on group, morale was often a problem due to offshoring concerns

    Advice to Management

    Strive harder for transparency. When strategic direction is changing, remember that Fidelity is an ocean liner, not a rowboat. If you want your best people to stay engaged and help move the business forward, equip them with more information to combat the rumor mill, which can be devastating to morale.


There are newer employer reviews for Fidelity Investments
There are newer employer reviews for Fidelity Investments

See Most Recent

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