Fidelity sells several kinds of investments: stocks, mutual funds, mixed investments, ETFs, and precious metals among them. They were founded over 60 years ago, giving the company a strong foundation in the investment sector. Even people who never invest have heard their name.
One can feel fairly sure that with this kind of longevity the firm has something going for it. Disreputable companies tend to fold under the weight of client complaints and litigation.
Fidelity has experienced some accusations in recent years yet still manages to receive an A+ from the Better Business Bureau. Learn more about the firm in the following Fidelity Gold IRA review.
Looking Closely at IRAs
Fidelity claims to be the #1 provider of Gold IRAs in America. They reference a survey by Cerulli Edge from 2013 as verification (Cerulli conducts surveys). Fidelity administers rollovers, traditional IRAs, ROTH IRAs, and inherited IRAs.
Inherited IRAs Explained
Each of these products is accompanied by substantial explanations that clearly explain the different features of each one. The Inherited IRA is one which readers are unlikely to have seen anywhere else or, if they have seen it featured, only a few websites make any reference to the pension plan a family member or estate inherits.
Since a ROTH IRA can be left untouched and bequeathed, families should discuss this gift ahead of time to prepare recipients for the legalities. When a spouse inherits an IRA, the handover is straightforward, but consumers might wish to hire Fidelity if they choose to roll this plan into another IRA.
This is also true of any other member of the family or a close friend inheriting an IRA or the director of an entity receiving the IRA as a donation. Their choices differ slightly from each other and those of the spouse.
Fidelity covers these differences briefly, but enough so that readers know they should take care or risk tax penalties that the original holder never intended to bequeath.
The other IRAs are fairly well-understood and covered by many traders and investment experts. Americans earning no more than a particular income annually are eligible to open ROTH IRAs but their contributions are no higher than holders of Traditional IRAs.
Their biggest advantages of a ROTH are tax-exemption and not having to take distributions at the age of 70 ½. Rollovers take money from a 401k or other IRA and use it to fund investments in precious metals, such as gold, so as to open a new IRA account.
Products at Fidelity
Not only can they sell you an IRA backed by almost any investment at Fidelity, but they sell precious metals for this purpose and for general purchase. The minimum purchase differs between consumers seeking to open an IRA and those for personal investments but that minimum is the same whether you buy palladium, platinum, silver, or gold.
Fidelity carries the 16 products specified by the IRS as IRA-eligible from all four categories. They are made in Australia, Canada, Austria, the United States, and South Africa. Though these coins and bullion are beautiful and ultimately collectible, they are not rare coins of inadequate purity.
Numismatic coins (pre-1933) cannot be purchased to open or add to an IRA and are not sold here. IRA holders do not take physical possession of their gold: Fidelity arranges depository storage.
The breakdown of fees is based on orders shy of $10,000, up to $49,999, up to $99,999, and over $100,000. They also break up fees for buying precious metals.
Despite that A+ rating from the Better Business Bureau, Fidelity is not accredited by the BBB. Accreditation is a choice, and for some reason Fidelity does not choose to take this direction.
They are based in Boston, Massachusetts, where a large team continues the work started more than 6 decades ago, during which time the industry has changed. Gold could not be used to back an IRA two decades ago. Independent Retirement Accounts were not even established at the time of Fidelity’s inception.
A high number of complaints issued to the BBB about Fidelity will take readers by surprise. How can a company operate for so long yet apparently mislead customers, treat their accounts with arrogant disregard, and come under fire for such egregious actions?
Complaints leveled at most similar companies (the small number one usually sees) typically refer to slow shipping and unclear guidelines leading to mistakes. Some of these can be written off as customer mistakes.
Yet somehow they receive an A+, creating a contradiction. Either Fidelity has lost its credibility or not. Complaints are serious enough that some clients have consulted lawyers. Fidelity’s 60 year history saves their grade.
What You Should Know
Customers should realize that Fidelity is many companies rolled into one. They are “jacks of all trades and masters of none,” as the saying goes.
Separate accusations by disgruntled customers to figure out if any pertain to starting Gold IRAs. Better yet, stick with a firm not assailed so heavily at the present. Maybe the dust will clear within the next year or so and Fidelity will appear strong again.
Check Out Our Top Recommended Gold IRA Company Here:Regal Assets - Give them a call: 1-855-855-6496 Read Full Regal Assets Review