It was a well known joke in the past that FMR - stood for “Forever Moving Rooms” maybe now it is “Forever Moving Reps”
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@jp Your point has value for sure, I was just under the impression that Fidelity cuts when the economy is “great” and hires when the economy is in shambles, right? The economy, from a wealthy person’s perspective, is booming. Us consumers have been getting victimized by the economy. So if the economy is seen as stellar now, they’re cutting. And when it downpours, they’ll try to hire.
I pose this as a question of me trying to learn about Fidelity rather than some statement you’ll find on thelayoff. Thanks
@jp Most likely is that Fidelity (not just Fid but the industry) is realizing the demographics for wealth management is in jeopardy as the majority of younger investors have had more information and are better educated then the generations prior that they know they can invest in an index fund on their own and receive better returns without the high cost of PAS. In all reality the largest value of PAS is being able to speak with a licensed advisor which will provide the same cookie cutter response as someone could easily read on their own- stay the course blah blah. The returns of PAS are subpar when compared to other diversified portfolios such as GO or even TDF, costs matter. If you notice the largest demographic of PAS clients are above the age of 60 & half of the clients see no value in annual reviews. UMH is flawed, it is a bonus for Fidelity as it helps bring in outside assets but still is just a computer algo that does not take into the account of what the client is actually saying, it assumes the market will always go up- if we experience a significant prolonged downturn which at some point we will, I suspect a lot of runoff will occur especially for clients that increased stock exposure above their overall comfort level.
@jp Severance is being offered. Six months in my case.
If Fidelity is pushing people out like this, then they know something that we don’t. They most likely think that economy is heading down and will be in dumps for quite a long time. That means they can afford to churn and burn and not pay severance. They are preparing for something. I am not saying they are right or wrong or that I know what exactly they think is about to happen. However, this behavior has roots into something they know. They always know this sort of stuff.
@a7 FT or contract? Is relo assistance being offered?
@gn okay HR
Quit discouraging us if you can't support us
@ab it won't matter how many news articles ( if any ) this generates. Fidelity is a private company - they can do whatever the he-l they want. While bad press concerning treatment of employees is not ideal, most people have worked for an employer at one time or another that has sc--wed with them - and people will be sympathetic but will not act on that sympathy.
Strange will be an understatement.
But then that's how everything works here at fidelity.
I am in Westlake but working from Boston this week and have an associate in our team who moved to Boston from CT (new England).
He was told this morning that his position will be moved to NC along with few others (remote roles).
I have been sitting next to him and he is still in shock.
Fidelity should brace themselves for hitting this major news outlets soon.
@a7 When did you move from Smithfield to Westlake? That's strange that they are requiring you to move a second time.
I am a level 7 individual contributor.
I moved from Smithfield to Westlake at my own expense.
And now I was told my position is moved to NC.
Everyone managing the wealth platform should burn in he-l along with the colocation pusher Ames.
I know an L5 software engineer that started as remote who is now in this situation.