https://www.advisorhub.com/fidelity-pressured-brokers-to-sell-customers-on-costlier-investments-ex-advisor-claims/
I wonder if this will go anywhere?
4 replies (most recent on top)
Sounds like another Wells Fargo
Might have legs. In the branch you are evaluated based on the amount of Tier 3 production you do. You want to be promoted to VPFC? Better do a lot of Tier 3 because nothing else, including being a great financial planner, will get you there.
The best though is Branch managers receive the really good leads that turn into flows and production (Tier 3.) Should be no surprise to anyone that the leads are not shared equally, often they are given to whomever the manager likes. Bonus points if the rep played ice hockey (at least here in the Northeast.) Funny (to me) that clients aren't asking more questions about why they are being assigned to a 26 year old VPFC...
He will lose this lawsuit. Amateur.
Fidelity makes all its money off the 1% and seldom cares what’s in the clients best interest as long as it’s legally defendable, they will do it. Did they care that Crypto was a scam? Or did they love the spreads? They only exist to funnel 20% profit margins back to the Johnson family.