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Fidelity Go Review

Fidelity Go is a robo-advisor with automated investing and portfolio rebalancing. Find out how it works and how much it costs in this review.

Fidelity is a large financial services company that offers various products and services, including investment vehicles and financial advice. While a large part of its advisory services, such as wealth management, involves meeting with traditional human advisors, the company also offers a robo-advisor product, Fidelity Go. This includes features such as portfolio rebalancing and automated investing.

In this article, we’ll offer a comprehensive review of Fidelity Go. This includes an overview of the types of clients it fits, how it works, and what fee structure to expect. We’ll also examine some key information about the company, including its investment philosophy and the disclosures it has in its Form ADV.

Assets Under Management

$659 million

Number of Employees

219

Date Founded

1946

CEO

Abigail Johnson

Fee Structure

Fee-only

Headquarters Address

245 Summer Street, V2A, Boston, MA 02210

Phone Number

(800) 343-3548

Pros and Cons of Fidelity Go

Pros

  • No account minimum
  • No advisory fees for accounts valued below $25,000
  • Doesn’t charge transaction costs or brokerage fees
  • Upholds a fiduciary duty
  • Zero disclosures

Cons

  • No human interaction unless you reach a specific account value
  • Doesn’t offer financial planning
  • Builds a portfolio using only in-house mutual funds, limiting the scope of investment strategies

Types of Clients

Fidelity primarily offers its Go product to individual investors, both with high and average net worth. Unlike its in-person wealth management and advisory services, the company doesn’t require an account minimum to use its robo-advisor. This makes it accessible, as digital products often are, to a wide variety of investors, including those who may not have substantial assets but want to build a portfolio.

How Fidelity Go Works

Fidelity Go is a robo-advisor that automatically invests and rebalances your portfolio on a discretionary basis. This means that after enrolling and configuring your account, the company’s automated technology will have full authority to buy and sell assets for you without receiving your explicit approval.

As you create your account, you’ll have the opportunity to provide the company with several details about you and your financial situation, including your goals, risk tolerance, and time horizon. After this, the company will take the information you’ve given and recommend a portfolio type and investment strategy. The different types vary significantly and are available in detail on the company’s website, but in general, they include different levels on a spectrum of conservative to aggressive.

After you’ve received and selected an investment strategy and ideal portfolio, you’ll be able to deposit funds in the account either once or, if you wish, on a recurring schedule. Then, the company’s digital advisor will begin assembling your portfolio. While the aggressiveness varies, each portfolio will invest in various Fidelity Flex mutual funds, which include a range of different stocks and bonds.

Over time, it may also implement rebalancing measures to ensure your portfolio stays in line with your objectives. As noted above, it will be able to do this on its own accord whenever it deems appropriate.

If you meet the minimum requirement of $25,000 in your account, you’ll unlock access to financial coaching. This arrangement involves meeting with a human advisor over the phone to discuss the progress of your portfolio, as well as ways you can accomplish certain goals. On its page about the product, Fidelity notes that this may include anything from budgeting to mapping out your retirement.

Fee Structure and Cost

Fidelity Go uses a fee-only structure that relies on the dollar amount of the assets under management (AUM) you have in your account. If you have less than $25,000 in your account, you won’t need to pay anything. However, once you reach this amount, the firm will assess a yearly charge of 0.35% AUM.

Sometimes, advisory firms that offer portfolio management services, either automated or traditional, will charge clients additional trading costs or brokerage fees. On its website, Fidelity says that it doesn’t charge clients for any extra costs besides advisory fees for its robo-advisor service.

Fidelity Go Investment Philosophy

Robo-advisors wield extensive control over your portfolio and the securities within it, making it highly important to understand the investment philosophies it will use. In many cases, this can be a critical factor if you’re deciding whether you want to enroll in a company’s digital advisory program or hire a portfolio manager.

Because they’re software-driven and come at a more affordable price point than human managers, robo-advisors commonly invest in passive securities such as index funds, ETFs, or mutual funds. Therefore, the Fidelity Go product primarily invests in mutual funds provided by the company, holding a mix of both stocks and bonds.

In its Form ADV Part 2A, Fidelity says that it invests client portfolios based on information provided, including risk appetite, short- and long-term goals, and overall timetable. It then chooses how conservative or aggressive to structure the portfolio, with more aggressive strategies emphasizing equity investments.

Disclosures

Fidelity offers its digital advisory products through its subsidiary, Strategic Advisers LLC. This company is registered with the U.S. Securities and Exchange Commission (SEC) as an investment advisor (RIA). Therefore, it must share all regulatory actions, including criminal proceedings, arbitrations, and administrative issues with the public.

According to the firm’s Form ADV filing, Fidelity’s Strategic Advisers LLC has no disclosures to list with the public. This is often a good sign, as it means the company and its investment advisor representatives (IARs) have avoided trouble with both state and government agencies.

Customer Service

Fidelity provides the following primary ways to get in touch with a customer service representative:

  • Calling (800) 343-3548.
  • 24-hour service via its Virtual Assistant, available on the company’s contact page.
  • Chatting with a representative in real-time (Monday-Friday, 8 am-10 pm EST, Saturday-Sunday, 9 am-4 pm EST).

How to Start an Account

The quickest way to create a Fidelity Go account is to go to the company’s page for the product and click the “Get Started” button. After this, you’ll have to answer a set of questions to give the company a better idea of your circumstances and preferred strategy.

Methodology

The information in this review is based on publicly available information directly from Fidelity’s website and the SEC. Neither the firm nor its representatives have any say on what we’ve included on this page.

Frequently Asked Questions

Is Fidelity Go a fiduciary?

Fidelity Go must uphold a fiduciary duty while building and managing your portfolio. This is because the company that owns it, Strategic Advisers LLC, is an RIA with the SEC. Its employees are also IARs, meaning they must also follow high ethical standards and avoid conflicts of interest.

Is Fidelity Go worth it?

Fidelity’s robo-advisor product may be worth it for individuals who want a low-barrier-to-entry option to begin building a portfolio. However, keep in mind that it involves entrusting the company’s software and algorithms to determine a potential strategy and how best to allocate your investments rather than an in-person advisor. It will also be able to do this without your approval. If you’ve considered this and are comfortable, it may be worthwhile to consider. On the other hand, if you prefer in-person contact or retaining control over your investments, it may not be best for you.

How much money do you need for Fidelity Go?

Anyone 18 years old or over can use Fidelity Go, even those without a lot of money. However, to begin building a portfolio with the service, the company says you must deposit at least $10 in your account.

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