Fidelity is not one company but several businesses operating from a number of perspectives. They trade in gold and run an IRA business.
A Fidelity Gold IRA would be one backed by this highly coveted precious metal, or you might opt for a silver or platinum IRA. Gold is a substance more widely desired today owing to its long history as currency vs. US currency which is undermined by massive debt.
How does a Fidelity Gold IRA compare to the competition? Do they have a decent reputation one can put faith in?
Start with Complaints
It is always good to get the bad news out of your way if possible and end on a high note. This might not be possible with Fidelity: there are a lot of discordant notes to compete against.
Complaints include a number of accusations of willfully ignoring customer emails and phone messages, of not keeping their promises, and not establishing a strong customer-associate relationship to see the client’s best interests furthered.
These references are vague, but investigating individual complaints is easily done if you have the stomach for it. The internet is full of them.
The Better Business Bureau Record
In spite of numerous complaints (184 closed in 3 years), Fidelity has received an A+ from the BBB. At times like this, one has to wonder how useful the Better Business Bureau is as a source for discovering reliable firms.
Obviously, they report on just certain aspects of a business, such as their willingness to share information, how long they have been operating, and a lack of government actions.
Clearly, Fidelity needed help from the BBB, so they were more than willing to cooperate with this organization.
Yet, there were 6 complaints out the 184 cited above which Fidelity Gold IRA did not make a “good faith effort” to resolve.
Besides those, there were 50 which they tried to resolve but clients were unsatisfied, although that was no fault of Fidelity.
In investigators’ opinions, the company tried every reasonable means of settling these disputes. Of the reviews posted on their site, 1 was positive, 1 was neutral, and 13 were negative.
An example of one complaint was that when a customer placed a Facebook order and the order was stamped “cancelled” on Facebook, the customer believed his order had, indeed, been cancelled. His assumption was logical, but not according to Fidelity.
Having re-ordered, he was then faced with a double order and a double bill. Fidelity had refused to admit blame so the matter was taken to BBB agents.
Fidelity’s entire reputation is riddled with holes suggesting the firm cannot be trusted, even though they continue to operate and many consumers must have a satisfactory arrangement with the firm.
Business Consumer Alliance and Trustlink Silence
Unfortunately, neither the BCA nor Trustlink posts anything about Fidelity’s precious metals investment services. It would be wonderful to have some contradiction or confirmation regarding the claims above: anything to support the BBB’s high mark or overturn it.
While readers can usually trust the Better Business Bureau to root out fraud (or at least “red flag” a company they are not sure about), second opinions are helpful and fair.
One cannot help but feel as though Fidelity should not be the company one brings business to until the BBB can post a 0-complaint record for 3 years (the maximum they show).
Choosing an IRA Company
Where reputations are concerned, you do not have to rely on the claims of Fidelity or reviews from sponsored sites.
Visit the Better Business Bureau, BCA, and Trustlink, looking for businesses by name or by typing in search terms like “gold IRA.” A list of alternatives will be considerable.