Fidelity Investments said some customers experienced technical issues on the company’s website Monday morning as markets tumbled. Schwab.com clients also faced delays.
“There were intermittent issues” at Fidelity.com which have been resolved, a spokesperson for the Boston-based firm said.
The three main U.S. stock benchmarks all opened more than 3% lower. In intraday trading, the S&P 500 Index tumbled the most since 2018 and the Dow Jones Industrial Average erased all of its gains for the year as the spreading coronavirus stoked a global sell-off.
Some clients may have experienced delays as the market opened due to higher than usual volumes, but the systems are now fine, a Charles Schwab Corp. spokesperson said.
Andrew Komarow, founding partner of Tenpath Financial Group, a registered investment adviser in Farmington, Conn., said he is considering switching from Fidelity after attempting to open his personal account and finding a zero balance this morning. He said one of his customers experienced the same technical issue, and was unable to trade for as long as 40 minutes after markets opened.
“If there’s a time you want to be able to log in, this morning was it,” Mr. Komarow said in a telephone interview.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
