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.
“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.
To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.
Serial acquirers add a 35-year-old Oregon wealth manager and a New York practice focused on women navigating life transitions.
Mara Glassel and Julie Fox will co-lead the fast-growing hybrid RIA’s ultra-high-net-worth and private wealth businesses.
The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
