http://www.ethisphere.com/a-matter-of-fidelity/ Essential reading for Directors, CEOs and General Counsel who see opportunity in ethical leadership Wed, 08 Feb 2012 20:26:08 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.ethisphere.com/a-matter-of-fidelity/comment-page-1/#comment-186 Mark Weintraub Sun, 16 Mar 2008 19:39:48 +0000 http://ethisphere.com/a-matter-of-fidelity/#comment-186 Isn't it funny that these bastions of morality keep Peter Lynch on their board despite his involvement in the kickback scandal? This in spite of the fact that he had to sign an annual Ethics certification stating that he had not received more than $100 in gifts. The more you learn about these people, the more rotten they are revealed to be. Disgusting. Isn’t it funny that these bastions of morality keep Peter Lynch on their board despite his involvement in the kickback scandal? This in spite of the fact that he had to sign an annual Ethics certification stating that he had not received more than $100 in gifts. The more you learn about these people, the more rotten they are revealed to be. Disgusting.

]]> http://www.ethisphere.com/a-matter-of-fidelity/comment-page-1/#comment-154 Kevin Kobelski Wed, 23 Jan 2008 02:17:42 +0000 http://ethisphere.com/a-matter-of-fidelity/#comment-154 As a long time employee it is sad to see the direction that Fidelity has decided to take. Current advertising reflects the customers ability to set up their IRA from investment employees that provide no pressure investment assistance. Unfortunately, no one bothered to tell the salesforce. The salesforce is basically required to sell 2 products: annuities and their portfolio advisory services product (managed money). Failure to sell the required amount of these products will mean disciplinary action. So much for providing the client with the best "alternatives!" Somewhere along the evolution of the firm, Fidelity management forgot to stay in touch with it's customers. How do you think customers would feel knowing that the salesperson in front of them is only concerned with selling them the most expensive product that provides the firm with the best return, knowing that the product does not offer the finest funds of Fidelity. What's that about? In other words, the Fidelity funds in the PAS product are the ones that are having the lousy flows and poor returns. No wonder the product can't even beat the benchmarks that they set for themselves. Buyer beware, because Fidelity's management team couldn't care less. What's left of the management team isn't the "A" team, they already left. As a long time employee it is sad to see the direction that Fidelity has decided to take. Current advertising reflects the customers ability to set up their IRA from investment employees that provide no pressure investment assistance. Unfortunately, no one bothered to tell the salesforce. The salesforce is basically required to sell 2 products: annuities and their portfolio advisory services product (managed money). Failure to sell the required amount of these products will mean disciplinary action. So much for providing the client with the best “alternatives!”
Somewhere along the evolution of the firm, Fidelity management forgot to stay in touch with it’s customers. How do you think customers would feel knowing that the salesperson in front of them is only concerned with selling them the most expensive product that provides the firm with the best return, knowing that the product does not offer the finest funds of Fidelity. What’s that about? In other words, the Fidelity funds in the PAS product are the ones that are having the lousy flows and poor returns. No wonder the product can’t even beat the benchmarks that they set for themselves. Buyer beware, because Fidelity’s management team couldn’t care less.
What’s left of the management team isn’t the “A” team, they already left.

]]> http://www.ethisphere.com/a-matter-of-fidelity/comment-page-1/#comment-144 Walt Moss Mon, 14 Jan 2008 00:49:20 +0000 http://ethisphere.com/a-matter-of-fidelity/#comment-144 What you've hit upon here is the tip of the iceberg. As a Fidelity insider, I can confirm that Fidelity's culture makes Enron and Tyco look like the good guys. Ellen McColgan was wonderful - smart, innovative, and a leader who could get employees excited about being at the company. No wonder she left. As for Ned Johnson, do they seriously think he's a credible leader at his age? What you’ve hit upon here is the tip of the iceberg. As a Fidelity insider, I can confirm that Fidelity’s culture makes Enron and Tyco look like the good guys. Ellen McColgan was wonderful – smart, innovative, and a leader who could get employees excited about being at the company. No wonder she left. As for Ned Johnson, do they seriously think he’s a credible leader at his age?

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