Fidelity’s sales practices would make the scandals of Wells Fargo pale in comparison if Fidelity were a publicly held company. Extremely high pressure and unrealistic sales goals force reps to slam clients into illiquid investments like income annuities for large portions of their liquid assets.
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Portfolio Advisory Services was forced on my clients because of what Fidelity made me do. Then, when I couldn't do it anymore ... and my other numbers were high ... I was put on a warning because my PAS numbers were not at seven figures. Even though the performance of PAS was below cheap ETFs ... I was on warning when a guy name brownsword got a recording of me commiserating with a client who had to go through painful paperwork in order to roll over the 401k. That was considered a disparaging comment on the firm. Fired. Special place in hell for all involved with that. I know that they have been kicked out of Fidelity ... but probably with 2 years package. They fired me in 2009 when there were absolutely no jobs available. Special place in hell.
A lawsuit over unethical sales practices and stealing reps rightfully earned compensation would have a lot of teeth and media focus
What does this have to do with layoffs?