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Fidelity Move FAQs


We want to thank our clients for the positive response we have received so far to our custodial move from Pershing to Fidelity. The promptness from so many of you in returning your documents has been amazing. We truly appreciate your attention to the task of completing your paperwork and are busy working with Fidelity to process everyone’s information as quickly as we can.

Below is a list of some common questions we have been receiving from our clients. We encourage you to read these and contact us if we have not covered a question specific to your situation.

1.I haven’t received my packet yet. Why?

There are a small number of clients who have not yet received their Fidelity transfer paperwork. We are working through this list, and expect all packets to have been mailed within the next few weeks.

2. I sent my packet back to StrategicPoint. When can I expect my accounts to be moved over to Fidelity?

Fidelity paperwork is being processed as quickly as possible. If the paperwork is in good order once received, the time frame from when the paperwork arrives in our office until all accounts are opened at Fidelity and all assets are transferred is typically around ten business days.

3. My accounts have been moved over to Fidelity- how can I view them online?

You can view your accounts online on both the StrategicPoint Client Portal (Envestnet) and on Fidelity.com.

  • Envestnet: once logged in, click “Investment Reports” from the left-hand menu. Here, you will be able to see your Fidelity account information.
  • Fidelity.com:
    • If you have never logged in to Fidelity before, click “log in” at the very top of the Fidelity homepage. From here, you will see a “Register Now” button for new users. Complete the steps and you will be able to create a User Name and Password.
    • If you have had access to Fidelity in the past, you will be able to log in with your existing User Name and Password. If you do not remember this login information, click “Having Trouble with Your Username or Password?” and follow the steps to retrieve this information.
4. How can I make my accounts paperless?

If you already have a User Name and Password for Fidelity.com, the easiest way to review your preferences for delivery of statements and confirmations is to visit Fidelity.com/eDelivery. Once logged in, you will be able to review your current preferences and make any changes necessary.

If you are new to Fidelity.com, you may still begin at Fidelity.com/eDelivery. Click the link “Sign Up For eDelivery” and it will take you to the login page where you can set up a new User Name and Password by clicking “Register Now” on the right hand side of the page.  Once logged in, click Accounts & Trade, then go to Statements. Under Account Settings, click Edit to the right of Delivery Preferences.

We encourage clients to view the Fidelity User Guide (Top Things to View and Do on Fideliy.com): http://personal.fidelity.com/misc/ekits/pdf/top_things_to_do.pdf

If more convenient, you may also reference this guide in hardcopy form that was included in the Fidelity folder that contained your paperwork.

5. How do I add money to my accounts?

You can continue to mail checks to our office as you have in the past. Checks now need to be made payable to “Fidelity Investments”.

Note: If you would like to make a 2016 IRA contribution, the check must be in our office by Monday, April 17, 2017.

 

6. What will I see on Envestnet during the transition period?

Envestnet will record the move to Fidelity in four steps:

  1. A mirror account will be established for each account under your household. For instance, if you have a traditional IRA you should see two IRA accounts: one with a Pershing account number and one with a Fidelity account number. Initially, the Pershing account will be fully funded and the Fidelity Account will reflect a zero balance.
  2. When the money transfers (with potentially a twenty-four to forty-eight hour processing window), the balances will switch. Pershing will show a zero balance while Fidelity will reflect the value of the transferred amount.
  3. During the transition, the YTD performance figures for your individual accounts (old Pershing and new Fidelity) could be blank. Your “Rollup” YTD performance is accurate and calculated nightly, regardless of where your accounts are in the transition process.
  4. Once all accounts for your household have been moved to Fidelity, Envestnet will remove the Pershing accounts from your record and you will see only your new Fidelity accounts. All prior transactions and performance from your Pershing accounts will be migrated over to your new Fidelity accounts.

 

7. Why does the Envestnet site (StrategicPoint Portal) show a $0 balance when I log in?

During the transfer process to Fidelity, it is possible that your account values may show $0.00. This is a normal part of the account transfer process and should be rectified in two business days. We encourage clients to visit Fidelity.com during these two days, as the Fidelity website should have the accurate values. If you have any questions or the $0.00 balance lasts longer than two business days, please contact us at (401) 273-1500.

8. Why do I see a maintenance fee and a termination fee charged to my Pershing accounts in the Transaction by Type of Activity section of my Pershing statement?

Pershing will charge each of your retirement accounts (IRAs, 401(k)s, SEPs, etc.) a maintenance fee (if you did not pay this earlier in the year) and a termination fee before your accounts are transferred to Fidelity. Once at Fidelity, Fidelity will credit your account (within approximately 30 days) for these amounts, resulting in no cost to you for the transfer. StrategicPoint will be monitoring this process to ensure no fee is missed.

9. Why did I receive a March statement from Fidelity that showed a $0 balance in my accounts?

The transfer of accounts to Fidelity usually takes up to ten days. First the accounts are opened at Fidelity. Once each account is established, the transfer form is submitted. If the end of the month occurs while the assets are being moved, you could receive Fidelity statements that give a $0 balance for the accounts. The next monthly statement should reflect the transferred assets.

Please be aware that Pershng will mail a final statement that shows a $0 balance after the transfer has been completed.