Founded in Boston in 1946, Fidelity Investments (commonly called FMR) is a multinational brokerage that has consistently ranked in the top five in terms of brokerage firms with the best user experience. Fidelity has had over seventy years of experience, and it has $2.46 trillion client assets under management.
Fidelity joined the rush to cut fees and commissions, something that became a trend in 2019 for brokers. It cut commissions to zero as well. However, these aren’t the only positive qualities that FMR has. FMR has automatic cash sweeps, something that similar brokers often don’t offer.
FMR has increased its focus on cash management, execution quality, and research and investment tools. This has paid off handsomely, as clients are thrilled with the changes. Though there are some cons, as you’ll see in the next section, FMR is one of the best-ranked brokers for a very good reason.