Fidelity UK platform review: what are the pros and cons?

Fidelity International is a prominent name in the investment world, offering a range of services tailored to UK investors.

This review delves into the strengths and weaknesses of Fidelity's UK platform, providing insights to help you determine if it's the right fit for your investment needs.

Fidelity: who are they? 

Fidelity International, established in 1969, is a global investment management company serving clients across the UK, Europe, Asia, and the Middle East.

With over 50 years of experience, Fidelity offers a broad spectrum of investment solutions, including mutual funds, retirement planning, and wealth management services.   

What does Fidelity do?

Fidelity provides a comprehensive investment platform for individual investors, financial advisers, and institutions.

Their services include:  

• Investment accounts: Including Stocks and Shares ISAs, Junior ISAs, Self-Invested Personal Pensions (SIPPs), and general investment accounts.

• Fund management: Offering access to a wide array of Fidelity-managed and third-party funds.

• Financial advice: Providing tailored advice services for investors with portfolios exceeding £100,000.

• Workplace pensions: Managing pension schemes for employers and employees.  

Fidelity's platform aims to cater to both novice investors seeking straightforward solutions and seasoned investors requiring advanced tools and diverse investment options.  

What are the pros and cons of Fidelity? 

Considering Fidelity as your financial provider?

Here are the main advantages and disadvantages to keep in mind:

The pros of Fidelity

• Diverse investment options: Access to a broad range of funds, including mutual funds, ETFs, and investment trusts.

• No service fees on junior accounts: Junior ISAs and Junior SIPPs are exempt from service fees, making them cost-effective for children's savings.

• Financial advice services: Available for investors with portfolios over £100,000, offering personalised investment strategies.

• Reputable brand: Fidelity's longstanding presence and FCA regulation instil confidence in its reliability and trustworthiness.  

The cons of Fidelity

• Minimum investment requirements: A minimum of £1,000 lump sum or £25 monthly contribution is required to open an account.

• Higher fees for smaller portfolios: Investors with portfolios under £50,000 may find Fidelity's fees less competitive compared to other platforms.

• Limited bond offerings: The platform lacks a comprehensive selection of bonds, which may deter fixed-income investors.

• Basic mobile app: The mobile application offers limited functionality, potentially impacting the user experience for on-the-go investors. 

What services do Fidelity offer? 

Fidelity's UK platform provides a suite of services designed to meet various investment needs:  

• Investment accounts: Including Stocks and Shares ISAs, Junior ISAs, SIPPs, and general investment accounts.

• Fund access: Over 2,500 investment options, encompassing Fidelity-managed funds and third-party offerings.

• Financial planning tools: Resources such as calculators and investment guides to assist in portfolio management.

• Educational content: Articles, webinars, and tutorials aimed at enhancing investor knowledge.

• Customer support: Dedicated helplines and online support for account management and investment inquiries.  

What fees do Fidelity charge? 

Fidelity employs a tiered fee structure based on the total value of your investments:  

Service fees: 

• 0.35% annually for investments up to £250,000.

• 0.20% annually for investments between £250,000 and £1 million.

• 0.20% a year for the first £1 million. No charge for investments over £1 million.

Trading fees:

• £1.50 per trade for investors with a regular savings plan.

• £7.50 per trade for those without a regular savings plan.

• £30 for share deals placed over the phone

Fund charges:

• Ongoing charges for funds start from as low as 0.05%, varying by fund.​

Notably, Fidelity does not charge service fees on junior accounts or for holding exchange-traded investments in an Investment Account.

Our expert says: Why you should look beyond financial adviser fees

"It can be daunting paying for financial advice, but it should add more value than it costs – and benefit you in the long term.

For example, optimising your pension strategy so you have a fund with lower fees and a track record of strong performance could pay dividends when you retire, although there are no guarantees.

There are other benefits as many people who received financial advice have a clearer understanding of their money goals, more confidence in retirement planning and experience lower financial stress.” 

Lisa-Marie Voneshen, Senior Content Writer

What technology does Fidelity use? 

Fidelity's platform is underpinned by robust technology to ensure seamless investment experiences:  

• Sonata platform: In 2024, Fidelity invested £29 million in Bravura Solutions' Sonata platform to enhance its UK Adviser Solutions and Personal Investing platforms.

• Online access: Investors can manage their portfolios through a user-friendly web interface, offering tools for research, analysis, and account management.

• Mobile application: While functional, the mobile app is considered basic, lacking advanced features found in competitor platforms.

• Security measures: Advanced encryption and continuous monitoring safeguard user data and transactions.  

Fidelity security: is it secure? 

Security is a paramount concern for Fidelity, and the platform implements multiple measures to protect investor assets and information:  

• Regulatory compliance: Fidelity is regulated by the FCA, adhering to strict financial and operational standards.

• Client money protection: Investor funds are held separately from company assets, ensuring protection in the event of company insolvency.

• Fraud prevention: Fidelity provides resources to educate investors on common scams and offers support for reporting suspicious activities. Fidelity

• Data security: Utilisation of proven, industry-recognised security tools and processes to keep accounts and personal information secure

Does Fidelity have good customer service? 

Customer service is a critical consideration for any investment platform, and Fidelity generally receives positive feedback in this area.

Fidelity provides multiple customer support channels, including phone support, email assistance, and secure online messaging.

Telephone support lines are available during extended weekday hours, allowing investors convenient access to help when needed. 

The Fidelity customer support team is known for being professional, knowledgeable, and responsive.

Queries are typically handled efficiently, with clear communication that helps investors manage their accounts confidently.

Additionally, Fidelity offers comprehensive educational resources and FAQs on its website, empowering investors to resolve many queries independently.

However, during peak times, some investors have reported slightly longer waiting times, especially during busy tax periods, which may affect the overall customer experience. 

Overall, Fidelity's commitment to delivering quality customer service positions them well among competitors, especially for investors who value accessible and informed support. 

Get expert financial advice 

While Fidelity offers an impressive range of services and investment options, choosing the right platform should align closely with your individual financial goals and personal circumstances.

Every investor is unique, and what works for one may not be suitable for another.

Given the complexities involved in navigating investments, fees, platform features, and tax implications, it's crucial to seek professional financial advice. 

A qualified financial adviser can help you determine whether Fidelity is the right fit for your financial plan, ensuring you leverage its benefits effectively and mitigate potential drawbacks.

Expert advice can provide clarity, particularly when choosing the most suitable investment products, managing risks, or optimising your portfolio for growth and tax efficiency. 

Ultimately, combining Fidelity’s robust platform with tailored financial guidance can significantly enhance your long-term financial outcomes, ensuring your investment decisions align with your personal financial objectives and aspirations.