Give Your 401(k) an Upgrade with Fidelity BrokerageLink® - Rodgers & Associates

Give Your 401(k) an Upgrade with Fidelity BrokerageLink®

If you are one of the many employees with a 401(k) or other plan held at Fidelity Invest­ments, I suggest you read on. If your plan is held elsewhere (such as Vanguard, Charles Schwab, etc.), you may also have a similar self-directed option to investigate.

Fidelity Broker­ageLink® allows you to go beyond the tradi­tional funds offered in your employer plan by giving you access to thousands of mutual funds. Not all plans contain this account feature, so check with your employer or Plan Document to be sure. Also, a self-directed account is not for everyone. It can involve additional risks and trans­action fees, and not all types of securities are available.

According to Fidelity, they work with thousands of Financial Advisers and investment firms. This might be helpful if you are looking to have someone help you manage your retirement plan. The adviser needs to be regis­tered with and have been approved by Fidelity. If you have an IRA or other managed investment account, adding this feature may lead to better coordi­nation of your overall investment strategy. Rodgers & Associates is able to work with employees of many different companies and help manage retirement plan invest­ments through Fidelity BrokerageLink®.

The other great news is that many employers allow the Broker­ageLink® appli­cation to be completed online. You typically need the 401(k) Plan Number, Plan Name and Trustee Name. Once activated, you may need to sell the amount of current mutual funds you wish to self-direct and then ‘buy Broker­ageLink®’ with the proceeds. Some plans put a limit on how much of your total account value can be moved (for example – some limit you to no more than 50%).

Fidelity Broker­ageLink® just might give your 401(k) an edge and a little more bandwidth as you build your retirement nest egg.