Fidelity is clamping down on third-party access to 401(k) plans, which will likely restrict outside advisors from managing clients’ assets in those accounts.
Fidelity said it would “begin taking steps to prevent platforms reliant on credential sharing from accessing and taking action in customer accounts held at Fidelity.”
This will be an issue for many fintech companies that specialize in giving advisors a way to access clients’ accounts without having 401(k) participants give advisors their login credentials directly.
