Week’s Best: Fidelity Sued Over Alleged Pressure Tactics on Advisors

A former advisor with Fidelity Investments is suing the firm, alleging it pressured advisors and branch managers to steer clients into investments that carried steep fees, and that he was ultimately terminated in retaliation for voicing his concerns. Michael Maeker alleges that his branch manager “continuously pressured” him to push high-fee products or strategies that were unsuitable and not in clients’ best interest. Fidelity denied the allegations and promised to “defend itself vigorously.”