Fidelity Go Review 2023 – The Transparent Robo Advisor

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Fidelity Go Like the recently popular “Pokemon Go” video game, Fidelity Go is attempting to target Millennials with their new robo investing platform. Though the similarity ends there. Instead of trying to collect virtual creatures, you're saving real money toward some future goal. Fidelity Investment's robo advisor is helping individuals who were previously savers transition into investors. Fidelity likes to call them “Emerging Investors.”
Commissions & Fees - 7.5
Customer Service - 8.5
Ease of Use - 8
Tools & Resources - 7
Investment Options - 7
Asset Allocation - 7


Fidelity's robo investing platform, Go, makes sense for existing customers and has a clear pricing model. However, it lacks some of the features of other players in this space and won't allow new customers to transfer assets from existing accounts.

More Details

To the Millennial crowd, however, Fidelity is anything but hip. Fidelity is a very conservative company, a plus for a financial firm. But it's not typically thought of as a “go-to” company by people under 35 years old. Fidelity Go is trying to change this image.

As you can see from my Fidelity Investments review, we recommend them as your one-stop-shopping investment firm. They offer not only traditional brokerage accounts but also banking, credit cards and advisory services. In some respects, Fidelity is hoping you start with this product and grow into Fidelity's other higher-end services.

Fidelity Go Features

Minimum Investment$10
FeesRetirement – 0.35%/year; Taxable – 0.35-0.40%/year
  • Taxable
  • Joint
  • Traditional IRA
  • Roth IRA
  • Rollover IRA
  • 401(k)
  • Solo 401(k)
  • Trusts
  • Limited Partnerships
  • Partnerships
  • Coverdell
  • 529
  • Custodial
  • Non-Profit
  • 401(k) Guidance
401(k) Assistance
Tax Loss Harvesting
Portfolio Rebalancing
Automatic Deposits
Smart Beta
Socially Responsible
Fractional Shares
Customer ServicePhone: M-F 8A-8P ET; Live Chat: M-F 8A-8P ET


Fidelity Go portfolios now consist primarily of Fidelity Flex Funds. These funds have zero expense ratios, which is good news for investors. This means that with a taxable portfolio made of Fidelity Flex Funds, your fees will be all-in — no guessing games.

The list of funds includes proprietary active and passive funds across fixed income, equity and specialty categories. Here are some of the funds you might find in your Fidelity Go portfolio:

Taxable Portfolio

Sector Fund Ticker
U.S. Large-Cap Stocks Fidelity Flex 500 Index Fund FDFIX
U.S. Mid-Cap Stocks Fidelity Flex Mid Cap Index Fund FLAPX
U.S. Small-Cap Stocks Fidelity Flex Small Cap Index Fund FLXSX
Foreign Stocks Fidelity Flex International Index Fund FITFX
Muni Bonds Fidelity Flex Municipal Income Fund FUENX
Short-Term Bond Fidelity Flex Cons. Income Municipal Bond Fund FUEMX
Short-Term Bond Fidelity Gernment Cash Reserves FDRXX

Retirement Portfolio

Sector Fund Ticker
U.S. Stocks Fidelity Flex 500 Index Fund FDFIX
U.S. Mid-Cap Stocks Fidelity Mex Mid Cap Index Fund FLAPX
U.S. Small-Cap Stocks Fidelity Flex Small Cap Index Fund FLXSX
Foreign Stocks Fidelity Flex International Index Fund FITFX
Bond (Taxable) Fidelity Flex U.S. Bond Index FIBUX
Short-Term Bond Fidelity Flex Gov't Money Market Fund FLGXX
Short-Term Bond Fidelity Government Cash Reserves FDRXX

Fidelity Go is very transparent with their fees, unlike some firms we've reviewed, Charles Schwab being the primary offender. They include not only the fees that they charge annually for using Fidelity Go, but also the fees of the mutual funds selected. Besides telling you only a percentage, they also tell you in dollars the annual fee you will be paying for their service. I wish all services did this, as I wrote in my article “The True Costs of Robo Advisors.”

HighlightsEmpowerBettermentFidelity Go
Minimum to Open Account$100,000$10$10
401(k) Assistance
Two-Factor Auth.
Advice OptionsAutomated, Human AssistedAutomated, Human AssistedAutomated
Socially Responsible Investing

Fidelity Go Sign-Up Process

The best way to think of Fidelity Go is as a wrapper of their brokerage service. Fidelity Go will recommend an allocation of mutual funds and ETFs based on a series of seven questions, similar to what other robo advisors do. At the end of the questionnaire, out pops your recommended asset allocation. Unlike the other firms, however, the questionnaire also uses demographics (date of birth, income, etc.) to determine your risk profile. They do this because by default Go assumes that you're planning for retirement.

If you are saving for other goals, don't worry; Fidelity Go does have an advanced option to input more details to help them determine your asset allocation.

Fidelity's questionnaire is available to anyone with no obligation and gives you the full details of recommended funds and percentage of allocation. If you want, you could take their asset allocation and implement it yourself via an existing Fidelity account that you have with them, although that would defeat the purpose of the ongoing adjustments in allocation.

The interesting aspect of this service is that, unlike the other robo advisors, Go will prevent you from getting into assets that are too risky. The service will prevent you from manually adjusting the asset allocation to one it deems too risky, based upon your profile. For many with little to invest, this might be a good thing, but if you have money in other accounts, including Fidelity itself, Fidelity Go doesn’t take that into account. So for some wanting to, say, supplement an existing 401(k) plan with more savings via an IRA, Fidelity Go's recommended asset allocation might be too conservative. This isn't a defect of this robo advisor alone, and it may take some work to get an asset allocation you desire.

Until recently, Fidelity Go required a minimum of $5,000 to start investing. However, the company wanted to welcome a broader range of investors to its robo-advisor product and lowered this to $10. To open an account, there is a $0 minimum.

Fidelity Go Screenshots

    Fidelity Go’s Annual Fees

    Unlike other robo advisors, Fidelity lays out the fees during the portfolio allocation process. You'll get an estimate of how much Fidelity Go will cost. Depending upon the type of account you'll pay 0.35%–0.40% in fees per year.

    A Robo/Human Hybrid

    It's becoming common in the robo advisor space to incorporate the input of human managers. For better or worse, there's a crop of robo advisors that employ a hybrid of computer algorithms and human assistance. Fidelity Go is among them.

    The company's independent partner Geode Capital Management monitors Fidelity Go accounts and uses a risk-based algorithm to determine whether or not to rebalance an account. The algorithm calculates predicted active risk and drift, and the portfolio management team has the final say when making changes, based on their review of the data.

    While investors who are leery of leaving their money 100% in the care of computers might find this reassuring, those who would rather see robotic precision when it comes to rebalancing their accounts might view this as a negative.

    Fidelity Go Pros & Cons

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    Overall, the service is no-frills, and the front-end questionnaire is the bulk of Fidelity Go's robo advisor service. While we like the upfront transparency of fees, the selection of funds and the low annual fees, we feel it lacks some of the functionality that the other robo advisor services currently have. You’re not paying much for Fidelity Go, which is a good thing, but you’re also not getting much service in return.

    Especially when compared with traditional brokerage firm Charles Schwab, which also has a robo advisor service, I like Fidelity Go's fee transparency and opportunity cost that's not lost through the large cash allocation Schwab forces you into for their “free” service.

    Is Fidelity Go better than Betterment or Wealthfront? I would have to say no and rate Fidelity accordingly. Both competing robo advisors have retirement planning and tax-loss harvesting, whereas Fidelity Go does not. Betterment has a superior goal-setting functionality and is the reason we recommend them as the best robo advisor service.

    However, since Betterment and Wealthfront are independent firms, they lack the “one-stop-shop” advantage that Fidelity has to offer. While not perfect, if you have existing Fidelity accounts or just want low annual fees, Fidelity Go is a service you might want to consider.

    Larry Ludwig

    Larry Ludwig was the founder and editor in chief of Investor Junkie. He graduated from Clemson University with a bachelor of science in computers and a minor in business. Back in the ’90s, I helped create some of the first financial websites for firms like Chase, T. Rowe Price, and ING Bank, and later went on to work for Nomura Securities. He’s had a passion for investing since he was 20 years old and has owned multiple businesses for over 20 years. He currently resides in Long Island, New York, with his wife and three children.

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