Monday, October 28, 2013

Twitter IPO now available from Fidelity - but not for me!

I just checked the IPO list for Fidelity and Twitter is now on their list. Unfortunately, my modest-sized account is not "eligible" for IPOs with Fidelity.
 
Their fine print:
You are not eligible to participate in equity new issue offerings through Fidelity Investments. Eligibility is reserved for brokerage customers with a minimum of $500,000. Auction OpenIPOs and Secondary offerings made available through Fidelity are reserved for brokerage customers with a minimum of $100,000 in certain assets held at Fidelity. Members of Premium Services or customers who have placed 36 or more stock, fixed income, or option trades in a rolling 12-month period are eligible for either traditional or auction based offerings.
Chalk up yet another reason to continue moving away from Fidelity. The bulk of my securities are still with Fidelity, but I don't intend to give them any new business – and that was before this latest incident.
 
BTW, I had gotten email alerts earlier in the day for several other new IPOs from Fidelity, but there has not been an email alert for Twitter from Fidelity yet.
 
-- Jack Krupansky

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