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Issue with Solo 401k Sub-Accounts at Fidelity
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6 Replies
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Top ForumsSolo 401k, Solo 401k Contributions I have 3 solo 401k sub-accounts at Fidelity. I can see the sub-accounts and balances when I log in (same login I use for my other Fidelity accounts) but I am unable to access them for trading. When I click “Trade” and then “Select Account,” the solo 401k sub-accounts are not available, but my other Fidelity accounts are.
Tech support said when the 3 sub-accounts we set up, they didn’t use my SSN as the trustee, and instead used what they call an “internal number.” They used two different internal numbers – one for the after-tax and Roth sub-accounts, and another one for the pretax sub-account. So to transact with these sub-accounts, I have to use separate Fidelity logins.
They couldn’t explain why it was set up this way but they offered to switch those internal trustee numbers over to my SSN which would allow me to manage everything from a single login. However, all previous statements for those sub-accounts will be lost.
Has anyone else experienced this issue?
Is it ok to switch the internal numbers over to my SSN? Are there any long-term implications with regard to losing access to previous statements? Anything else I should be aware of?
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Top ForumsSolo 401k, Daily Live Webinar
Thanks for your post!
1) In setting up the account and for security purposes, Fidelity may assign a proxy number in place of your SSN (referred to by Fidelity as a “G Number”).
In order to be able to trade on the account, one simply needs to contact Fidelity (by phone or secure message) and request that the G-Number be changed to one’s social security number.
For example, one could log in to one’s Fidelity account and then send the following secure message:
“I am unable to trade on my newly established Non-prototype accounts. Please update the G-number assigned to my accounts to my Social Security number so I am able to trade. Please feel free to contact me if you have any questions.”
2) While we have not heard from others that changing the G-Number would cause one to lose access to the statements (e.g. it is possible that the information is not accurate), one could simply download all statements prior to the change to ensure that access is not lost.
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Top ForumsSolo 401k, Solo 401k Contributions
Thank you for the detailed response. I went ahead and had Fidelity update the G-Number.
The second phone rep I spoke with clarified that changing the G-Number to one’s SSN will result in online access to previous statements being lost. However, Fidelity retains those records and all account history is still accessible by phone.
The number I called to work everything out is 1-800-544-5373. Hopefully, this will be helpful for others who might find themselves in this position.
Thanks
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Top ForumsSolo 401k, Daily Live Webinar
Thanks for sharing!
Based on client feedback, we have not had other clients share this same experience. If in fact you are not able to view statements after replacing the G-Number with your SSN, we suggest that you send a secure message to Fidelity to request that access be restored as they may be able to fix it with a small technical update (e.g. clearing the cache, etc.).
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