Fidelity Sales Practices Violated Reg BI, Advisor Says in Whistleblower Suit

What You Need To Know

• Low-cost index funds hit Fidelity's revenue, prompting a focus on more profitable products like managed money, the advisor's suit claims.
• The suit says advisors were pressured to sell higher-revenue products even when they were not in clients' best interest.
• Fidelity says it denies the allegations and will vigorously defend itself.