These Investment Companies Are Denying 401k Access To Customers

Two financial giants in the 401(k) sector, Fidelity Investments and Charles Schwab, are freezing online accounts that have been accessed by independent advisors through credential-sharing software. Both asset managers say this is being done to protect their clients. However, that hasn't done much to assuage the headaches these policy changes have caused customers looking for guidance about their retirement investments beyond how to withdraw money from a 401(k).

Financial technology firms like Pontera, which provides software for third-party financial advisors so they can easily access employer-based retirement accounts, are largely the parties inspiring this crackdown. Pontera's software enables advisors to examine investment plans for their account holder clients and make changes on their behalf. Now, though, advisors trying to help their clients get a good rate of return for their 401(k) or prevent inflation from tanking their retirement funds might not even be able to log in.

According to Fidelity, sharing log-in information can be dangerous because it allows outside advisors to take risky actions, including performing trades. To stop this, Fidelity announced in September 2024 that it was taking steps to block these platforms. Charles Schwab followed suit in November 2025. Unfortunately, those actions could prevent clients from accessing their 401(k) accounts online, at least temporarily.

Throughout 2025, Fidelity users have reported being locked out of their accounts, both for sharing their information with a third-party advisor and for reasons completely unknown to them. Fidelity encourages its locked out customers to reach out to the company over the phone to change their login credentials if they want to regain access to their accounts. It's also worth noting that Fidelity's online platform isn't the only way to monitor your assets and make transactions: Fidelity users can also control their account over the phone via Fidelity's Automated Service Telephone. However, many users have reported the interactions they've had with Fidelity representatives about this issue have been largely unhelpful, if not outright unpleasant. Charles Schwab offers similar services via its Schwab by Phone and TeleBroker programs, though these services also get mixed reviews from customers.

Meanwhile, Dave Goldman, chief business officer of Pontera, suggested to NerdWallet that customers should speak to their employers' human resources departments if they encounter this issue. After all, the reason companies offer 401(k) matching retirement plans is because they're a tax-deductible means of recruiting and retaining employees. Goldman suggested, "Ask them why you've been forced into a plan that won't allow you to work with a financial advisor of your own choosing."