Updated 2026-03-20

Fidelity vs Lincoln Financial 401(k) Comparison

Compare Fidelity Investments (#1, 9.5/10) and Lincoln Financial (#17, 6.9/10) side by side across fees, ratings, features, and investment options.

Overall Comparison

FeatureFidelityLincoln Financial
Overall Score9.5/106.9/10
Rank#1#17
AUM$4.5 trillion$350 billion
Participants43 million8 million
Plan Sponsors23,000+10,000+
Founded19461905

Ratings Comparison

CategoryFidelityLincoln Financial
Fees & Costs4.9/53.3/5
Investment Options4.9/53.8/5
Customer Service4.8/53.9/5
Mobile App4.7/53.4/5

Fee Comparison

Fee TypeFidelityLincoln Financial
Admin Fees$0 - varies by planVaries by plan size
Expense Ratios0.00% - 0.75%0.10% - 1.5%
Trading Fees$0 for stocks/ETFsPlan dependent
Advisory Fees0.35% - 1.0%0.40% - 1.0%

Fidelity Strengths

Lincoln Financial Strengths

Rollover, Loans & Withdrawals

FeatureFidelityLincoln Financial
Rollover PlatformNetBenefitsLincoln Financial Portal
Loans AvailableYesYes
Withdrawal MethodsOnline via NetBenefits, Phone (800-343-3548), Fidelity branch officesOnline via Lincoln Financial portal, Phone (800-454-6265), Through plan administrator
Distribution OptionsLump sum, Partial withdrawal, Installment payments, Rollover to IRALump sum, Partial withdrawal, Annuity conversion, Installment payments, Rollover to IRA, Required Minimum Distributions

Which Should You Choose?

Choose Fidelity if you want:

  • Large employers
  • Cost-conscious investors
  • Self-directed investors
  • Solo 401(k) seekers

Choose Lincoln Financial if you want:

  • Companies wanting guaranteed income options
  • Insurance-focused employers
  • Mid-size to large plans
  • Annuity seekers

Our Verdict: Fidelity vs Lincoln Financial

Fidelity Investments wins this comparison with a score of 9.5/10 vs 6.9/10. Fidelity excels with zero expense ratio index funds (fzrox, fzilx), making it the stronger choice for most investors in this matchup. However, the best choice ultimately depends on your specific needs, employer plan availability, and investment preferences.

Full Fidelity Review Full Lincoln Financial Review

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Fidelity vs Lincoln Financial: Complete 401(k) Comparison for 2026

Choosing between Fidelity Investments and Lincoln Financial for your 401(k) is an important decision that affects your retirement savings. Fidelity offers largest provider while Lincoln Financial is known for top 10 recordkeeper. In terms of fees, Fidelity charges 0.00% - 0.75% expense ratios compared to Lincoln Financial's 0.10% - 1.5%. Fidelity manages $4.5 trillion in assets and serves 43 million participants, while Lincoln Financial has $350 billion AUM and 8 million participants.

Key Differences: Fidelity vs Lincoln Financial

When comparing Fidelity and Lincoln Financial, consider their core strengths: Fidelity excels with zero expense ratio index funds (fzrox, fzilx), while Lincoln Financial stands out for strong guaranteed income and annuity options. Both providers offer a wide range of investment options including target-date funds, index funds, and managed accounts. Fidelity's customer service rating is 4.8/5 compared to Lincoln Financial's 3.9/5. For mobile experience, Fidelity scores 4.7/5 while Lincoln Financial scores 3.4/5.

Which Provider is Right for You?

Choose Fidelity if you prioritize large employers. Choose Lincoln Financial if you're looking for companies wanting guaranteed income options. Your decision should also consider your employer's plan availability, fee sensitivity, desired investment options, and customer service expectations. For detailed reviews, visit our individual Fidelity and Lincoln Financial provider pages.

Frequently Asked Questions

Fidelity Investments scores higher in our 2026 rankings with 9.5/10. Fidelity is best for large employers, while Lincoln Financial is best for companies wanting guaranteed income options. The right choice depends on your employer's plan and your priorities.

Fidelity charges expense ratios of 0.00% - 0.75% with admin fees of $0 - varies by plan. Lincoln Financial charges 0.10% - 1.5% expense ratios with admin fees of Varies by plan size. Fidelity's fees rating is 4.9/5 compared to Lincoln Financial's 3.3/5.

Yes, you can roll over between Fidelity and Lincoln Financial. Fidelity uses NetBenefits for rollovers, while Lincoln Financial uses Lincoln Financial Portal. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.

Fidelity offers 401(k) loans. Lincoln Financial offers 401(k) loans. Both providers typically allow loans up to 50% of your vested balance or $50,000, whichever is less.

Fidelity scores 4.9/5 for investment options, while Lincoln Financial scores 3.8/5. Both offer target-date funds, index funds, and managed accounts. Fidelity's investment options include Index Funds, Target Date Funds, Mutual Funds. Lincoln Financial offers Mutual Funds, Target Date Funds, Fixed Annuities.

For small businesses, consider plan minimums and per-participant costs. Fidelity is best for large employers, cost-conscious investors, self-directed investors, solo 401(k) seekers. Lincoln Financial is best for companies wanting guaranteed income options, insurance-focused employers, mid-size to large plans, annuity seekers. Compare admin fees: Fidelity charges $0 - varies by plan vs Lincoln Financial's Varies by plan size.

Pavlo Pyskunov

Pavlo Pyskunov

Managing Director & Investment Fund Director

Pavlo Pyskunov analyzes employer-sponsored retirement plans using IRS publications and DOL Form 5500 filings, helping workers maximize their 401(k) savings through data-driven guidance.

Last updated: 2026-03-20