I was on the phone with Fidelity customer service last week. Long time Fidelity customer here, and I wanted to try my hand at option trading, but I accidentally turned on margin trading and had to call to get that removed.
Anyway, the rep and I were chatting while he was doing stuff and he mentioned to me that he's been doing nothing but this kind of request because of transferring RH customers that had margin trading on by default and didn't even know until they switched.
Then he also mentioned that Fidelity had more new accounts in 2021 so far — in 6 weeks — than all of 2020.
Now, Fidelity is a large ass company. The fact that they got 10x the normal flow of new customers mostly because of RH doesn't sound great for the future of RH.
Puts on RH IPO.