I had the same thing. What it means is that even though you're connected to the servers, it now needs to retrieve all your stats and information from the servers. If you're trying to load the multiplayer menu in the background at the same time, it really bogs it down. What worked for me is that once I come to the menu when you select multiplayer from the main menu, but not the play online menu, I just chill on that screen for about 15 seconds, then I'll select play online. Sometimes, I'll catch the very tail end of loading the profile, but usually I pop right in. Doing it this way, I've never waited more the 20 seconds.
If it doesn't work for you, either the connectivity to the servers is not as strong, or there is another issue at play. Try it out and see if it works for you though. Best of luck!
You can also try this if you need to: when the game menu pops up, go to the online store first,click on it, let it load up, then back out. Now, click on multiplayer and off you go! Its a workaround until a patch comes out to address the continual "fetching profile" issue.