Should I go to a Fidelity Office to Set up Account?

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PatrickA5
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Should I go to a Fidelity Office to Set up Account?

Post by PatrickA5 »

I've been thinking about trying out Fidelity. We have all of our investments at VG presently (Life Strategy Funds). We also have a local B&M Bank that handles all of our bill paying.

Reasons for considering Fidelity:

1) Local office that DW can go to when I'm gone.
2) Kids already have Fidelity retirement accounts. It might be easier for them when inheritance time come around.

As a test drive, I was thinking about just stopping by the Fidelity office (with DW) and opening up a brokerage/CMA account. Obviously, it would be easy to set one up online, but I kind of wanted to test the waters by talking to someone in person. Do you think that's a good idea? Would I just be talking to some new accounts clerk, or would it be a Fidelity advisor?
Strayshot
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Re: Should I go to a Fidelity Office to Set up Account?

Post by Strayshot »

If I was the person at Fidelity, I would sit you down at a computer and have you open the account.

Not exactly sure what you are looking for by doing this. Why not just open the account online and go by the local office to check it out? Are you looking for a reason to be there? Sometimes I go by my Fidelity office just to make a coffee in the Keurig after lunch nearby.
tmsul100
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Re: Should I go to a Fidelity Office to Set up Account?

Post by tmsul100 »

I think you should - what's to lose, right? I've had terrific experience with our local Fidelity office and it's one of the reasons I prefer Fidelity. I'm not sure about the credentialing of the associates in the office and, honestly, I keep it pretty simple with them - I'm guessing they're capable of much more.They are, unfailingly, professional, cheerful, polite and helpful. In my twenty years with Fidelity I don't think I've ever had a less than stellar - I mean Ritz Carlton quality - service experience. They do a lot right.
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PatrickA5
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Re: Should I go to a Fidelity Office to Set up Account?

Post by PatrickA5 »

Strayshot wrote: Thu May 02, 2019 8:36 pm If I was the person at Fidelity, I would sit you down at a computer and have you open the account.

Not exactly sure what you are looking for by doing this. Why not just open the account online and go by the local office to check it out? Are you looking for a reason to be there? Sometimes I go by my Fidelity office just to make a coffee in the Keurig after lunch nearby.
I thought it would be good for DW to visit the office and figured we might as well set up the account while there. If I set everything up online, then I really don't even have a reason to visit the office, I guess.

If VG had local offices, I probably wouldn't even consider a change.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by livesoft »

When my daughter was still in high school, I had her go to the local Fidelity office to open a Roth IRA. She was successful, but the Fidelity rep messes of the spelling of a very common name. After checking online, she had to go back and get the spelling corrected.

Should you go? Sure, why not? Should you expect magic? No.
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nisiprius
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Re: Should I go to a Fidelity Office to Set up Account?

Post by nisiprius »

Your reason is that DW survives you, you want her to have access to a locally located advisor she can talk to talk to face-to-face. If so, then, in my opinion she should be closely involved in this decision. You shouldn't assume she will want a local advisor, but if she does, then she should go to the office with you, you should specifically make an appointment to talk to an advisor and review everything, and she should do most of the talking.

You should both find out how a Fidelity rep reacts when the subject of index funds is raised. I assume the rep will say "Well, you've come to the right place, Fidelity has the best index funds." If the rep talks down index funds in general, that would be a red flag.
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tibbitts
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Re: Should I go to a Fidelity Office to Set up Account?

Post by tibbitts »

PatrickA5 wrote: Thu May 02, 2019 8:41 pm
Strayshot wrote: Thu May 02, 2019 8:36 pm If I was the person at Fidelity, I would sit you down at a computer and have you open the account.

Not exactly sure what you are looking for by doing this. Why not just open the account online and go by the local office to check it out? Are you looking for a reason to be there? Sometimes I go by my Fidelity office just to make a coffee in the Keurig after lunch nearby.
I thought it would be good for DW to visit the office and figured we might as well set up the account while there. If I set everything up online, then I really don't even have a reason to visit the office, I guess.

If VG had local offices, I probably wouldn't even consider a change.
Fidelity doesn't have that many "local" offices - in my case unless you count 100 miles away "local." And I live in roughly the 40th most populated metro area in the U.S.
Jazzysoon
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Re: Should I go to a Fidelity Office to Set up Account?

Post by Jazzysoon »

I'd go into local office, that will give you a good sense of how it's run. I have accounts at both Vanguard and Fidelity. I like that I can go to local Fidelity office to do some things like a Medallion signature that I needed and also just recently while being a snowbird I dropped in local Fl office with my HSA 'just in time 2018' contribution to make sure it was in by deadline.

I've always had a great experience with local Fidelity office and have an assigned rep (No charge and not a huge portfolio) who is fine with the Vanguard funds I have within my Fidelity account. I've been able to run some things past him that have helped me.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by MotoTrojan »

I now have a Brokerage and CMA purely for my banking/cash and am enjoying it (really is life changing to combine checking & savings and get great interest on both without transferring/managing that cash flow).

Auto-rolling t-bills is also pretty neat and will be utilized by me. I do not have any plan to move my investments over from Vanguard/M1 though, I like having it separate anyways.

Good luck!
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Re: Should I go to a Fidelity Office to Set up Account?

Post by bsteiner »

tibbitts wrote: Thu May 02, 2019 9:18 pm ...
Fidelity doesn't have that many "local" offices - in my case unless you count 100 miles away "local." And I live in roughly the 40th most populated metro area in the U.S.
I guess it depends on where you are. They have 3 within walking distance from my office.
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PatrickA5
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Re: Should I go to a Fidelity Office to Set up Account?

Post by PatrickA5 »

nisiprius wrote: Thu May 02, 2019 8:57 pm Your reason is that DW survives you, you want her to have access to a locally located advisor she can talk to talk to face-to-face. If so, then, in my opinion she should be closely involved in this decision. You shouldn't assume she will want a local advisor, but if she does, then she should go to the office with you, you should specifically make an appointment to talk to an advisor and review everything, and she should do most of the talking.

You should both find out how a Fidelity rep reacts when the subject of index funds is raised. I assume the rep will say "Well, you've come to the right place, Fidelity has the best index funds." If the rep talks down index funds in general, that would be a red flag.
You've pointed out another reason why we might want to go to the office to open the account. I'd like to see how "pushy" they might be on selling high cost services/products. Obviously, I wouldn't blame them for selling, as that's their job, but it would help us get an idea what they might offer DW when I'm gone. They might not even bring other products up, I don't know. I'm trying to figure out if the "pros" of having an office to go to would outweigh the "cons" of DW (or kids) getting sucked into some high cost AUM fee, variable annuity, etc.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by dogagility »

I've been to two Fidelity offices a few times in different locales. I agree with others that the Fidelity folks were professional, courteous, and didn't push me into or suggest any non-BH-approved investments. Of course, I knew what I wanted going in.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by papiper »

I went in person when I transferred my 401k with another provider to Fidelity. They were very good and I'm glad I went in person so I didn't worry the transfer had some snag I had missed (custodian to custodian). The only complaint is at the time they had a bonus offer for opening a new account, but you had to ask for it. Since I didn't, they didn't offer that bonus and when I found out, it couldn't be done retroactively. Later, I transferred an HSA, but did it all online.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by WhiteMaxima »

You should. Have a cup of delicious coffee machine and fresh donut. Talk to a beautiful CR and open your 401k account. Invest in their Zero funds.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by bloom2708 »

If you are at Vanguard and use LifeStrategy funds, then you sound like you have an optimal solution. No tinkering needed.

Don't just do something. Stand there. :beer
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UpperNwGuy
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Re: Should I go to a Fidelity Office to Set up Account?

Post by UpperNwGuy »

I recently opened a taxable account at Fidelity, but I did it online. I have two Fidelity local offices nearby, one 3 miles to the north and the other 5 miles to the south. I haven't visited either office because their website has been sufficient for what I've needed so far.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by corn18 »

I think you should go into the office for the reasons you stated. And thanks for this thread. I think I will take my wife into the local office for the same reasons. I already have everything at FIDO, but I would like her to meet the advisor they assigned me that has been calling but I haven't talked to yet. Might be good to meet him and see what he's got to offer.
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snowman
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Re: Should I go to a Fidelity Office to Set up Account?

Post by snowman »

If I were you, I would open account online, mostly because mistakes happen - like misspelled name, or email address, or phone number, whatever. So you open online and make sure everything is correct.

Then you go into your local office and talk to whoever you want to talk to, ask questions, sit down, have a cup of coffee, maybe read a magazine. I find my local office very pleasant place to be, professional but relaxed. Never had anyone trying to sell me anything.
dave1054
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Re: Should I go to a Fidelity Office to Set up Account?

Post by dave1054 »

PatrickA5 wrote: Thu May 02, 2019 10:04 pm
nisiprius wrote: Thu May 02, 2019 8:57 pm Your reason is that DW survives you, you want her to have access to a locally located advisor she can talk to talk to face-to-face. If so, then, in my opinion she should be closely involved in this decision. You shouldn't assume she will want a local advisor, but if she does, then she should go to the office with you, you should specifically make an appointment to talk to an advisor and review everything, and she should do most of the talking.

You should both find out how a Fidelity rep reacts when the subject of index funds is raised. I assume the rep will say "Well, you've come to the right place, Fidelity has the best index funds." If the rep talks down index funds in general, that would be a red flag.
You've pointed out another reason why we might want to go to the office to open the account. I'd like to see how "pushy" they might be on selling high cost services/products. Obviously, I wouldn't blame them for selling, as that's their job, but it would help us get an idea what they might offer DW when I'm gone. They might not even bring other products up, I don't know. I'm trying to figure out if the "pros" of having an office to go to would outweigh the "cons" of DW (or kids) getting sucked into some high cost AUM fee, variable annuity, etc.
Not sure I agree with other posts. The respondents are educated Bogleheads. I get the impression you are concerned about your wife if she survives you. I have a similar concern and that is why I am sticking with Vanguard. They do not work on commission like Fidelity reps and have no incentive to upsell. Just a thought.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by Strayshot »

dave1054 wrote: Fri May 03, 2019 4:12 pm
PatrickA5 wrote: Thu May 02, 2019 10:04 pm
nisiprius wrote: Thu May 02, 2019 8:57 pm Your reason is that DW survives you, you want her to have access to a locally located advisor she can talk to talk to face-to-face. If so, then, in my opinion she should be closely involved in this decision. You shouldn't assume she will want a local advisor, but if she does, then she should go to the office with you, you should specifically make an appointment to talk to an advisor and review everything, and she should do most of the talking.

You should both find out how a Fidelity rep reacts when the subject of index funds is raised. I assume the rep will say "Well, you've come to the right place, Fidelity has the best index funds." If the rep talks down index funds in general, that would be a red flag.
You've pointed out another reason why we might want to go to the office to open the account. I'd like to see how "pushy" they might be on selling high cost services/products. Obviously, I wouldn't blame them for selling, as that's their job, but it would help us get an idea what they might offer DW when I'm gone. They might not even bring other products up, I don't know. I'm trying to figure out if the "pros" of having an office to go to would outweigh the "cons" of DW (or kids) getting sucked into some high cost AUM fee, variable annuity, etc.
Not sure I agree with other posts. The respondents are educated Bogleheads. I get the impression you are concerned about your wife if she survives you. I have a similar concern and that is why I am sticking with Vanguard. They do not work on commission like Fidelity reps and have no incentive to upsell. Just a thought.
I have never been up sold by Fidelity and get free advice if needed. My local office is 0 pressure and free coffee.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by FGal »

I've never been to a local office, but all my dealings online/over the phone the Fido reps are very helpful and not pushy. They're supposed to be very low pressure. Their business model appears to be friendly, helpful, no hard selling, easy to deal with.

I planned on self managing (after explaining I wanted to go index funds/Boglehead approach and done lots of reading/research) the rep said it sounded as if I'd done my homework, and they offered to be there for any help explaining anything I ran into but otherwise they felt I was on a good track with my portfolio and index investing was a very smart choice.

Now I guess I need to go see about this coffee and donuts thing. To think I've been missing out all these years...
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Re: Should I go to a Fidelity Office to Set up Account?

Post by bloom2708 »

Strayshot wrote: Fri May 03, 2019 4:21 pm I have never been up sold by Fidelity and get free advice if needed. My local office is 0 pressure and free coffee.
Locations may vary. There is a chance (if the path is chosen) his wife might be an up-sell candidate (even at Fidelity).

The very thing the OP is trying to help protect his wife from (indirectly).

I find it hard to believe a Vanguard account with LifeStrategy funds could be considered too complicated.

His wife could always add Vanguard Personal Advisory Service. Still seems like a "do nothing" scenario. :arrow:
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corn18
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Re: Should I go to a Fidelity Office to Set up Account?

Post by corn18 »

Maybe she could go to a Vanguard office. Do they have free coffee?
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Re: Should I go to a Fidelity Office to Set up Account?

Post by retiredjg »

PatrickA5 wrote: Thu May 02, 2019 10:04 pm You've pointed out another reason why we might want to go to the office to open the account. I'd like to see how "pushy" they might be on selling high cost services/products. Obviously, I wouldn't blame them for selling, as that's their job, but it would help us get an idea what they might offer DW when I'm gone. They might not even bring other products up, I don't know. I'm trying to figure out if the "pros" of having an office to go to would outweigh the "cons" of DW (or kids) getting sucked into some high cost AUM fee, variable annuity, etc.
This would be my concern. Some of the worst portfolios we've ever seen here over the years were from "Fidelity advisors". Highly non-sensical complex portfolios with 50 or more positions, high cost "Fidelity advisor" that people had to liquidate when they left their AUM arrangement, etc. Really, the worst. Yes, these few bad examples were worse than anything we've seen from RJ or EJ or Ameriprise.

Is this common with Fidelity advisors? I don't think so, but a naive investor has no protection at all from the advisors, few as they may be, who will take advantage. That is not where I'd want a spouse to be looking for guidance.

On the other hand, I think Fidelity is great for people who know how to build their own low cost portfolio.

A friend of mine went to Fidelity just to get the lay of the land. He spent some time with the advisor who handles portfolios of my friend's size. Advisor was not pushy but did want to keep in touch. Friend said ok and got a few non-pushy phone calls.

The third phone call was a bit of a surprise though - the advisor was offering a "special lifetime reduced price" on an AUM arrangement. The savings offered, IIRC, would be a 10% reduction from the ordinary rate of 1.3%. My friend thought that sounded like a pretty good deal but luckily decided to call me and ask about it. I pointed out that friend would be paying the advisor more than 1/4 of what he can take from his portfolio each year. Suddenly the deal didn't look so good.

I think caution is warranted, even at Fidelity.
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PatrickA5
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Re: Should I go to a Fidelity Office to Set up Account?

Post by PatrickA5 »

dave1054 wrote: Fri May 03, 2019 4:12 pm
PatrickA5 wrote: Thu May 02, 2019 10:04 pm
nisiprius wrote: Thu May 02, 2019 8:57 pm Your reason is that DW survives you, you want her to have access to a locally located advisor she can talk to talk to face-to-face. If so, then, in my opinion she should be closely involved in this decision. You shouldn't assume she will want a local advisor, but if she does, then she should go to the office with you, you should specifically make an appointment to talk to an advisor and review everything, and she should do most of the talking.

You should both find out how a Fidelity rep reacts when the subject of index funds is raised. I assume the rep will say "Well, you've come to the right place, Fidelity has the best index funds." If the rep talks down index funds in general, that would be a red flag.
You've pointed out another reason why we might want to go to the office to open the account. I'd like to see how "pushy" they might be on selling high cost services/products. Obviously, I wouldn't blame them for selling, as that's their job, but it would help us get an idea what they might offer DW when I'm gone. They might not even bring other products up, I don't know. I'm trying to figure out if the "pros" of having an office to go to would outweigh the "cons" of DW (or kids) getting sucked into some high cost AUM fee, variable annuity, etc.
Not sure I agree with other posts. The respondents are educated Bogleheads. I get the impression you are concerned about your wife if she survives you. I have a similar concern and that is why I am sticking with Vanguard. They do not work on commission like Fidelity reps and have no incentive to upsell. Just a thought.
Yes, my main concern is how DW and Kids might get sold on some high cost service. She's pretty smart (works as an accountant), but just hasn't had any interest in our finances. In my "When I'm Dead" book, I've written up a pretty good piece on what we have and our simple investments (all at VG). I've recommended VG PAS if she feels the need for help. Still, I'm just wondering if being able to have someone to walk into and talk about things might be better. She knows better than going to an Edward Jones / Ameriprise type of place for help. I figured Fidelity might be a good compromise.

I haven't been overly impressed with my dealings with Flagship reps over the years. They're ok, just not someone that I think would be great for financial advice. I've looked into establishing a relationship with a fee only planner, but I don't think that I would personally get anything out of the relationship and it's liable to be a decade or two before DW would be doing it on her own (I'm 60).

Keep your thoughts coming. I appreciate the responses.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by tibbitts »

PatrickA5 wrote: Fri May 03, 2019 8:33 pm
dave1054 wrote: Fri May 03, 2019 4:12 pm
PatrickA5 wrote: Thu May 02, 2019 10:04 pm
nisiprius wrote: Thu May 02, 2019 8:57 pm Your reason is that DW survives you, you want her to have access to a locally located advisor she can talk to talk to face-to-face. If so, then, in my opinion she should be closely involved in this decision. You shouldn't assume she will want a local advisor, but if she does, then she should go to the office with you, you should specifically make an appointment to talk to an advisor and review everything, and she should do most of the talking.

You should both find out how a Fidelity rep reacts when the subject of index funds is raised. I assume the rep will say "Well, you've come to the right place, Fidelity has the best index funds." If the rep talks down index funds in general, that would be a red flag.
You've pointed out another reason why we might want to go to the office to open the account. I'd like to see how "pushy" they might be on selling high cost services/products. Obviously, I wouldn't blame them for selling, as that's their job, but it would help us get an idea what they might offer DW when I'm gone. They might not even bring other products up, I don't know. I'm trying to figure out if the "pros" of having an office to go to would outweigh the "cons" of DW (or kids) getting sucked into some high cost AUM fee, variable annuity, etc.
Not sure I agree with other posts. The respondents are educated Bogleheads. I get the impression you are concerned about your wife if she survives you. I have a similar concern and that is why I am sticking with Vanguard. They do not work on commission like Fidelity reps and have no incentive to upsell. Just a thought.
Yes, my main concern is how DW and Kids might get sold on some high cost service. She's pretty smart (works as an accountant), but just hasn't had any interest in our finances. In my "When I'm Dead" book, I've written up a pretty good piece on what we have and our simple investments (all at VG). I've recommended VG PAS if she feels the need for help. Still, I'm just wondering if being able to have someone to walk into and talk about things might be better. She knows better than going to an Edward Jones / Ameriprise type of place for help. I figured Fidelity might be a good compromise.

I haven't been overly impressed with my dealings with Flagship reps over the years. They're ok, just not someone that I think would be great for financial advice. I've looked into establishing a relationship with a fee only planner, but I don't think that I would personally get anything out of the relationship and it's liable to be a decade or two before DW would be doing it on her own (I'm 60).

Keep your thoughts coming. I appreciate the responses.
My thought is that people often develop an interest in finances when they have to, and not until then. If you plant some seeds of advice along the way it's likely some of them will take and things will work out reasonably well. Probably not exactly the way you would have done things, but close enough.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by inbox788 »

PatrickA5 wrote: Thu May 02, 2019 10:04 pmYou've pointed out another reason why we might want to go to the office to open the account. I'd like to see how "pushy" they might be on selling high cost services/products. Obviously, I wouldn't blame them for selling, as that's their job, but it would help us get an idea what they might offer DW when I'm gone. They might not even bring other products up, I don't know. I'm trying to figure out if the "pros" of having an office to go to would outweigh the "cons" of DW (or kids) getting sucked into some high cost AUM fee, variable annuity, etc.
I wouldn't take todays experience as a sign of what it will be like tomorrow. Right now, Fidelity is riding the index wave where growth in their funds is on autopilot and they don't have to do anything to upset the cart. Money keeps flowing into passive funds and they happily accept it.

https://www.fidelity.com/about-fidelity ... statistics

When monies start flowing out of Fidelity, the pressure will be to sell. Hopefully we won't be around to see that, but it's something I keep in the back of my mind for my loved ones, and the risk is lower IMO at Vanguard.
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PatrickA5
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Re: Should I go to a Fidelity Office to Set up Account?

Post by PatrickA5 »

corn18 wrote: Fri May 03, 2019 1:53 pm I think you should go into the office for the reasons you stated. And thanks for this thread. I think I will take my wife into the local office for the same reasons. I already have everything at FIDO, but I would like her to meet the advisor they assigned me that has been calling but I haven't talked to yet. Might be good to meet him and see what he's got to offer.
Just an update:

DW and I went to the local Fidelity office today to set up a CMA account. The experience couldn't have been better and DW seemed happy that I pretty much made her go. She was very engaged in the whole meeting and thinks it will be much better to have someone to talk to (in person) when I'm gone. We like the financial advisor that was assigned to us. The meeting lasted an hour and a half and he didn't try to sell us on anything. He went over what they have to offer and we told him that we're low cost indexers and wouldn't be interested in any kind of asset management help in the future - at least not until either the kids need help or we become incapacitated at some point. He agreed and said probably 70% of his clients are the same way.

All-in-all, couldn't have been more pleased with the meeting. Even got a free Coke and some candy. Who knows, maybe we'll move our retirement accounts over some day.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by retiredjg »

Glad you had a good experience. Hope it continues that way. :happy

It seems that CMA means a cash management account. Assuming that is just a prelude to what you really want.

Why don't you report back in 6 months - maybe let us know what kinds of things Fido (if not your advisor) wants to sell you and how hard the sell was? How about the ability to stop unwanted sales emails and things like that.
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PatrickA5
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Re: Should I go to a Fidelity Office to Set up Account?

Post by PatrickA5 »

retiredjg wrote: Fri May 24, 2019 3:30 pm Glad you had a good experience. Hope it continues that way. :happy

It seems that CMA means a cash management account. Assuming that is just a prelude to what you really want.

Why don't you report back in 6 months - maybe let us know what kinds of things Fido (if not your advisor) wants to sell you and how hard the sell was? How about the ability to stop unwanted sales emails and things like that.
Right. The CMA was more or less just something to set up to test the Fidelity waters a little bit - and an excuse to go to the office and meet with someone in person. It's replacing the Vanguard Advantage account we used to have, but I doubt we'll use it for bill paying, etc since we have a local bank that we use.

I'll check back into this post to update how things are going with the advisor. He certainly didn't seem like the pushy sales type, but your never know. I was VERY clear in what we want and, more importantly, what we DON'T want. If I get a call next week telling me about how great their AUM services are, then well, we might not go any further. I can always transfer the money right back to Vanguard.
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Re: Should I go to a Fidelity Office to Set up Account?

Post by bck63 »

This is off topic, but I have three Fido brokerage accounts: one for cash/CMA, one for stocks, and one for bonds. Bad idea?
retiredjg
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Re: Should I go to a Fidelity Office to Set up Account?

Post by retiredjg »

My suspicion....he will honor your preferences for awhile. Maybe even a year or more. But Fidelity is going to make some other things look very attractive through their other contacts with you.

You may ignore it but I think they get a lot of "other" business this way from people who start out just like you. That's not evil. It's just sales. And that is what they are in business to do....sell stuff.
Trader Joe
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Re: Should I go to a Fidelity Office to Set up Account?

Post by Trader Joe »

PatrickA5 wrote: Thu May 02, 2019 8:31 pm I've been thinking about trying out Fidelity. We have all of our investments at VG presently (Life Strategy Funds). We also have a local B&M Bank that handles all of our bill paying.

Reasons for considering Fidelity:

1) Local office that DW can go to when I'm gone.
2) Kids already have Fidelity retirement accounts. It might be easier for them when inheritance time come around.

As a test drive, I was thinking about just stopping by the Fidelity office (with DW) and opening up a brokerage/CMA account. Obviously, it would be easy to set one up online, but I kind of wanted to test the waters by talking to someone in person. Do you think that's a good idea? Would I just be talking to some new accounts clerk, or would it be a Fidelity advisor?
Yes you should go in.
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dual
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Re: Should I go to a Fidelity Office to Set up Account?

Post by dual »

livesoft wrote: Thu May 02, 2019 8:47 pm When my daughter was still in high school, I had her go to the local Fidelity office to open a Roth IRA. She was successful, but the Fidelity rep messes of the spelling of a very common name. After checking online, she had to go back and get the spelling corrected.
I had a similar experience. Went in to a Fidelity office to set up an account to transfer in an inherited IRA. The Rep messed it up and set up a Roth IRA.

My recommendation is to set up the account online with help from the phone reps if needed. Then call in for an appointment and go into the office with your initial investment and to get to know the rep.
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Oak&Elm
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Re: Should I go to a Fidelity Office to Set up Account?

Post by Oak&Elm »

I recently helped a friend move from Fidelity to Vanguard for the same concerns you have expressed. Overly complicated, expensive advisor recommended portfolio. If I die before my DW (which is a very likely possibility) I took about an hour and wrote down exactly what to do with each account.... done, I just trust Vanguard more than the others. That free coffee may cost more than you think.
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PatrickA5
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Re: Should I go to a Fidelity Office to Set up Account?

Post by PatrickA5 »

dual wrote: Fri May 24, 2019 4:51 pm
livesoft wrote: Thu May 02, 2019 8:47 pm When my daughter was still in high school, I had her go to the local Fidelity office to open a Roth IRA. She was successful, but the Fidelity rep messes of the spelling of a very common name. After checking online, she had to go back and get the spelling corrected.
I had a similar experience. Went in to a Fidelity office to set up an account to transfer in an inherited IRA. The Rep messed it up and set up a Roth IRA.

My recommendation is to set up the account online with help from the phone reps if needed. Then call in for an appointment and go into the office with your initial investment and to get to know the rep.
We checked everything while he was typing it in and after he was done he had us double check everything before submitting. No problems.
fru-gal
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Re: Should I go to a Fidelity Office to Set up Account?

Post by fru-gal »

I visited the local Schwab office once. It was like being on another planet. Thick carpets, a true lady greeter, coffee, snacks. I'm an online person, but this bouyed up my whole week.

Then I deal with Vanguard on the phone and the reps seem to have double digit IQs, sigh.
Dottie57
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Re: Should I go to a Fidelity Office to Set up Account?

Post by Dottie57 »

Strayshot wrote: Thu May 02, 2019 8:36 pm If I was the person at Fidelity, I would sit you down at a computer and have you open the account.

Not exactly sure what you are looking for by doing this. Why not just open the account online and go by the local office to check it out? Are you looking for a reason to be there? Sometimes I go by my Fidelity office just to make a coffee in the Keurig after lunch nearby.
My Fidelity Rep did just that. Via online, he helped me create an IRA and initiated transfer. Luckily I brought my latest statement. It was clean and easy. I think it is worthwhile to go in. Beware, the rep may try to sell you something - so go prepared with info on what you want to do.

The product the advisor suggested was a NewYork annuity that earned 5% a year for 7 years. I declined. That was in Aug of 2016. It would not have been bad considering I wanted money to use for gap from retirement to SS.
Last edited by Dottie57 on Fri May 24, 2019 6:12 pm, edited 1 time in total.
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whodidntante
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Re: Should I go to a Fidelity Office to Set up Account?

Post by whodidntante »

I wouldn't know because I've never been inside one even though it's close. Their website is nice though.
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dual
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Re: Should I go to a Fidelity Office to Set up Account?

Post by dual »

PatrickA5 wrote: Fri May 24, 2019 5:17 pm We checked everything while he was typing it in and after he was done he had us double check everything before submitting. No problems.
Congratulations on being served by a good rep :D
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