Fidelity Private client group

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Grayb88
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Fidelity Private client group

Post by Grayb88 »

Can you cancel out of using the Fidelity Private Client group at any time?
HomeStretch
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Re: Fidelity Private client group

Post by HomeStretch »

Welcome to the forum!

I suppose you could call Fidelity and request that you be removed from Private Client Group (PCG). Or reduce your account balances to <$1 million.

What don’t you like about PCG? There is no fee but it has very few benefits - special phone #, an assigned advisor if you want one. maybe free ATM/wires, free or discounted Turbo Tax software.
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

As mentioned above, you certainly can reduce the amounts you hold at Fidelity (which will take you out of PCG status.)
FWIW, I got PCG status after rolling over a 401k to a Fidelity IRA, the only thing that changed for me was having the PCG logo show up on my statements and having the special phone number made available to me. I never bothered to have a personal advisor assigned. They did try to contact me several times to schedule an appointment until I replied letting them know I wasn't interested. They let me know the option was available to me in the future if I changed my mind. Nothing since. I would be interested in "Free Turbotax", but that was never offered, still only get the $20 discount that everyone can get.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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Artful Dodger
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Re: Fidelity Private client group

Post by Artful Dodger »

Grayb88 wrote: Mon Sep 20, 2021 4:55 am Can you cancel out of using the Fidelity Private Client group at any time?
Just curious. Why would you want to?
Topic Author
Grayb88
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Re: Fidelity Private client group

Post by Grayb88 »

What I don’t like is the fee, and the performance doesn’t justify the fee at this point.
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Leif
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Re: Fidelity Private client group

Post by Leif »

What fee? I've been in PCG for many years and I've never seen a fee.

Perhaps you are talking about some advisor service? PCG is not an advisor service. Call them and ask about it.
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Grayb88
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Re: Fidelity Private client group

Post by Grayb88 »

Yes it’s an Advisor fee, and PCG. I am going to cancel the Advisor service and stay in PCG.
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SeanFL
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Re: Fidelity Private client group

Post by SeanFL »

Did you sign up to be managed? If not, call and ask what the fee is for and when it started.

There's only a fee if you agreed to have someone at Fidelity manage your portfolio. Otherwise, they give you Private Client Group status to reward you for having a high level of assets. Similar to Vanguard Flagship. Vanguard will offer you portfolio management for .3% and you're welcome to not sign up.
Investor with Vanguard for over 30 years | Father of Four
protagonist
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Re: Fidelity Private client group

Post by protagonist »

Whereas there are few advantages to PCG, every once in awhile I have had an issue that needed to be solved at Fidelity, and speaking to a rep in my PCG has gotten me more personalized and more rapid resolution. I don't perceive any downsides.
marcopolo
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Re: Fidelity Private client group

Post by marcopolo »

For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
Once in a while you get shown the light, in the strangest of places if you look at it right.
mervinj7
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Re: Fidelity Private client group

Post by mervinj7 »

marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
I'm assuming that Vanguard has similar higher quality customer service for it's flagship customers. Otherwise, it wouldn't be a fair comparison.
marcopolo
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Re: Fidelity Private client group

Post by marcopolo »

mervinj7 wrote: Mon Sep 20, 2021 2:09 pm
marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
I'm assuming that Vanguard has similar higher quality customer service for it's flagship customers. Otherwise, it wouldn't be a fair comparison.
Having read samplings of some of those threads, it does not appear that having Flagship level really helps the situation much.
Once in a while you get shown the light, in the strangest of places if you look at it right.
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gas_balloon
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Re: Fidelity Private client group

Post by gas_balloon »

How does one know if they have a Private Client Group status?
I recently transferred my account from Vanguard to Fidelity. When I login to my Fidelity account I see "Fidelity Premium Services" next to my advisors name near the top-right corner. For Private Client Group, does it say "Fidelity Private Client Group Services"?
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

gas_balloon wrote: Wed Jan 12, 2022 10:28 pm How does one know if they have a Private Client Group status?
I recently transferred my account from Vanguard to Fidelity. When I login to my Fidelity account I see "Fidelity Premium Services" next to my advisors name near the top-right corner. For Private Client Group, does it say "Fidelity Private Client Group Services"?
Yes...
I have it set so that when I login it goes straight to the 'cash management' section that doesn't show any of that, but on the main accounts or portfolio page you see a logo that says that. The monthly statements also change to say it at the top next to the logo.
I don't have an advisor assigned, so I don't see any name, but from what people describe I would expect to see that in the same area where yours says "premium".
Image

Other than having the page display that, I haven't seen any benefit of interest to me from having that "status"... If anything it's annoying that it shows up on statements.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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gas_balloon
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Re: Fidelity Private client group

Post by gas_balloon »

JoMoney wrote: Wed Jan 12, 2022 10:38 pm
gas_balloon wrote: Wed Jan 12, 2022 10:28 pm How does one know if they have a Private Client Group status?
I recently transferred my account from Vanguard to Fidelity. When I login to my Fidelity account I see "Fidelity Premium Services" next to my advisors name near the top-right corner. For Private Client Group, does it say "Fidelity Private Client Group Services"?
Yes...
I have it set so that when I login it goes straight to the 'cash management' section that doesn't show any of that, but on the main accounts or portfolio page you see a logo that says that. The monthly statements also change to say it at the top next to the logo.
I don't have an advisor assigned, so I don't see any name, but from what people describe I would expect to see that in the same area where yours says "premium".
Image

Other than having the page display that, I haven't seen any benefit of interest to me from having that "status"... If anything it's annoying that it shows up on statements.
Great, thanks. yeah that shows as premium for me. I am largely with you on the benefits not being very high, however with a private client group status, you can apply to purchase pre-IPO (no guarantees on whether you will get it though, especially with high-demand pre-IPO companies like SpaceX), which I think is a sound benefit for my small play-money account I set aside that helps me stay a 98% boglehead.
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

gas_balloon wrote: Wed Jan 12, 2022 10:49 pm...
Great, thanks. yeah that shows as premium for me. I am largely with you on the benefits not being very high, however with a private client group status, you can apply to purchase pre-IPO (no guarantees on whether you will get it though, especially with high-demand pre-IPO companies like SpaceX), which I think is a sound benefit for my small play-money account I set aside...
Might be something to call and ask about if it's something that interest you.
Doesn't sound like something I'd consider a 'benefit' ...
I have to apply for the privilege of them selling me stuff (that I consider of dubious investment quality to begin with) :annoyed :confused No thanks.

There's a lot of hype to sell IPO's to begin with. That's what investment bankers get paid to do. Making it seem like like it's somehow special or limited to buy it strikes me as marketing tricks.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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gas_balloon
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Re: Fidelity Private client group

Post by gas_balloon »

JoMoney wrote: Wed Jan 12, 2022 10:59 pm
gas_balloon wrote: Wed Jan 12, 2022 10:49 pm...
Great, thanks. yeah that shows as premium for me. I am largely with you on the benefits not being very high, however with a private client group status, you can apply to purchase pre-IPO (no guarantees on whether you will get it though, especially with high-demand pre-IPO companies like SpaceX), which I think is a sound benefit for my small play-money account I set aside...
Might be something to call and ask about if it's something that interest you.
Doesn't sound like something I'd consider a 'benefit' ...
I have to apply for the privilege of them selling me stuff (that I consider of dubious investment quality to begin with) :annoyed :confused No thanks.

There's a lot of hype to sell IPO's to begin with. That's what investment bankers get paid to do. Making it seem like like it's somehow special or limited to buy it strikes me as marketing tricks.
True - I am sure I will reach the same enlightened state some day. Right now keeping that 2% play money helps me not let FOMO drive irrational behavior with the other 98% of my portfolio.. so its fine with me. I messaged my representative to check on private client group.
The funny thing is Fidelity does not advertise these benefits anywhere - in fact their website makes no mention of these tiers existing at all. Another free benefit with private client group is the free TurboTax (again the exact criteria is not publicized anywhere, but most people I know from PCG get it). That benefit is great, but its worth $55 annually, so I will not lose sleep over not getting it.
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

gas_balloon wrote: Wed Jan 12, 2022 11:08 pm...
True - I am sure I will reach the same enlightened state some day. Right now keeping that 2% play money helps me not let FOMO drive irrational behavior with the other 98% of my portfolio.. so its fine with me. I messaged my representative to check on private client group.
The funny thing is Fidelity does not advertise these benefits anywhere - in fact their website makes no mention of these tiers existing at all. Another free benefit with private client group is the free TurboTax (again the exact criteria is not publicized anywhere, but most people I know from PCG get it). That benefit is great, but its worth $55 annually, so I will not lose sleep over not getting it.
"Free" TurboTax would be a great benefit. I've never gotten it, if you read threads on here you'll find lots of PCG people that don't get it, and some that do that aren't PCG. I have seen criteria that spells it out for getting it free if you're a 'Active Trader VIP' , but there are also people that claim they don't trade at all, hold traditional Boglehead style portfolios, and are given the free TT :annoyed
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
nalor511
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Re: Fidelity Private client group

Post by nalor511 »

JoMoney wrote: Wed Jan 12, 2022 11:34 pm
gas_balloon wrote: Wed Jan 12, 2022 11:08 pm...
True - I am sure I will reach the same enlightened state some day. Right now keeping that 2% play money helps me not let FOMO drive irrational behavior with the other 98% of my portfolio.. so its fine with me. I messaged my representative to check on private client group.
The funny thing is Fidelity does not advertise these benefits anywhere - in fact their website makes no mention of these tiers existing at all. Another free benefit with private client group is the free TurboTax (again the exact criteria is not publicized anywhere, but most people I know from PCG get it). That benefit is great, but its worth $55 annually, so I will not lose sleep over not getting it.
"Free" TurboTax would be a great benefit. I've never gotten it, if you read threads on here you'll find lots of PCG people that don't get it, and some that do that aren't PCG. I have seen criteria that spells it out for getting it free if you're a 'Active Trader VIP' , but there are also people that claim they don't trade at all, hold traditional Boglehead style portfolios, and are given the free TT :annoyed
A long thread, yes, I personally think it might be margin
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anon_investor
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Re: Fidelity Private client group

Post by anon_investor »

marcopolo wrote: Mon Sep 20, 2021 2:16 pm
mervinj7 wrote: Mon Sep 20, 2021 2:09 pm
marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
I'm assuming that Vanguard has similar higher quality customer service for it's flagship customers. Otherwise, it wouldn't be a fair comparison.
Having read samplings of some of those threads, it does not appear that having Flagship level really helps the situation much.
I can confirm that Flagship does NOT offer better service at Vanguard. $50 at Fidelity got me better service than Flagship at Vanguard...
sidwin516
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Re: Fidelity Private client group

Post by sidwin516 »

I heard $450k investable is the min. They don’t count 401k either. I like having them run my Monte Carlo simulations. I like having them take a look once a year to make sure my numbers are good. I haven’t paid them anything nor plan to while I’m alive. I buy enough of their eft and they have been insightful about pro rata issues and discounted funds I might want to consider. Can’t have enough information is my take.
NerdJock
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Re: Fidelity Private client group

Post by NerdJock »

I'm in NH and when I had an account at schwab once or twice I went to their office in Manchester.
I was amazed that they had an office.
I did my business and left quickly when I could feel the sharks circling.
mike66
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Re: Fidelity Private client group

Post by mike66 »

Why would you not want to use this. I have found them very useful. Whenever I have an issue I call the Private Client Group number and the advisor assigned to me takes care of the issue immediately. For example, a few years ago I contributed late in Dec to an empty Traditional IRA account in order to convert to a backdoor Roth.
The conversion was taking several days to clear so I called and they made the conversion within minutes. There is no fee and I do not use the advisory service
Gadget
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Re: Fidelity Private client group

Post by Gadget »

sidwin516 wrote: Thu Jan 13, 2022 5:13 am I heard $450k investable is the min. They don’t count 401k either. I like having them run my Monte Carlo simulations. I like having them take a look once a year to make sure my numbers are good. I haven’t paid them anything nor plan to while I’m alive. I buy enough of their eft and they have been insightful about pro rata issues and discounted funds I might want to consider. Can’t have enough information is my take.
Maybe that's the minimum to get it, but I have more than that in both a Joint taxable and separately in a personal Roth IRA. And I don't have free TT...
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nedsaid
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Re: Fidelity Private client group

Post by nedsaid »

Grayb88 wrote: Mon Sep 20, 2021 4:55 am Can you cancel out of using the Fidelity Private Client group at any time?
I am reminded of the Groucho Marx quote that he wouldn't join any club that would have him as a member.
A fool and his money are good for business.
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