What do Fidelity advisors want?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Topic Author
AQ
Posts: 730
Joined: Mon Feb 25, 2008 11:38 pm

What do Fidelity advisors want?

Post by AQ »

Recently Fidelity assigned a new advisor to my accounts, though I rarely spoke to them. But this new advisor has kept bugging me for a meeting. What does he want? Sell me some high-fee products? Anything I need to be aware of?
dbr
Posts: 42548
Joined: Sun Mar 04, 2007 9:50 am

Re: What do Fidelity advisors want?

Post by dbr »

I would guess a reasonable chance to get you signed up for paid for advice and selling you somewhat more expensive funds. It could also be simply to make contact as a courtesy.

I've been with Fidelity for decades and I am not sure I remember anyone actually calling me.

It is really easy to say you are happy managing things yourself.
muffins14
Posts: 2473
Joined: Wed Oct 26, 2016 4:14 am
Location: New York

Re: What do Fidelity advisors want?

Post by muffins14 »

Step 1: decline
Step 2: ask them to stop calling because you are happy to self-manage

They called me once and I ask them not to, then they never called again
35% VTI, 25% AVUV, 15% IXUS, 15% AVDV, 10% VWO
quietseas
Posts: 901
Joined: Fri Dec 27, 2013 4:43 pm

Re: What do Fidelity advisors want?

Post by quietseas »

If you talk to them, return their calls, and don't say "no need to call again" a good salesperson will keep calling.
User avatar
retiredjg
Posts: 49270
Joined: Thu Jan 10, 2008 12:56 pm

Re: What do Fidelity advisors want?

Post by retiredjg »

This advisor wants to sell you something. A product? His services? Something that will make him money.

Just say "no".
User avatar
retired@50
Posts: 9215
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: What do Fidelity advisors want?

Post by retired@50 »

AQ wrote: Fri Apr 22, 2022 6:52 pm Recently Fidelity assigned a new advisor to my accounts, though I rarely spoke to them. But this new advisor has kept bugging me for a meeting. What does he want? Sell me some high-fee products? Anything I need to be aware of?
If you're holding a Boglehead style 3-fund portfolio, then Fidelity isn't making any (or much) money off of your account. They are seeking a way to turn that around and transform your portfolio into a revenue stream for THEM.

Regards,
This is one person's opinion. Nothing more.
Topic Author
AQ
Posts: 730
Joined: Mon Feb 25, 2008 11:38 pm

Re: What do Fidelity advisors want?

Post by AQ »

Too bad I always agreed :( Now I'm coming here to do damage control
Bama12
Posts: 729
Joined: Fri Aug 30, 2019 11:48 pm

Re: What do Fidelity advisors want?

Post by Bama12 »

money
Johndoefire65
Posts: 132
Joined: Fri Apr 01, 2022 9:58 am

Re: What do Fidelity advisors want?

Post by Johndoefire65 »

Ask him. You'd already have the answer
Parkinglotracer
Posts: 1526
Joined: Fri Dec 20, 2019 3:49 am
Location: Upstate NY

Re: What do Fidelity advisors want?

Post by Parkinglotracer »

AQ wrote: Fri Apr 22, 2022 6:52 pm Recently Fidelity assigned a new advisor to my accounts, though I rarely spoke to them. But this new advisor has kept bugging me for a meeting. What does he want? Sell me some high-fee products? Anything I need to be aware of?
Gimme your money, gimme your money, gimme your money.
User avatar
JoMoney
Posts: 14156
Joined: Tue Jul 23, 2013 5:31 am

Re: What do Fidelity advisors want?

Post by JoMoney »

No idea, after I qualified for "Private Client" they tried to make contact to set up a meeting and assign a rep. I declined.
Maybe I should have accepted and asked how I can get the "Free TurboTax" perk some others seem to get... :?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
RetiredCSProf
Posts: 1023
Joined: Tue Feb 28, 2017 4:59 pm

Re: What do Fidelity advisors want?

Post by RetiredCSProf »

I was assigned a new Fido advisor (previous one left the company), and he set up a one-hour meeting with me. I had several questions ready, which filled the time. The end result was that he gave me a one-time loyalty bonus for staying with Fido -- I can't complain.
Big Dog
Posts: 3541
Joined: Mon Sep 07, 2015 4:12 pm

Re: What do Fidelity advisors want?

Post by Big Dog »

I always found the Fido reps to be respectful. I would tell them that I was a DiY'er, and didn't need any assistance, and therefore did not want to waste their time. They'd thank me for my candor and asked if they could call next year, just in case anything changed. I said sure, and they'd call a year later, and I'd give them the same response. Rinse and repeat. On the third call (year), I had a question on their HSA and he quickly sent me a link to enroll. (I'm sure I could have found it myself by searching, but I got some value out fo that call.)
ddbtoth
Posts: 99
Joined: Sun Oct 03, 2021 3:18 pm

Re: What do Fidelity advisors want?

Post by ddbtoth »

AQ wrote: Fri Apr 22, 2022 8:04 pm Too bad I always agreed :( Now I'm coming here to do damage control
No loss till you buy their product. May be good, may be bad. Won’t cost you anything until you buy.
User avatar
Sage16
Posts: 228
Joined: Sun Mar 27, 2016 11:06 pm

Re: What do Fidelity advisors want?

Post by Sage16 »

I say go meet with him, you may gain some insight into how to better manage your accounts. You can make it clear you're a DIY 3 index fund investor.

Last year I had a meeting in my local office with a Private Client rep to discuss moving our accounts from Vanguard, we already had our HSAs at Fidelity and wanted to consolidate to one brokerage firm for our investments. We had a good discussion about bonuses being offered, etc. He was extremely helpful in moving 8 accounts we had at Vanguard, including accounts we had for our grandkids. After everything was settle he suggested a follow-up meeting. He knew we were DIY 3 fund indexers with Vanguard ETF's. During the meeting he helped set us up their retirement planner tool and walked through the analysis with us. Even though we do all our banking at a regular bank we talked about how we could make best use of the Cash Management account and regular brokerage account I had setup. He also highly recommended we add the Symantec VIP app to our phones for increased logon security. We reviewed the Vanguard ETF's we had our grandkids in and he agreed with what we had in place. The only mention of potential Fidelity products was making sure that we knew that Fidelity index mutual funds had lower expense ratios than Vanguard. He told us he will be happy to meet with us on any topics or questions we had in the future. No pressure or salesmanship and we came away with some useful information to take advantage of their free features.
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.
Camper Man
Posts: 30
Joined: Thu Apr 26, 2007 10:36 pm
Location: Fredericksburg VA

Re: What do Fidelity advisors want?

Post by Camper Man »

My Fidelity advisor has guided me through the ROTH backdoor conversion process. He's never tried to sell me anything. Very happy with Fidelity and the advisor assigned to my account.
Afty
Posts: 2110
Joined: Sun Sep 07, 2014 5:31 pm

Re: What do Fidelity advisors want?

Post by Afty »

I have had funds at Fidelity for a long time but had never gotten one of these meeting requests until a few weeks ago. I got both a call and an email. The email said they had reviewed my portfolio and saw a few areas for improvement, please schedule a 1 hour meeting. I told them no and they had the nerve to try again. Not too excited about them trying to drum up business this way.
jjj_22
Posts: 169
Joined: Sun Dec 08, 2019 3:07 pm

Re: What do Fidelity advisors want?

Post by jjj_22 »

AQ wrote: Fri Apr 22, 2022 6:52 pm Recently Fidelity assigned a new advisor to my accounts, though I rarely spoke to them. But this new advisor has kept bugging me for a meeting. What does he want? Sell me some high-fee products? Anything I need to be aware of?
My experience with Fidelity is mostly they want to (1) keep you as a client, which means making sure you're happy, and (2) try to get you to move more assets to them.

I took a call with my "advisor" a few years ago, and we chatted about my situation a while, but they didn't push anything on me. I get a yearly contact now asking to "check in" which I always just decline by saying nothing has changed with my situation and I'm happy with how things stand.

If you really have no interest in talking to them, just tell them that. But I don't think they're going to be pushy and I don't think you need to be on guard against anything.
TotalFool
Posts: 15
Joined: Sat Apr 02, 2022 8:56 am

Re: What do Fidelity advisors want?

Post by TotalFool »

I recently had this experience. Got assigned a advisor and I scheduled a one hour consult. Told the advisor at the beginning of the meeting about not being interested in managed services. I had some questions on withdrawal from 529 plan, fidelity youth account and also general questions about 401k and future 401k to roth conversions. The advisor was able to get all answers to the questions that i had. The advisor said this was a free service and they want to make sure we are happy with fidelity and will continue to be with them.
dcabler
Posts: 2610
Joined: Wed Feb 19, 2014 11:30 am
Location: Austin, TX

Re: What do Fidelity advisors want?

Post by dcabler »

I'm on the third advisor since I became eligible for one. I've never answered their phonecalls and I've never responded to an email from them requesting a meeting. They eventually do give up. And honestly, they're not really all that persistent. It's not like the car warranty spam calls. :D

Cheers
MikeG62
Posts: 4573
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: What do Fidelity advisors want?

Post by MikeG62 »

retiredjg wrote: Fri Apr 22, 2022 7:49 pm This advisor wants to sell you something. A product? His services? Something that will make him money.

Just say "no".
I agree with this view.

Perhaps some really, really small chance there is something out of whack with your investments (asset allocation or something else) and they are trying to talk it through with you to make sure you are on top of it.

I've had an advisor at Fidelity for roughly two decades now - same guy. Nice enough, but every call is trying to get me to shift money into something which will put money in Fidelity's pocket. Of course, always presented in a way that seems like it's a great idea for me. No doubt his boss and/or his G&O's for the year require he reach out to his clients at least X often and try and shake the bushes for more business. I get it - he has to earn a living. And the stuff I own doesn't put much money in their or his pocket (mostly index ETF's). But I'd rather he earn that living off someone else.

So typically I just don't answer the phone when I see it is Fidelity calling. When that goes on long enough he will eventually leave a VM. Then I will return the call. Have yet to purchase anything he has been offering. I do feel kind of bad for him as he is always hyped when he gets me on the phone and the call ends 30-45 minutes later with him very dejected - like all the air has come out his sails. I am not rude, but just don't buy what he is pitching.
Real Knowledge Comes Only From Experience
User avatar
bostondan
Posts: 713
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: What do Fidelity advisors want?

Post by bostondan »

We have someone assigned to us since we are in the "Fidelity Private Wealth Management" category. Not sure what the cutoff is for that, but we've got about $7m at Fidelity. I manage all the investments myself with a simple three-fund portfolio strategy and my average ER is 0.03%, much of which are Vanguard ETFs, so Fidelity gets very little money from me.

The advisor never pushes anything on me and has been extremely helpful several times when issues arose. He has not tried to sell me anything. He helped navigate some complex issues involving an estate, a problematic wire transfer, setting up a solo 401k, and more, all without ever making me feel like anything was being sold to me.

Perhaps we are lucky and our advisor is just a good guy, but just wanted to say that he does add value for us.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel
User avatar
CardinalRule
Posts: 878
Joined: Sun Jan 15, 2017 11:01 am
Location: United States

Re: What do Fidelity advisors want?

Post by CardinalRule »

bostondan wrote: Sat Apr 23, 2022 7:29 am We have someone assigned to us since we are in the "Fidelity Private Wealth Management" category. Not sure what the cutoff is for that, but we've got about $7m at Fidelity. I manage all the investments myself with a simple three-fund portfolio strategy and my average ER is 0.03%, much of which are Vanguard ETFs, so Fidelity gets very little money from me.

The advisor never pushes anything on me and has been extremely helpful several times when issues arose. He has not tried to sell me anything. He helped navigate some complex issues involving an estate, a problematic wire transfer, setting up a solo 401k, and more, all without ever making me feel like anything was being sold to me.

Perhaps we are lucky and our advisor is just a good guy, but just wanted to say that he does add value for us.
That has been our experience, in the same category. Our advisor knows that we like to manage our own investments (simply) and we enjoy the semiannual check-ins with him and find them useful. He has been especially helpful in discussing our retirement readiness and preparations. He knows we have holdings at Schwab because of Fidelity Full View, and he has mentioned that Fidelity would pay the transfer fees if we chose to consolidate even more at Fidelity, but otherwise there have been no real sales pitches in our case. He once provided, by email, some information on annuities at Fido, but only because we asked for it.
Chitowncameraman
Posts: 31
Joined: Wed Mar 01, 2017 11:11 pm

Re: What do Fidelity advisors want?

Post by Chitowncameraman »

I was with the Advisors for 1 year @ 1%, not happy with the volatility, then I tried Blackrock thru Fidelity @ 1% and was not happy because it was supposed to be "alternatives" to the stock market and turned out to be mainly junk bonds. The whole problem with managed accounts is that each person's portfolio is opaque, it's custom made based on your answers as to risk tolerance, time horizon, etc. So there's no way to look at past performances on charts like Morningstar. But I only gave these two services 1 year each, I did a horse race where I gave them $100K each and I compared it to my performance in a 30/70 portfolio of mainly index, some portions like Wellesley are managed. The one benefit that these services have over DIY is that they take into consideration cycles of the economy, preparing for a recession, etc. things we don't do. If you're young with a long time horizon it doesn't make sense but if you're close to retirement or in it, it feels more secure to know there's some pros involved. If you're $1mil+ the 1% doesn't hurt too much. I may go managed with the bond portion of our nest egg with VG @ .3% because I really am a rookie with the FI portion which is very important during retirement. I am honest enough with myself to realize I don't know everything so I want my FI portion to have some type of pro management from here on.

That said, I am amused that all these posters would put down the idea of going in for a free meeting. It's not like a time share pitch. I'm 68 and have always told the branch managers that I want the oldest advisor there is, someone with grey hair who has survived crashes, high inflation, Black Swan events, etc. You tell them that you're not interested in a fee based managed service, that's all. They don't get commissions at Fido, rather, they are graded by how much $ they can bring or keep into AUM. It is smart to pick that person's brain as to your positions and what they think is around the corner. Hey it's free and unless you're conceited enough to think you know everything, which is a problem with public forums, or have been a professional broker, that person at Fidelity will know a hell of a lot more than you do. I have found going in twice a year very informative.

But the most important thing you can do with Fidelity if you're near or in retirement, actually whenever, is to become expert at their planner and it helps to go in with your spouse and lay it all out for one hour and they plug in ALL your figures including scenarios as to when you think you'll die, all the expenses, predicted inheritances, SS, pensions, what years you think you'll need a new car, etc. and it does 200K Monte Carlo simulations and factors in various market conditions, inflation, etc. We want assurance there is no what they call The Shortfall which is the scariest figure. What can be worse than outliving your nest egg?

So...if you go in a couple of times a year and learn to tweak it, which is hard to learn on your own, then become expert at it, THAT is the benefit of meeting with your advisor. Our local office now has a dedicated person who only does the planner. It is way more sophisticated than the free ones you find on the web. Now that they have in-person meetings we will be doing one next week. Previously we had no idea inflation would get so high, Putin would have a war, the supply chain issues...etc. It seems to me that many of the regulars here are only concerned with avoiding fees but if your broker has grey hair it makes a LOT of sense to go in and get free advice as to the planner.
User avatar
bengal22
Posts: 2098
Joined: Sat Dec 03, 2011 6:20 pm
Location: Ohio

Re: What do Fidelity advisors want?

Post by bengal22 »

AQ wrote: Fri Apr 22, 2022 8:04 pm Too bad I always agreed :( Now I'm coming here to do damage control
I met with them right before I retired and the visit was very beneficial. They helped me load my retirement planning guide and then we reviewed. I was not water boarded nor did I have bamboo stuck under my fingernails. If you go in with the right frame of mind they can be helpful. They try to upsell less than Vanguard.
"Earn All You Can; Give All You Can; Save All You Can." .... John Wesley
User avatar
Taylor Larimore
Advisory Board
Posts: 31617
Joined: Tue Feb 27, 2007 8:09 pm
Location: Miami FL

Re: What do Fidelity advisors want?

Post by Taylor Larimore »

Bogleheads:

If a Vanguard advisor called me to review my portfolio (they have never called) I would welcome the opportunity for any suggestions or learn new information about the company.

Best wishes.
Taylor
Mr. Bogle's words of wisdom: "The best advisors can help you develop a long-range investment strategy and an intelligent plan for its implementation."
"Simplicity is the master key to financial success." -- Jack Bogle
User avatar
bengal22
Posts: 2098
Joined: Sat Dec 03, 2011 6:20 pm
Location: Ohio

Re: What do Fidelity advisors want?

Post by bengal22 »

Taylor Larimore wrote: Sat Apr 23, 2022 9:31 am Bogleheads:

If a Vanguard advisor called me to review my portfolio (they have never called) I would welcome the opportunity for any suggestions or learn new information about the company.

Best wishes.
Taylor
Mr. Bogle's words of wisdom: "The best advisors can help you develop a long-range investment strategy and an intelligent plan for its implementation."
Right on, Taylor.
"Earn All You Can; Give All You Can; Save All You Can." .... John Wesley
Outer Marker
Posts: 2710
Joined: Sun Mar 08, 2009 8:01 am

Re: What do Fidelity advisors want?

Post by Outer Marker »

The portfolio review offered to me recently by Fidelity was a disappointment and true waste of time. Even though I provided the advisor a one-paragraph summary of my current portfolio and goals, and Fidelity has all of my accounts linked in oneview (or whatever they call it), the advisor was clueless, unprepared, and it became apparent in the first 5 minutes she new less about investing than the average boglehead. Don't waste your time.
Vanguard User
Posts: 1123
Joined: Wed May 26, 2021 5:46 pm
Location: Sugar Land, Texas

Re: What do Fidelity advisors want?

Post by Vanguard User »

I suppose they get paid.
bernie5151
Posts: 50
Joined: Wed Apr 20, 2022 9:10 am

Re: What do Fidelity advisors want?

Post by bernie5151 »

I am a young investor with lots of questions, and have been really happy with my Fidelity rep. I've taken a LOT of her time. However, after spending time on this forum, I now want to move away from higher-priced Fidelity Asset Manager Funds 85% (0.4% cost) to indexes. In sum, I think Fidelity can be really helpful, especially if you are learning. But good to go in knowing what you do/don't want, lest you stumble into pricey products.
User avatar
Wiggums
Posts: 5350
Joined: Thu Jan 31, 2019 8:02 am

Re: What do Fidelity advisors want?

Post by Wiggums »

Fidelity assigned us a new advisor and we received an email. My DW rolled her 401k and Fidelity called. I told the caller that our accounts are all self-directed. No further calls.
Investors need to be better informed about the costs they pay. “High fund fees can be hazardous to your wealth in the same way that high calories can be hazardous for your health.”
arf30
Posts: 838
Joined: Sat Dec 28, 2013 11:55 am

Re: What do Fidelity advisors want?

Post by arf30 »

I got a couple of these calls/emails after hitting the "private client" level, ignored them, and they stopped after a few weeks. Most likely an attempt to push you into higher cost products as others have said.
niagara_guy
Posts: 732
Joined: Tue Feb 11, 2020 8:32 am

Re: What do Fidelity advisors want?

Post by niagara_guy »

Fidelity was calling/emailing me a few times per month. I had written Fidelity a letter that required a response, so I ignored the calls/emails (I finally got a letter back about 2 months later) and the calls/emails have stopped. I don't need their help since I do my own planning. Fidelity did not nag me with these calls/emails in my view.

Several years ago Vanguard asked me to have a financial review, I think because I had a very aggressive portfolio for my age (they did not know I had funds at other providers) and I had a 1 hour review with one of their financial advisors who I think did a very good job at no cost to me. Thanks to Vanguard for watching my back.
User avatar
HMSVictory
Posts: 1308
Joined: Sun Nov 01, 2020 7:02 am
Location: Lower Gun Deck

Re: What do Fidelity advisors want?

Post by HMSVictory »

He has to educate you on the superior performance of the managed account options and active mutual funds that Fidelity has build their (nearly) entire business model on. :oops:

The Johnson family has not become billionaires by accident or lack of selling skill. Those yachts aren't cheap to maintain!

I must admit it does puzzle me that people choose to do business with a hard sell company like this when Vanguard or Schwab will leave you alone (for the most part) or maybe I'm just a little fish and Vanguard cold calls the bigger ones? I got the stupid pop up for digital advisor which I quickly clicked around. No thanks.
Stay the course!
grok87
Posts: 10161
Joined: Tue Feb 27, 2007 9:00 pm

Re: What do Fidelity advisors want?

Post by grok87 »

AQ wrote: Fri Apr 22, 2022 6:52 pm Recently Fidelity assigned a new advisor to my accounts, though I rarely spoke to them. But this new advisor has kept bugging me for a meeting. What does he want? Sell me some high-fee products? Anything I need to be aware of?
this happened to me at the end of last year. they must have called and left voicemail messages about 20 times. I ignored the calls and they abruptly stopped at the end of the year. my interpretation? somebody's bonus is based on making contact, having meetings with customers. will be interesting if the calls start up again at the end of 2022...

cheers,
grok
RIP Mr. Bogle.
User avatar
Sandtrap
Posts: 17282
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii No Ka Oi , N. Arizona

Re: What do Fidelity advisors want?

Post by Sandtrap »

dbr wrote: Fri Apr 22, 2022 7:13 pm I would guess a reasonable chance to get you signed up for paid for advice and selling you somewhat more expensive funds. It could also be simply to make contact as a courtesy.

I've been with Fidelity for decades and I am not sure I remember anyone actually calling me.

It is really easy to say you are happy managing things yourself.
+1
I’ve had aggressive customer service “salesman” at Schwab, Fidelity, and TD Ameritrade email snd call me monthly to sell various products snd services. They stopped when I either emailed or told them in a phone conversation to stop contacting me, and I was appreciative but would contact them if I needed help.

As long as they have a live buyer on the hook they will keep playing with the rod and lure……

OP
What do they want?
Commissions. Maybe.

J🌺
Wiki Bogleheads Wiki: Everything You Need to Know
peppers
Posts: 1595
Joined: Tue Oct 25, 2011 7:05 pm

Re: What do Fidelity advisors want?

Post by peppers »

We retired in 2019.
Since that time 3 different relationship managers have reached out by email and text introducing themselves and a different financial consultant. The pitch is for the usual meet and review of our financial plan. I have never replied back.

Perhaps the next time I am contacted I will tell them I am not interested. If I do have any questions or concerns I know where they work.
"..the cavalry ain't comin' kid, you're on your own..."
Clammypollack
Posts: 67
Joined: Tue Jul 28, 2020 4:47 pm

Re: What do Fidelity advisors want?

Post by Clammypollack »

I have a local Fidelity guy and for the most part I find them pretty useless but occasionally helpful. They definitely want to sell you various things. I actually bought one that they sold me pretty hard on which was an annuity. They also want to move you on to their advisement services for a fee. The local free ‘advisor’ really offers no advice of value. The only way you get that is by paying a 1% fee to their true financial advisors.
rbd789
Posts: 77
Joined: Fri Jul 24, 2020 2:58 pm

Re: What do Fidelity advisors want?

Post by rbd789 »

My most recent Fidelity experience:

"There's been a lot of market volatility and we'd like to meet and work through any concerns you may have."

"We're self directed buy and hold index investors and have no concerns. Thank you."

"OK, We're here if you want to talk in the future."

End of contact. No big deal.
User avatar
danielrhall
Posts: 61
Joined: Wed Apr 18, 2018 2:20 pm
Location: Raymond, NH USA

Re: What do Fidelity advisors want?

Post by danielrhall »

rbd789 wrote: Sun Apr 24, 2022 8:50 am My most recent Fidelity experience:

"There's been a lot of market volatility and we'd like to meet and work through any concerns you may have."

"We're self directed buy and hold index investors and have no concerns. Thank you."

"OK, We're here if you want to talk in the future."

End of contact. No big deal.
I had a similar experience just two weeks ago.

"I wanted to reach out to make sure that I can answer any questions or address any concerns you may have around retirement planning and investing."

"I am a self-directed investor of primarily index funds. I do not have any investment related questions or retirement planning concerns that currently need addressing. I have your contact info and will reach out if I need your assistance."

"Thank you for the response. I will look forward to hearing from you in the future if you do want to have a retirement planning discussion, or if you need an investment strategy review."

Hard sell? Hardly.
drzzzzz
Posts: 886
Joined: Sat Sep 22, 2012 9:56 pm

Re: What do Fidelity advisors want?

Post by drzzzzz »

I find it funny that often the individuals who say that Fidelity wants to sell you something don't have Fidelity accounts. I have spoken to both my Fidelity and Schwab reps a few times over the past year since moving accounts to both places. The benefits so far include promotional bonuses, prompt returns to any calls or questions that I have, and a direct line and email to reach them. They have also arranged meetings with outside estate attorneys (gratis) to discuss specific questions that we have had related to estate planning as well as a trust attorney to help us decide about what changes we might need to do for a revocable trust that we have. They haven't offered to sell us anything although Schwab has said that those services are available if we need them. I kinda like the attention, feel no pressure, and don't see daily pop-ups from PAS as when I sign into my account at Vanguard.
rgs
Posts: 84
Joined: Sun Mar 24, 2019 7:30 pm

Re: What do Fidelity advisors want?

Post by rgs »

drzzzzz wrote: Sun Apr 24, 2022 10:58 am I find it funny that often the individuals who say that Fidelity wants to sell you something don't have Fidelity accounts. I have spoken to both my Fidelity and Schwab reps a few times over the past year since moving accounts to both places. The benefits so far include promotional bonuses, prompt returns to any calls or questions that I have, and a direct line and email to reach them. They have also arranged meetings with outside estate attorneys (gratis) to discuss specific questions that we have had related to estate planning as well as a trust attorney to help us decide about what changes we might need to do for a revocable trust that we have. They haven't offered to sell us anything although Schwab has said that those services are available if we need them. I kinda like the attention, feel no pressure, and don't see daily pop-ups from PAS as when I sign into my account at Vanguard.
I am 100% with drzzzzz on this. I too have local financial consultants at CS & Fidelity and they are super nice, I have never seen them push or sell anything on me. When they ask for a call or meeting, I usually tend to take these (and not decline). What do you have to lose? On the other hand, if they pitch products that I am not interested in, I can always decline. On the other hand, there is always an opportunity to learn something. One of the things I learnt is both the SPIA estimator and the bond ladder (since I was looking to setup regular income stream) that both Fido & CS offer. I find their SPIA offerings are competitive with the market and the advantage for me is, I can have all of these in a single dashboard.
User avatar
Oak&Elm
Posts: 771
Joined: Wed Mar 18, 2015 7:50 pm
Location: Undisclosed Lake, MN

Re: What do Fidelity advisors want?

Post by Oak&Elm »

What do they want? Maybe they want to reach out and make sure you’re happy with Fidelity, retaining customers is kinda important to most businesses. Also, to be an Advisor at Fidelity I’m guessing you have to of passed the CFP exam. That exam has a 60% fail rate for folks who have taken classes and studied for many months, not sure any DIYer on this forum could pass that exam, myself included. Sometimes you don’t know what you don’t know. I’d meet with them and have a cup of coffee and see what they could do to help me and/or my DW if I tip first.
User avatar
nedsaid
Posts: 16594
Joined: Fri Nov 23, 2012 12:33 pm

Re: What do Fidelity advisors want?

Post by nedsaid »

jjj_22 wrote: Fri Apr 22, 2022 11:41 pm
AQ wrote: Fri Apr 22, 2022 6:52 pm Recently Fidelity assigned a new advisor to my accounts, though I rarely spoke to them. But this new advisor has kept bugging me for a meeting. What does he want? Sell me some high-fee products? Anything I need to be aware of?
My experience with Fidelity is mostly they want to (1) keep you as a client, which means making sure you're happy, and (2) try to get you to move more assets to them.

I took a call with my "advisor" a few years ago, and we chatted about my situation a while, but they didn't push anything on me. I get a yearly contact now asking to "check in" which I always just decline by saying nothing has changed with my situation and I'm happy with how things stand.

If you really have no interest in talking to them, just tell them that. But I don't think they're going to be pushy and I don't think you need to be on guard against anything.
One reason that Fidelity is doing this is that during bad markets clients get antsy and think about moving their accounts. Sometimes all it takes is one phone call, even in a pre-emptive manner in order to save a client. It is simply good business.

Lots of folks here might not remember the era from 1984-1999. It was one of the great bull markets in US Stock Market history and also an era when individual investors felt greatly empowered. First was the rise of the discount broker where you would pick your own stocks and execute your own trades at much lower cost than the traditional full-service broker. The second big trend was the rise of the no-load mutual fund, no more paying 8 1/2% to a broker for the privilege of buying a mutual fund. The third big trend was the increased availability of information to the small investor. Who needed stock tips from your broker when you had Kiplinger's, Smart Money, Money Magazine, The Wall Street Journal, Wall $treet Week, the Nightly Business Report, Value Line and other resources to advise you. The internet also came along and you no longer need to call a broker for stock tips. Shoot, it seemed like everyone and their brother was picking their own stocks and mutual funds; they had so much confidence that they were giving investment tips to others.

It was a heady time. Investors were empowered to take control of their portfolios. It was the era of the do-it-yourself investor. There were literally dozens of no-load mutual fund companies including two that were right in my metropolitan area. It seemed that you could pick your own stocks, pick your own mutual funds, do your own research right into a very comfortable retirement. Sky was the limit, so much so that people quit their jobs to take up day trading.

Then came the High Tech/Internet crash during the spring of 2000 and the market was in a bear market for just over two years. The broad averages like the Total Market Indexes and the S&P 500 were down just over 50% at the depths of the bear market. A lot of formerly very confident do-it-yourself investors were greatly shaken and flocked to Advisors. This trend was so big that many mutual fund companies that were formerly no-load either converted on their own to having a sales load or were sold to fund companies that charged a sales load. It got down to three big players who still had a lot of no-load funds: Vanguard, Fidelity, and T. Rowe Price. American Century and Janus got to be half load and half no load.

The tech crash and the trend of formerly do-it-yourself investors flocking to Advisors were both dramatic events. I was pretty amazed at how much things had changed, it seemed like we went back in time from 2000 all the way back to 1975. So fortunately the discount brokers survived, ETFs help fill the gap left by the exit of so many mutual funds leaving no-load status, and indexing became popular. Again, we are seeing the rise of do-it-yourself investing and this forum is evidence for that.

My point is that bear markets can be traumatic emotionally for investors, particularly for investors who have never experienced a bear market before. So it isn't hard to imagine why investors will switch firms and even seek out Advisors. When the chips are down, lots of people will look for advice. In another thread, someone asked the question why Fidelity was calling clients and offering Advisory services. If Fidelity's customers are looking for advice, Fidelity would want to be ready to offer advice for those who want it.

So sometimes when Fidelity calls, they want to make sure you aren't thinking about leaving. In some cases, they might offer Advisory services, Annuities, actively managed mutual funds or Separately Managed Accounts. It is like the waitress bringing out the dessert tray at your favorite restaurant. I have found that Fidelity has never been pushy, you might get a gentle nudge to consider one of their other services but that is about it.

I met with a Fidelity Advisor a few years back and found it was a very good experience.
A fool and his money are good for business.
User avatar
anon_investor
Posts: 12845
Joined: Mon Jun 03, 2019 1:43 pm

Re: What do Fidelity advisors want?

Post by anon_investor »

JoMoney wrote: Fri Apr 22, 2022 8:21 pm No idea, after I qualified for "Private Client" they tried to make contact to set up a meeting and assign a rep. I declined.
Maybe I should have accepted and asked how I can get the "Free TurboTax" perk some others seem to get... :?
You still can!
User avatar
beyou
Posts: 4887
Joined: Sat Feb 27, 2010 3:57 pm
Location: If you can make it there

Re: What do Fidelity advisors want?

Post by beyou »

Many suggested just say no thanks.
Good advice.

Note due to both a new Fidelity branch in my town and all the Vanguard CS issues, I have looked into Fidelity and Schwab. Given the “benefit” of a local rep who would know you, I researched the online bios of local Fido and Schwab reps.

Note I worked in the industry for decades, until recently.
I would say the reps at Fidelity were underwhelming in experience and education compared to Schwab local reps. I wouldn’t let these Fido reps manage anything nor ask them for advice. They may be responsive and friendly for administrative tasks, or to redirect you elsewhere, but I would not expect anything more. My research led me to conclude that having a Fidelity branch in my town is no reason to select Fidelity, I would never visit nor want to lean on these reps. Schwab no doubt has better hiring standards than Fidelity at least after reviewing 2
local Schwab branches, and the Fido branch near my home.

Anecdotal and subjective I know, but something to consider when they are calling you. Fidelity seems to hire well intentioned sales persons without much substance at local branches.

Personally I care more about investment products available, fees and technology to do things myself. My rare interactions with Vanguard and Etrade over the years were good enough, don’t need a Harvard MBA to discuss my issues, just responsive people who can deal with administrative issues.
User avatar
SmileyFace
Posts: 7363
Joined: Wed Feb 19, 2014 10:11 am

Re: What do Fidelity advisors want?

Post by SmileyFace »

AQ wrote: Fri Apr 22, 2022 8:04 pm Too bad I always agreed :( Now I'm coming here to do damage control
Mine just asked if there was anything he could help with. I mentioned I was DIY and believed in index funds. I had him review my projections and savings plan - It went well. He liked my ITOT focus.
There was no attempt to sell me anything. If your experience is different you can just say no to anything being sold.
Note a lot of the folks here who speak ill of Fidelity have never been Fidelity customers and are just Vanguard die hards who assume every other brokerage must be evil. I have been customers of both Fidelity and Vanguard for decades and ironically Vanguard is the only one that has tried to sell me active funds and advisory services.
Many people here like to speculate and spread FUD with zero experiences.
Last edited by SmileyFace on Sat Sep 10, 2022 9:33 pm, edited 1 time in total.
Ferdinand2014
Posts: 2313
Joined: Mon Dec 17, 2018 6:49 pm

Re: What do Fidelity advisors want?

Post by Ferdinand2014 »

AQ wrote: Fri Apr 22, 2022 6:52 pm Recently Fidelity assigned a new advisor to my accounts, though I rarely spoke to them. But this new advisor has kept bugging me for a meeting. What does he want? Sell me some high-fee products? Anything I need to be aware of?
My experience with my advisor has been positive. Reviewed my retirement goals, progress, allocation to asset classes and a deep dive into the retirement planning data. Agreed to meet by phone or zoom yearly. Not once was I marketed any individual product. I own 3 Fidelity products. 1.) FXAIX (Fidelity S&P 500 index fund) 2.) FUMBX (Fidelity short term treasury bond fund) 3.) 2% cash back Visa. Essentially they pay me to use them as I earn more in cash back every year than I pay in expense ratio fees. Not a bad deal!
“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
drzzzzz
Posts: 886
Joined: Sat Sep 22, 2012 9:56 pm

Re: What do Fidelity advisors want?

Post by drzzzzz »

beyou wrote: Sat Sep 10, 2022 8:28 pm don’t need a Harvard MBA to discuss my issues, just responsive people who can deal with administrative issues.
For me your last point is the most important - it is nice to have a local branch for issues that come up with individuals who are responsive. I hate being on hold and not being able to reach someone after 5 or 8 pm or on weekends. Its nice to have direct contact information such as email or an extension to talk with someone rather than explain it to a new phone person each time you call in. Last week, I went to the Fidelity office with my spouse to get medallion guarantees for Treasury direct power of attorney forms. This week, I wanted to go over their site related to TIPS this past week - the first person I spoke with on the phone had the same or less knowledge than I did. I sent an email to my rep and someone from fixed income called me back the next day and we talked about their site, philosophy, TIPS calculations, and more for about an hour. That fixed income specialist also gave me his direct extension, what hours he works, and said call him directly with any other questions. So yeah, I have gotten used to their responsive service.
JayB
Posts: 208
Joined: Sat May 28, 2022 9:57 am

Re: What do Fidelity advisors want?

Post by JayB »

AQ wrote: Fri Apr 22, 2022 6:52 pm Recently Fidelity assigned a new advisor to my accounts, though I rarely spoke to them. But this new advisor has kept bugging me for a meeting. What does he want? Sell me some high-fee products? Anything I need to be aware of?
We've had a Fidelity Private Client Group advisor assigned for years. We have only hold-to-maturity bonds in brokerage accounts at Fidelity, so Fidelity makes very little money when we purchase these. My advisor respects how we invest and has not tried to push any high-fee products, or even mutual funds. He is helpful in sharing official Fidelity viewpoints about where interest rates or the economy are headed, etc. and has been a good sounding board about questions I ponder (e.g., whether or not to self fund for LTC expenses). By every indication, this advisor is playing the long game, perhaps knowing that as spouse and I age, some day we may require some kind of active management or mutual funds that will generate more revenue for Fidelity. He calls about once a year to check in with me; this is probably a gentle way of reminding me that he exists, and I do not mind it.
Locked