Appointment with local Fidelity Rep: should I bother?

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Raspberry-503
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Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

My local fidelity office rep called and offered to set up a "no strings attached" appointment to review my portfolio, since I am a "high net worth client". They're within walking distance, so I'm entertaining the idea of spending an hour and see what they have to say.
I was not especially impressed with their intro about "we noticed you have cash drag in your brokerage" when I keep no cash in the sweep account, and I hold VTI, VEA, and VWO which are pretty tax efficient, especially since some of the dividends will be qualified, so that's mostly what's holding me back.
I do want to connect another bank account and they require some extra paperwork (notarized? medallion?) and I was planning to stop by to see if it's something I was planning to do in person.

Does anyone have experience with this? are they just going to try and sell me high-fee services or investments?
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Re: Appointment with local Fidelity Rep: should I bother?

Post by jebmke »

Given that you hold no assets that actually make them money, it is fair to assume they want to sell you wealth management services.

We have a local Schwab office here. I'm told that they are minimally helpful in actual customer service and are really there to pick up the crumbs from the larger AUM players in town.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by grok87 »

Raspberry-503 wrote: Wed Jan 03, 2024 11:32 am My local fidelity office rep called and offered to set up a "no strings attached" appointment to review my portfolio, since I am a "high net worth client". They're within walking distance, so I'm entertaining the idea of spending an hour and see what they have to say.
I was not especially impressed with their intro about "we noticed you have cash drag in your brokerage" when I keep no cash in the sweep account, and I hold VTI, VEA, and VWO which are pretty tax efficient, especially since some of the dividends will be qualified, so that's mostly what's holding me back.
I do want to connect another bank account and they require some extra paperwork (notarized? medallion?) and I was planning to stop by to see if it's something I was planning to do in person.

Does anyone have experience with this? are they just going to try and sell me high-fee services or investments?
if you do, please report back on how it went. a couple of years ago they kept calling me toward the end of the year to meet with them. i assumed they were on some bonus incentive plan that paid off based on calendar year number of appointments.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by LilyFleur »

A few years ago, a friend in his mid 60s met with his Fidelity rep and came out of the meeting having bought an annuity. I don't know any details about the annuity. Last year my Fidelity rep moved into another role, and my new one called me. She mentioned an annuity in the first phone call. When I explained I was not interested in an annuity, she became less interested in me.

My Schwab rep is lower pressure and will review my financial plan once a year with me if I ask for it.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by alpenglow »

I always assume rep = salesperson. My Fidelity Rep got a little annoying, repeatedly asking for an appointment, so I asked him to stop.

I will be in the Fido office later this month to help a family member move some assets. I'll try to remember to post about how it goes.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

No chance I'm buying an annuity until I start looking at a longevity SPIA in my 80s if I think it's warranted by then.
In fact, no chance I make any decision or any change with just one meeting with any advisor.
I do welcome feedback on my investment and retirement plan, I think more eyes is better, and getting feedback from a variety of sources is good too.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by jaMichael »

Mine was a sales pitch. No harm as long as you don’t agree to anything, but don’t expect to learn much. I’d say the average Boglehead is significantly more sophisticated and informed about financial planning and investing than my rep was.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by calmaniac »

Occasionally, it is useful to have a living breathing contact at the local office.

I met with my local Schwab advisor ≈8 years ago, but decided against having them manage my investments. I talk with them by phone or email maybe once a year. They are very low key, no hard sell. Often have good advice (typically regarding how cash is held).

I have $$ at Fidelity as well, but haven't engaged.
Last edited by calmaniac on Wed Jan 03, 2024 11:56 am, edited 1 time in total.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by LilyFleur »

Raspberry-503 wrote: Wed Jan 03, 2024 11:50 am No chance I'm buying an annuity until I start looking at a longevity SPIA in my 80s if I think it's warranted by then.
In fact, no chance I make any decision or any change with just one meeting with any advisor.
I do welcome feedback on my investment and retirement plan, I think more eyes is better, and getting feedback from a variety of sources is good too.
I agree with you, and this is how I manage my portfolio. I have friends, though, who are very emotional around money matters. They tend to trust one advisor and follow their advice. I cannot even discuss one friend's portfolio with them because their own fears dominate the conversation and they don't approach it in a businesslike way. These people are quite intelligent and capable of a Boglehead-type approach but lack the required fortitude because of their fears.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

calmaniac wrote: Wed Jan 03, 2024 11:54 am Occasionally, it is useful to have a living breathing contact at the local office.
That's what I figured, I'm not always patient with pushy salespeople though, and I can't always help myself from enjoying a bout of sparring, so it could backfire and burn that contact right then :P

Quite curious as to what their approach is to something more tax-efficient than a couple of broad stock market index funds will be...

The only thing I can think of is Tax Loss Harvesting, but I do that too...
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Re: Appointment with local Fidelity Rep: should I bother?

Post by crefwatch »

Look at it as "what's in it for me?" Why not ask about Medallion Signature Guarantees in that physical office, for Fidelity and non-Fidelity business. Free notary service? (Up to $12 or something in NJ now!) Do you have to bring your passport on a Medallion Guarantee day? How about asking if they buy worthless stocks for $1 so you can get it out of your account? Do they have any mutual funds that you might have special access to? Are your beneficiaries and you POA (like between spouses) 100% in order? Remember that most fin serv firms couldn't care less about a Stationery Store POA. They DEMAND (improperly) their own, notarized. So get it done.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by rkhusky »

Do they offer free notary service? Sometimes that’s useful.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by nisiprius »

I would personally ask if the rep is a certified financial planner (CFP), and take the meeting if yes, otherwise no. I don't want to exaggerate the value, but I do think that a CFP is knowledgeable across many areas and won't see everything through the single lens of "what Fidelity is selling." And they will once have been exposed to (and signed) a code of ethics, although how much that means in real life... who knows?
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Hebell »

It was helpful for my husband. We had had a great deal of money in a stable value fund in his 401k back when interest rates were very low, and so it made more money than other places we could have held cash.

We had a certain amount of inertia in rolling over some of his 401k into a new rollover ira at fidelity, mainly because it was a hassle and secondly because there are some handcuffs on stable value funds. But they told us that those restrictions are lifted if you're rolling over into an IRA (plus he met the age restrictions)

So yes the telephone call was very helpful, because it let us do something that we thought we needed to wait another year to do when he retired. You just never know what will come up. Moving into a better form of cash sooner, helped make more money for us.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by PersonalFinanceJam »

Raspberry-503 wrote: Wed Jan 03, 2024 12:01 pm
calmaniac wrote: Wed Jan 03, 2024 11:54 am Occasionally, it is useful to have a living breathing contact at the local office.
That's what I figured, I'm not always patient with pushy salespeople though, and I can't always help myself from enjoying a bout of sparring, so it could backfire and burn that contact right then :P

Quite curious as to what their approach is to something more tax-efficient than a couple of broad stock market index funds will be...

The only thing I can think of is Tax Loss Harvesting, but I do that too...
I've met with the rep assigned to me a couple times. He was young but understood by looking at my portfolio that I was an indexer/DIY type of person. He did point out that my taxable account could be more tax efficient in their managed direct indexing account because they would replicate the S&P 500 index using individual stocks. There can be more opportunities for tax loss harvesting in that scenario compared to a fund. He's not wrong, my own analysis indicates there would be some advantage even when factoring in fees. There's a whole thread here started by someone else tracking their direct indexing journey. Might be useful to look it up.

That said in order to get into that account I would have to bring in some new money or sell holdings in my current taxable account to transfer. The latter of which would realize capital gains and negate the advantage. It wasn't a big enough advantage in my eyes to change course and add something that could be more complex to unwind should I not wish to continue.

All in all not what I would consider a waste of time because it did make me think about things and my strategy. You may get unlucky and get someone who is all sales with little tact but those seem to be the more exception than the rule. Some people get very sensitive on this topic though.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by stan1 »

It is easy to politely decline a sales pitch if one is offered. You might get one for direct indexing for example. Just say "thank you, but I'm not interested" in a way that is polite. No reason to burn down a relationship just in case you need something in the future. The local Fidelity offices are one way to get better accountability if you ever do have a problem. If you go there in person you can work with them to get any problems solved, as opposed to working through a call center. There is benefit to that if there are ever any problems or tough issues with the account. Solving problems through a call center is a drawback of Vanguard.

On the other hand maybe they will give you some information about services at Fidelity that you do not already know about, or maybe they will say something that resonates with you.
Last edited by stan1 on Wed Jan 03, 2024 12:34 pm, edited 1 time in total.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by sureshoe »

Raspberry-503 wrote: Wed Jan 03, 2024 12:01 pm
calmaniac wrote: Wed Jan 03, 2024 11:54 am Occasionally, it is useful to have a living breathing contact at the local office.
That's what I figured, I'm not always patient with pushy salespeople though, and I can't always help myself from enjoying a bout of sparring, so it could backfire and burn that contact right then :P

Quite curious as to what their approach is to something more tax-efficient than a couple of broad stock market index funds will be...

The only thing I can think of is Tax Loss Harvesting, but I do that too...
I guess I don't understand why you would bother meeting with them other than "sparring", which really isn't a healthy use of your time or emotional energy. There's nothing positive to gain from purposeful antagonism, right?

They are not going to give you anything of value in a 1 hour consult. Absolute best possible outcome is they do a true review and point out a few areas they would handle differently than you currently are doing, you decline services, and find a place or two you want to tweak after further research... but this is a very unlikely outcome.

Most likely outcome is they say "you have lots of opportunities to improve" and they try to sell you wealth management or annuities or whatever, but after some badgering you say "no". Then, even though they didn't get the sale, they name drop you with other clients that might know you, building up their book of references. And let me assure you that they do this, it's in their playbook. "Oh, you know Joe Nothings? I've met with him before, super great guy."

Worst outcome is they dress this stuff up in a way that you buy.

Anyhoo... this is like going to timeshare presentations. It's just not worth the time. At least at a timeshare presentation, you get free Disney tickets.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by NYHawkeye »

I met with my local Fido rep and it was fine. He pretty quickly realized that I liked to manage things myself and there was no pressure to change my approach. I mainly wanted to meet with him to discuss moving some assets from Vanguard into Fidelity. He connected me with someone on his team that is there to support self-directed brokerage customers. This person helped get the ACAT transfer done and checked to see if I qualified for any bonuses for moving the assets. Very good service and if I ever decide to not self-direct I wouldn't hesitate to meet again. Nice to have a POC now for any issues that crop up.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by tetractys »

Raspberry-503 wrote: Wed Jan 03, 2024 11:32 am My local fidelity office rep called and offered to set up a "no strings attached" appointment to review my portfolio, since I am a "high net worth client".
If you want something from them go, if not don’t go.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by RJC »

I went to one many years ago and I thought it was good to have another set of eyes review my portfolio. As others have said, they do try to nudge in some type of annuity product.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

PersonalFinanceJam wrote: Wed Jan 03, 2024 12:31 pm He did point out that my taxable account could be more tax efficient in their managed direct indexing account because they would replicate the S&P 500 index using individual stocks. There can be more opportunities for tax loss harvesting in that scenario compared to a fund. He's not wrong, my own analysis indicates there would be some advantage even when factoring in fees. There's a whole thread here started by someone else tracking their direct indexing journey. Might be useful to look it up.
Perfect! Thanks for the tip. I suspect that's exactly where he's going and it'll be good to know my options, I'll look for that thread

EDIT: It seems the this is what you;re referring to: https://digital.fidelity.com/prgw/digit ... overview/a
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Re: Appointment with local Fidelity Rep: should I bother?

Post by drzzzzz »

PersonalFinanceJam wrote: Wed Jan 03, 2024 12:31 pm
Raspberry-503 wrote: Wed Jan 03, 2024 12:01 pm
calmaniac wrote: Wed Jan 03, 2024 11:54 am Occasionally, it is useful to have a living breathing contact at the local office.
That's what I figured, I'm not always patient with pushy salespeople though, and I can't always help myself from enjoying a bout of sparring, so it could backfire and burn that contact right then :P

Quite curious as to what their approach is to something more tax-efficient than a couple of broad stock market index funds will be...

The only thing I can think of is Tax Loss Harvesting, but I do that too...
I've met with the rep assigned to me a couple times. He was young but understood by looking at my portfolio that I was an indexer/DIY type of person. He did point out that my taxable account could be more tax efficient in their managed direct indexing account because they would replicate the S&P 500 index using individual stocks. There can be more opportunities for tax loss harvesting in that scenario compared to a fund. He's not wrong, my own analysis indicates there would be some advantage even when factoring in fees. There's a whole thread here started by someone else tracking their direct indexing journey. Might be useful to look it up.

That said in order to get into that account I would have to bring in some new money or sell holdings in my current taxable account to transfer. The latter of which would realize capital gains and negate the advantage. It wasn't a big enough advantage in my eyes to change course and add something that could be more complex to unwind should I not wish to continue.

All in all not what I would consider a waste of time because it did make me think about things and my strategy. You may get unlucky and get someone who is all sales with little tact but those seem to be the more exception than the rule. Some people get very sensitive on this topic though.
Has anyone on here gone to managed direct indexing - while more tax efficient, does it not continuously add more and more different individual stocks making the portfolio more complicated? And do the fees outweigh the tax loss harvesting? Kinda moving to simplify as we age rather than add a more complicated portfolio.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by drzzzzz »

I found talking with the advisor at Fidelity as well as Schwab valuable to confirm what we were doing and my own biases. However, what is really nice is that I have direct dial to them as well as email addresses to contact them as needed. We have used the rep/staff to do medallion signature guarantees for us as well as clarifying how to set up a new account for my parents to deposit a check that was made out to them in a strange fashion after a house closing. A few years back we also asked each firm to look at our trust agreements since we needed to rewrite them and wanted to get some suggestions from a lawyer who had knowledge about specific nuances of the new state we had declared residency in that has an inheritance tax that we are trying to minimize. I also specific questions about fixed income and they arranged to have a fixed income specialist talk with me. Lastly I now get turbotax for free for the past two years and when I bike by the office, I can stop in for bottled water or other drinks. We have changed nothing in how we manage the account and much of the information can be found on this site, but it pays to be nice and listen at times. For me having a contact person to do things for me is well worth a little bit of my time.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Doctor Rhythm »

Someone asked a very similar question recently. My take is that you could have approached them at any time over many years to ask, “As a high-value customer, what wealth planning services can you offer me?” You chose not to do this. Why should a personal invitation suddenly change your mind?
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Re: Appointment with local Fidelity Rep: should I bother?

Post by beyou »

See prior thread where I posted snippets from ads to hire Fidelity branch reps. This may convince you they are mostly useless sales reps, not financial consultants. Or maybe you need to see for yourself, maybe you’ll get lucky.

viewtopic.php?t=418665

Dec 15 11:25 pm post
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Re: Appointment with local Fidelity Rep: should I bother?

Post by HomeStretch »

No harm if you can avoid buying products, incurring an advice fee, etc.

I have had accounts at Fidelity for years without an advisor assigned. I met last summer with an excellent CFP who is now the (free) advisor on my account. I had a specific Fidelity issue and the advisor was able to get some more info for me from the back office plus a bonus for some $ being transferred in. No sales pitch. Very knowledgable. Keeps an eye on any CS-related issues I have. He understands for now we are DIY.

I plan to meet again in a few months as I’d like to get a (free) estate document review before we update them this year. If a brief sales pitch gets thrown in, that’s the price of admission.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by PersonalFinanceJam »

drzzzzz wrote: Wed Jan 03, 2024 1:32 pm
PersonalFinanceJam wrote: Wed Jan 03, 2024 12:31 pm
Raspberry-503 wrote: Wed Jan 03, 2024 12:01 pm
calmaniac wrote: Wed Jan 03, 2024 11:54 am Occasionally, it is useful to have a living breathing contact at the local office.
That's what I figured, I'm not always patient with pushy salespeople though, and I can't always help myself from enjoying a bout of sparring, so it could backfire and burn that contact right then :P

Quite curious as to what their approach is to something more tax-efficient than a couple of broad stock market index funds will be...

The only thing I can think of is Tax Loss Harvesting, but I do that too...
I've met with the rep assigned to me a couple times. He was young but understood by looking at my portfolio that I was an indexer/DIY type of person. He did point out that my taxable account could be more tax efficient in their managed direct indexing account because they would replicate the S&P 500 index using individual stocks. There can be more opportunities for tax loss harvesting in that scenario compared to a fund. He's not wrong, my own analysis indicates there would be some advantage even when factoring in fees. There's a whole thread here started by someone else tracking their direct indexing journey. Might be useful to look it up.

That said in order to get into that account I would have to bring in some new money or sell holdings in my current taxable account to transfer. The latter of which would realize capital gains and negate the advantage. It wasn't a big enough advantage in my eyes to change course and add something that could be more complex to unwind should I not wish to continue.

All in all not what I would consider a waste of time because it did make me think about things and my strategy. You may get unlucky and get someone who is all sales with little tact but those seem to be the more exception than the rule. Some people get very sensitive on this topic though.
Has anyone on here gone to managed direct indexing - while more tax efficient, does it not continuously add more and more different individual stocks making the portfolio more complicated? And do the fees outweigh the tax loss harvesting? Kinda moving to simplify as we age rather than add a more complicated portfolio.
Yes this person has been chronicling their direct indexing adventure
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Re: Appointment with local Fidelity Rep: should I bother?

Post by vnatale »

A friend recently met with one of them by phone to do a portfolio review.

My friend emphatically told him he did not want to hold anything international.

When he received the recommendations ............ international was included.

He immediately decided he could not trust someone who could not follow the most basic of instructions.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by dcdowden »

We generally meet with our Fidelity advisor about once a year. He goes over our overall portfolio and helps us look at the retirement plan analysis that Fidelity has. We find it helpful to have another set of eyes take a look at everything, and he occasionally suggests things that I have found valuable. We have been doing this for several years, and he understands that I am a confirmed DIY investor. There is no sales pressure. I have referred my sister and cousin to him as well, and he has helped them consolidate their investments at Fidelity. I like the idea that my wife would have someone she knows who could help her if needed.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

sounds good, I actually have questions on how their tools looks at my TIPS ladder. I suspect it simply looks at it as bonds of undetermined duration, but we can talk about that.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by stan1 »

vnatale wrote: Wed Jan 03, 2024 2:21 pm A friend recently met with one of them by phone to do a portfolio review.

My friend emphatically told him he did not want to hold anything international.

When he received the recommendations ............ international was included.

He immediately decided he could not trust someone who could not follow the most basic of instructions.
Vanguard PAS won't do US only portfolios either.
So my take is they don't want to get sued for giving bad advice. For whatever reason they feel including international gives them more CYA than recommending a 100% US portfolio.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by HipCoyote »

I have a point of contact at Fido and it has helped me a few times. I made it clear I was a Bogle devotee and didn't want a sales pitch...but we parted friends and he has helped me do some transfers, set up an account for a non-profit, etc. So I would do it.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by FoolStreet »

crefwatch wrote: Wed Jan 03, 2024 12:06 pm Look at it as "what's in it for me?" Why not ask about Medallion Signature Guarantees in that physical office, for Fidelity and non-Fidelity business. Free notary service? (Up to $12 or something in NJ now!) Do you have to bring your passport on a Medallion Guarantee day? How about asking if they buy worthless stocks for $1 so you can get it out of your account? Do they have any mutual funds that you might have special access to? Are your beneficiaries and you POA (like between spouses) 100% in order? Remember that most fin serv firms couldn't care less about a Stationery Store POA. They DEMAND (improperly) their own, notarized. So get it done.
(I'm not the OP) I appreciate everyone's input on this thread, but crefwatch's post here was especially productive. Thank you.

I have $ in Fidelity with their 401k. I always wonder whether I should build a relationship with them. I'm a Boglehead DIYer, so haven't felt any need to reach out to them proactively, but I expect I might have $ in my 401k for a long, long time and possibly would be good for heirs to have a relationship there.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

yes lots of good ideas on this thread beyond whether I am interested in Direct Indexing.

I started making a list of things I wanted to ask them about. I've been avoiding the "Fidelity as one-stop shop" thread but the concept sounds intriguing, so maybe I should go through that thread too and decide if it's something I'd want to bring up as a possibility. then I wouldn't have to worry about tying my HYSA to Fidelity :)
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Stinky »

Raspberry-503 wrote: Wed Jan 03, 2024 11:50 am I do welcome feedback on my investment and retirement plan, I think more eyes is better, and getting feedback from a variety of sources is good too.
Take the meeting with Fidelity.

Then come back here and let us know what you were pitched.

You’ll get great feedback from Forum members.
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Re: Appointment with local Fidelity Rep: should I bother?

Post by popoki »

Do you go to timeshare presentations for the free chicken dinner?
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

popoki wrote: Wed Jan 03, 2024 9:39 pm Do you go to timeshare presentations for the free chicken dinner?
I do not. No interest in timeshares so I know close to nothing about them except timeshare=bad. I have been tempted to go to a steak dinner for retirement planning but probably not worth my time. As some pointed out here, I want to at least give it a chance to see if Fido has anything to offer me, e.g. Medallion signature or the like. Maybe that's the chicken dinner to the timeshare pitch :)
goblue100
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Re: Appointment with local Fidelity Rep: should I bother?

Post by goblue100 »

Raspberry-503 wrote: Wed Jan 03, 2024 12:01 pm
calmaniac wrote: Wed Jan 03, 2024 11:54 am Occasionally, it is useful to have a living breathing contact at the local office.
That's what I figured, I'm not always patient with pushy salespeople though, and I can't always help myself from enjoying a bout of sparring, so it could backfire and burn that contact right then :P

Quite curious as to what their approach is to something more tax-efficient than a couple of broad stock market index funds will be...

The only thing I can think of is Tax Loss Harvesting, but I do that too...
I was offered a free portfolio review or some such at Fidelity. I went with my wife for a couple of reasons, I was about to be laid off at 59.8 and wasn't planning on going back to work, and I was looking for a contact for my wife in case I passed sooner than later. We talked, he didn't try to push me into anything, perhaps because I presented myself as low cost index guy. The one thing I semi asked about (Roth Conversions) he didn't seem to be particularly knowledgeable about. In any case, it took about an hour, was not unpleasant but not very useful. They call me every 6 months or so asking if I have any questions or want to come in for a follow up. Haven't gone back, but might drag the wife back in just to maintain a contact.
"Confusion has its cost" - Crosby, Stills and Nash
triyoda
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Re: Appointment with local Fidelity Rep: should I bother?

Post by triyoda »

I've done a few over the phone "portfolio review" meetings with a fidelity rep. I thought they were both fine, I didn't feel they were trying to sell me anything. I thought they actually provided some useful outside perspective on my asset mix, food for thought. So if you think of it as just taking some time to reflect on what you are doing and hearing an outside perspective maybe the meeting will seem more useful.

So I'd say its worth 30 minutes of your time. I wouldn't think the meeting would last an hour and if you feel like it isn't useful you can leave early.
GuyInFL
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Re: Appointment with local Fidelity Rep: should I bother?

Post by GuyInFL »

Ask about free Turbo Tax! :D
penumbra
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Re: Appointment with local Fidelity Rep: should I bother?

Post by penumbra »

It’s interesting how many people who have never done this are absolutely sure that it is either worthless, or unnecessary, or ill- intended on the part of Fidelity. My experience has been quite different. I met with my previous Fidelity representative, at least yearly, for about 10 years. And every session I learn something useful. He had some interesting analyses of my portfolio and sometimes some very helpful alternative recommendations. I did have a consultation that he facilitated with an estate planning attorney before the first time we generated family trusts. They had some very helpful recommendations and insights relating to my family situation, which I was able to take to my attorney, when the documents were finally drafted.

This past year, I met with One of their attorneys and my rep again, as I was rethinking my trust documents. Once again, they were very helpful in reviewing my existing documents, and making suggestions that I could take to my attorney. Their attorney even offered to meet with my attorney in order to discuss optimal choices. my whole association with Fidelity has been nothing but overwhelmingly positive. I consider myself a reasonably sophisticated investor, and have always managed my own funds. Nonetheless, their oversight, and suggestions have been very helpful. They will, of course offer more managed products, but they are quite aware that I will continue to manage my own investments for the foreseeable future. That said, it’s very possible that at some point, those tasks will be beyond me. I think Fidelity has helped me to think those eventualities through. Everyone ‘s situation is different, and some Fidelity reps may be better than others. I should mention that I was a private client for a while, and more recently, I am in the Private Wealth Management category. Good luck!
peterw
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Re: Appointment with local Fidelity Rep: should I bother?

Post by peterw »

Depends on the "advisor" who calls. Generally, they are scouring accounts to see who they may be able to sell services to.

I made it a phone conversation to pick the guy's brain and get some of my questions answered when I was new to the game. He was generous with his time and did not push for me to sign on to his services.
Wannaretireearly
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Wannaretireearly »

Make it fun, ask a question that is is hard to answer.

“ please model my foreign tax credits, and tell me the point at which credits become worth less or zero. “

This sent the Vanguard sales guy to get me a referral to a specialist next week. I’m sure it will be 30mins of pure joy ;)
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
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Godot
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Godot »

Raspberry-503 wrote: Wed Jan 03, 2024 11:32 am My local fidelity office rep called and offered to set up a "no strings attached" appointment to review my portfolio, since I am a "high net worth client". They're within walking distance, so I'm entertaining the idea of spending an hour and see what they have to say.
I was not especially impressed with their intro about "we noticed you have cash drag in your brokerage" when I keep no cash in the sweep account, and I hold VTI, VEA, and VWO which are pretty tax efficient, especially since some of the dividends will be qualified, so that's mostly what's holding me back.
I do want to connect another bank account and they require some extra paperwork (notarized? medallion?) and I was planning to stop by to see if it's something I was planning to do in person.

Does anyone have experience with this? are they just going to try and sell me high-fee services or investments?
Fido said exactly the same to me recently, and when I spoke with rep on the phone she focused on pushing DFA for which, she claimed, she received no commission.
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dcabler
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Re: Appointment with local Fidelity Rep: should I bother?

Post by dcabler »

Raspberry-503 wrote: Wed Jan 03, 2024 11:32 am My local fidelity office rep called and offered to set up a "no strings attached" appointment to review my portfolio, since I am a "high net worth client". They're within walking distance, so I'm entertaining the idea of spending an hour and see what they have to say.
I was not especially impressed with their intro about "we noticed you have cash drag in your brokerage" when I keep no cash in the sweep account, and I hold VTI, VEA, and VWO which are pretty tax efficient, especially since some of the dividends will be qualified, so that's mostly what's holding me back.
I do want to connect another bank account and they require some extra paperwork (notarized? medallion?) and I was planning to stop by to see if it's something I was planning to do in person.

Does anyone have experience with this? are they just going to try and sell me high-fee services or investments?
You're going to find that different people have had different experiences with Fidelity office reps. You're also going to find that a lot of people are going to jump to conclusions about what one of those meetings are going to look like while never having gone to one themselves, due only to the fact that Fidelity sells a lot of managed funds.

Once the value of your portfolio reaches a certain threshold, Fidelity assigns somebody to you. I think I'm on my 3rd one now. About once a year they reach out via email and phone for a meeting. I never answer the phone, so that just goes to voicemail. Anyway, I've been more than happy with what I've been doing and see no reason for a meeting with them. So I ignore all communications from the rep and they go away. They probably don't like me all that much anyway because while I've been at Fidelity since forever, the only Fidelity funds I actually hold there are the money market funds in my settlement accounts, which usually only have a few bucks in them.

Cheers.
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HueyLD
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Re: Appointment with local Fidelity Rep: should I bother?

Post by HueyLD »

I think it is o.k. to meet with a Fidelity rep in an office setting.

Go in with an open mind and find out for yourself. Do not commit to anything but listen with both ears and observe the rep with both eyes. You may learn something new, useful, etc.
HeavyChevy
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Re: Appointment with local Fidelity Rep: should I bother?

Post by HeavyChevy »

I meet every 3 years or so. I have had two reps over several years. I initially stated that I was "self-directed" and they have done little to sell me anything. I have gotton some value or I wouldn't have returned.

My understanding is they make some money simply by being affiliated with your account. If you have $5M in VTI, your rep gets a nominal annual fee just because. They get more when they attract additional assets. However, Fidelity also does surveys etc and it is in the rep's best interest to have positive engagement with you. Obviously, individual reps will exhibit varying degrees of sales pressure because the fees are higher for actively managed products, etc.

https://www.fidelity.com/bin-public/060 ... sation.pdf
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max12377
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Re: Appointment with local Fidelity Rep: should I bother?

Post by max12377 »

I did a consult. There is no doubt that their ultimate objective is to get you to sign up for their services. My advisor disappeared one day once he finally realized I am fully self directed. Odd, because he suggested we would meet yearly before the end of our last meeting then quietly disappeared. Oh well.

This aforementioned advisor's parting put me back into the pool of "folks without an advisor" (I think it's noted in the upper left when you log on if you have a person or not). Occasionally I still get a call from someone wanting to review my portfolio. I also tend to get directed to "investment services" when I call for a simple help desk question and then I just reinforce that I am self directed.

Overall, my experience is that they will keep trying to sign you on, but rarely (only once and it was, I think, a lower level employee) have I encountered any rudeness on their part. Overall, I am quite satisfied with the help they have provide. I understand that they have to make a buck so I don't fault them for suggesting more as long as they are polite about it.

-Max
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Charles Joseph
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Re: Appointment with local Fidelity Rep: should I bother?

Post by Charles Joseph »

When I transferred all my assets to Fidelity last year, I received two voicemails from the "local" rep requesting a meeting to discuss an investment plan. I didn't return either call. The second voicemail was more "urgent" than the first and bordered on irritation that I hadn't called back. I felt like he was trying to make me think I was required or obligated to call him.

In any event, I own nothing but indexed ETFs and mutual funds with a weighted average ER in the 0.03% range and I have no plans of changing. My reasons for moving to Fidelity are what they are, and everything is going really well.

So to answer your question: in my opinion, stay out of the office. Sounds like you're doing great. Do the medallion at your local bank if you need one.
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vrr106
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Re: Appointment with local Fidelity Rep: should I bother?

Post by vrr106 »

The rep's probably just doing his job trying to get more business for their services. In my experience, these calls are usually triggered by some event - such as a job change where you leave your old 401K as is and they pitch moving it to an IRA, or an account balance hitting a certain level. It's happened to me for each of those events over the past decade or so, but I haven't felt the need to take them up.
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