Fidelity Private Client Group: New Advisor

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Cruise
Posts: 689
Joined: Mon Nov 21, 2016 7:17 pm

Fidelity Private Client Group: New Advisor

Post by Cruise » Wed Oct 10, 2018 12:24 am

For those of you who are in the Fidelity Private Client Group (PCG), I have a question for you about my situation:

I've been with Fidelity and this group for about 10 years, all the time with the same "consultant." Since I rarely ask for advice, I see him as a relationship manager, helping me to access expertise within Fidelity.

Yesterday, I received phone messages and an email from a new consultant, who happens to have a CFP, revealing that my former advisor "has has accepted a new role within Fidelity," and that the new guy is now my guy.

I'm a bit put-off by this transition. For the amount of money I have with them, I would think that the old consultant would email his clientele and let them know about the transfer. That is how it is done in the world in which I operate. No biggie, but really, it seems a crude approach to change-management.

So my question for those in this PCG of Fidelity, have you had new consultants foisted upon you with this type of transition?

Many thanks.

ETA: I know that Fidelity has reorganized, so this may be the cause of my new consultant. I'm not concerned with the cause, just the process.

MikeG62
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Location: New Jersey

Re: Fidelity Private Client Group: New Advisor

Post by MikeG62 » Wed Oct 10, 2018 6:41 am

Cruise wrote:
Wed Oct 10, 2018 12:24 am

I'm a bit put-off by this transition. For the amount of money I have with them, I would think that the old consultant would email his clientele and let them know about the transfer. That is how it is done in the world in which I operate. No biggie, but really, it seems a crude approach to change-management.

So my question for those in this PCG of Fidelity, have you had new consultants foisted upon you with this type of transition?
Totally agree with you here. Bad process on Fidelity's end for sure.

Although I have had the same FPCG rep for over a decade, there have been no changes in the relationship (as of yet). Personally I would not be bothered if it changed (he hardly reaches out anymore knowing that if I need him I'll call) as long as his replacement left me alone (for the most part). The few times I've had questions in the last 12+ months, I just call the PCG phone number and the nice folks there have always been able to assist me. Calling my PCG rep usually results in his trying to sell me on some idea (he is batting .000 so far).
Real Knowledge Comes Only From Experience

mw1739
Posts: 522
Joined: Mon Mar 21, 2011 5:44 pm

Re: Fidelity Private Client Group: New Advisor

Post by mw1739 » Wed Oct 10, 2018 7:08 am

When my Fidelity “guy” left a couple months ago I received an email and I believe a mailed letter. Then a few weeks ago I got a phone call and email from the new “guy” inviting me to a meet and greet dinner.

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HueyLD
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Re: Fidelity Private Client Group: New Advisor

Post by HueyLD » Wed Oct 10, 2018 7:16 am

There is a possibility that the OP’s former advisor was demoted or something similar. That’s why the courtesy phone call or email did not take place, perhaps?

I think the OP should just get to know the new advisor and make sure the new guy doesn’t start calling him regularly. The ongoing changes at Fido could mean that he will have a new advisor every couple of years. :wink:

Jack FFR1846
Posts: 8099
Joined: Tue Dec 31, 2013 7:05 am

Re: Fidelity Private Client Group: New Advisor

Post by Jack FFR1846 » Wed Oct 10, 2018 7:28 am

For probably 10 years, my PCG manager changed about every other month. The only thing I got from these guys was an introductory phone call and during that, I pretty much told them "never call me ever". I've most recently had the same guy for probably 6 or 7 years. I have a new guy who I only know because when I log in, his name is at the upper right of my Fidelity home page. He's never called, which gives him points, in my book. If there were a way to remove myself from the PCG, I would. When I call Fidelity, there's always a delay as the person answering the phone brings up my account and asks "I see you're a private client, would you like me to transfer you to your manager?" to which I always answer no. I want a question answered.......just answer it. I don't want to end up in some clown's voicemail to return the call when I'm unavailable and initiating a string of phone tags.
Bogle: Smart Beta is stupid

seawolf21
Posts: 259
Joined: Tue Aug 05, 2014 7:33 am

Re: Fidelity Private Client Group: New Advisor

Post by seawolf21 » Wed Oct 10, 2018 7:30 am

What? You get access to an advisor for being Private Client? Just kidding. I actually avoid my advisor by not returning his calls. Lol.

scrabbler1
Posts: 2242
Joined: Fri Nov 20, 2009 2:39 pm

Re: Fidelity Private Client Group: New Advisor

Post by scrabbler1 » Wed Oct 10, 2018 7:51 am

I am in Fidelity's Private Client Group and have had an (no fee) Account Executive for the last ~10 years. My AE has changed several times in those years, especially early on.

In 2008, I had one AE who was helpful in setting up Fido's RIP program to give me the green light toward being able to retire that year at 45.

But she was gone a few months later. I got a letter from the office manager letting me know she was no longer there and to call to get assigned to another AE. I did so and met my new AE who was very helpful in helping me with some large transactions after I left my company a few months later.

A year later, I got a call from another AE who told me my previous AE was gone and he was taking over. I met with him in early 2010 and found him pushy and annoying. He wanted to take control of my portfolio for a fee and I had no interest in that. I wondered if he was poaching me from whoever I was supposed to be reassigned to. I quickly wrote the office manager and told him about my bad experience with Mr. Pushy and asked to be switched to another AE. The manager called me within a week and switched me to another AE, a laid-back guy who has been my AE ever since (last 7 years). I also learned later on that Mr. Pushy left Fido. I meet with him once every 12-18 months.

arf30
Posts: 326
Joined: Sat Dec 28, 2013 11:55 am

Re: Fidelity Private Client Group: New Advisor

Post by arf30 » Wed Oct 10, 2018 8:28 am

These are sales jobs lightly disguised as "advisors" and tend to have high turnover across all firms, in my experience.

abner kravitz
Posts: 345
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Location: Beaufort County, SC

Re: Fidelity Private Client Group: New Advisor

Post by abner kravitz » Wed Oct 10, 2018 8:44 am

Mine has changed several times, and I've never been notified by the one leaving. I couldn't care less. I might be bothered if I was paying a fee for advice.

afan
Posts: 3923
Joined: Sun Jul 25, 2010 4:01 pm

Re: Fidelity Private Client Group: New Advisor

Post by afan » Wed Oct 10, 2018 9:15 am

scrabbler1 wrote:
Wed Oct 10, 2018 7:51 am
I am in Fidelity's Private Client Group and have had an (no fee) Account Executive for the last ~10 years. My AE has changed several times in those years, especially early on.

In 2008, I had one AE who was helpful in setting up Fido's RIP program to give me the green light toward being able to retire that year at 45.

But she was gone a few months later. I got a letter from the office manager letting me know she was no longer there and to call to get assigned to another AE. I did so and met my new AE who was very helpful in helping me with some large transactions after I left my company a few months later.

A year later, I got a call from another AE who told me my previous AE was gone and he was taking over. I met with him in early 2010 and found him pushy and annoying. He wanted to take control of my portfolio for a fee and I had no interest in that. I wondered if he was poaching me from whoever I was supposed to be reassigned to. I quickly wrote the office manager and told him about my bad experience with Mr. Pushy and asked to be switched to another AE. The manager called me within a week and switched me to another AE, a laid-back guy who has been my AE ever since (last 7 years). I also learned later on that Mr. Pushy left Fido. I meet with him once every 12-18 months.
Nice to hear you found the advisor useful.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama

Dottie57
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Joined: Thu May 19, 2016 5:43 pm

Re: Fidelity Private Client Group: New Advisor

Post by Dottie57 » Wed Oct 10, 2018 2:50 pm

I am curious. What is the minimum requirement for the Private Client Group?

Sandi_k
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Location: SF Bay Area

Re: Fidelity Private Client Group: New Advisor

Post by Sandi_k » Fri Oct 12, 2018 4:13 pm

Keep in mind that the "new guy" might be assigned via Fido's management shuffles, and the client list has been removed from your prior guy's control or access. Not a lot that he can do if his book has been reassigned.

My understanding is that the PCG is an attempt to hire "wealth advisors" for the high net worth clients to feel more chi-chi, and that the compensation structure means lower commissions and fees for those Fidelity staff members who used to be the broker advisors. With the establishment of the PCG, the fund fees and commissions now go to Fidelity instead, and the Johnson family.

Sandi_k
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Location: SF Bay Area

Re: Fidelity Private Client Group: New Advisor

Post by Sandi_k » Fri Oct 12, 2018 4:14 pm

Dottie57 wrote:
Wed Oct 10, 2018 2:50 pm
I am curious. What is the minimum requirement for the Private Client Group?
Dottie, I believe it's now $1M.

tj
Posts: 2240
Joined: Thu Dec 24, 2009 12:10 am

Re: Fidelity Private Client Group: New Advisor

Post by tj » Fri Oct 12, 2018 4:28 pm

Sandi_k wrote:
Fri Oct 12, 2018 4:14 pm
Dottie57 wrote:
Wed Oct 10, 2018 2:50 pm
I am curious. What is the minimum requirement for the Private Client Group?
Dottie, I believe it's now $1M.

Do you get any free benefits for having that status?

Sandi_k
Posts: 829
Joined: Sat May 16, 2015 11:55 am
Location: SF Bay Area

Re: Fidelity Private Client Group: New Advisor

Post by Sandi_k » Fri Oct 12, 2018 5:46 pm

tj wrote:
Fri Oct 12, 2018 4:28 pm
Sandi_k wrote:
Fri Oct 12, 2018 4:14 pm
Dottie57 wrote:
Wed Oct 10, 2018 2:50 pm
I am curious. What is the minimum requirement for the Private Client Group?
Dottie, I believe it's now $1M.

Do you get any free benefits for having that status?
No idea - presumably the Fidelity website gives more details...

seawolf21
Posts: 259
Joined: Tue Aug 05, 2014 7:33 am

Re: Fidelity Private Client Group: New Advisor

Post by seawolf21 » Fri Oct 12, 2018 5:48 pm

tj wrote:
Fri Oct 12, 2018 4:28 pm
Sandi_k wrote:
Fri Oct 12, 2018 4:14 pm
Dottie57 wrote:
Wed Oct 10, 2018 2:50 pm
I am curious. What is the minimum requirement for the Private Client Group?
Dottie, I believe it's now $1M.

Do you get any free benefits for having that status?
Maybe free Turbotax..not 100% sure.

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Timoneer
Posts: 179
Joined: Sun Jan 01, 2012 9:41 pm

Re: Fidelity Private Client Group: New Advisor

Post by Timoneer » Fri Oct 12, 2018 6:40 pm

Cruise wrote:
Wed Oct 10, 2018 12:24 am
For those of you who are in the Fidelity Private Client Group (PCG), I have a question for you about my situation:

I've been with Fidelity and this group for about 10 years, all the time with the same "consultant." Since I rarely ask for advice, I see him as a relationship manager, helping me to access expertise within Fidelity.

Yesterday, I received phone messages and an email from a new consultant, who happens to have a CFP, revealing that my former advisor "has has accepted a new role within Fidelity," and that the new guy is now my guy.
...
So my question for those in this PCG of Fidelity, have you had new consultants foisted upon you with this type of transition?
When I was assigned my first Fidelity advisor I was very impressed that he was a Senior Vice President. I since learned that they all are VP's of some sort. More of the shine wore off when I told him that I was a Boglehead and he simply looked blankly at me.

I do not remember how I was informed that he was leaving, but I was quickly assigned a new advisor. I called the office to speak the head honcho and told him that I would prefer to be given a short list of advisors and to come in to interview them individually to look for a good fit.

I am very glad that I did it. From talking to them I got the impression that an advisor was a relatively temporary rung on the way up the Fidelity ladder. Most advisors aspired to be analysts, managers, or some other higher level position within the company. By the time one reached their 40's it was time to either be promoted or leave for some other company in the general way of thinking. The few exceptions of much older advisors were those that handled a few very rich clients.

The advisor that I eventually 'hired' from the short list was frank with me that he did not have such aspirations and was very happy with his current position with regular hours that permitted him to have a normal family life.

rikki
Posts: 71
Joined: Wed Aug 08, 2012 2:03 pm

Re: Fidelity Private Client Group: New Advisor

Post by rikki » Sat Oct 13, 2018 6:38 pm

I received a phone call some months ago when my PCG advisor moved "elsewhere" within Fidelity, which was actually really appreciated. Although we had only met once a year in person, I was impressed by his outside pro bono type work and his non-pushy manner.

The new advisor keeps asking for a meet and greet. Given that this is a free service, I'll make an appointment with her but I have low expectations. She appears to have an investing philosophy (from our one phone call) that embraces Bernstein's LMP. It will be interesting to see if I have misunderstood her or not!

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