What do Fidelity advisors want?

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beyou
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Re: What do Fidelity advisors want?

Post by beyou »

drzzzzz wrote: Sun Sep 11, 2022 7:47 am
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.
MSG is a nice service they offer, for those rare times one needs it.

But otherwise, I worked in fixed income markets myself most of my career (some equity too but mostly fixed income), and prefer funds over individual securities. I know what is involved to manage a portfolio correctly, and I know what resources they have at major fund managers to manage the much more complex universe of bonds (vs equities). I would rather not have to call, and let their fund managers do all the work. Many people buy stocks and bonds instead of funds, and clearly they need a brokerage that has fixed income specialists that are accessible and helpful (and some source of equity research/ideas). I went through this with equites, made good money but stopped to avoid the work required to do well. Bonds can be as much or more work to do it right. If you just buy TIPS, you probably can’t go too wrong, but clearly you needed help and I am not surprised, bonds are more varied and complex than stocks by a mile.

As I just buy and hold funds there simply isn’t that much a broker can do for me. I would never call. Maybe called Etrade once and Vanguard twice in last decade.
howard71
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Re: What do Fidelity advisors want?

Post by howard71 »

Do what I did. Ask them what would be the difference between having a personal Fidelity advisor and investing in one of their target date retirement funds. When I asked it, the guy on the phone was completely baffled and told me noone had ever asked it before. They had a better answer ready the next time they called so I'm guessing the proper answer was discussed among the team. I forget exactly what it was but it was along the lines of how, depending on the level of service you sign up for, you will have your own team of personal advisors.

So, in other words, we put our best people on the personal advisory team, and inferior ones on the target date retirement funds? I suspect that is actually true but "best" means better salesmen, not better managers.
2pedals
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Re: What do Fidelity advisors want?

Post by 2pedals »

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 might be able to get the free TurboTax just by asking for it. I am a part of the "private client group" but was never asked to be. For me most years the free TurboTax link shows up at the bottom of the opening web page since I have enough to be eligible. One time I contacted Fidelity only for the purpose of obtaining TurboTax and it showed up a few days later via my assigned reps "helper". I wouldn't think you would need to set up a meeting to assign a rep, I never had to do that.

P.S., I don't really even care what my Fidelity rep(s) want.
Sorry JoMoney, I didn't realize that this is a zombie thread before I posted.
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Artful Dodger
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Re: What do Fidelity advisors want?

Post by Artful Dodger »

Put me in the camp of happy Fidelity customer. I agree with those that are saying the primary reason Fidelity reps call is to maintain and enhance the relationship between you and them. Calling at a time of Market volatility makes perfect sense. There are plenty of people on this board who get jumpy when the markets are in turmoil and we’re better educated than the average investor.

Whenever I’ve needed to transfer some money, set up a new account, refine my solo 401k, buy some bonds, etc., they’ve been there with the answers and help. Have they ever offered additional advisory services, annuities… yes. But, like someone said upthread, it’s like being offered dessert after dinner. You might ask a question, and they’ll answer it, and you discuss, or you might just say no, and they move on. That’s it. I’ve probably had four in person meetings and two or three phone calls in twelve years.
grok87
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Re: What do Fidelity advisors want?

Post by grok87 »

i'm a happy Fidelity and Vanguard customer. this map gives me pause on the former though
https://i.redd.it/eaexlwhuz4n91.png
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fish8me
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Re: What do Fidelity advisors want?

Post by fish8me »

I just retired and I'm ferly a novice at this thing call "wonderful world of investing". I rollover some investments from my TSP to FIDO and was fat, dumb and happy till 2022... So, after receiving several emails from an adviser, I agree on a meeting. Expecting a pressured sales pitch, after an hour, I left pleasantly surprised... Not a single push for any of their products. He reviewed my portfolio and our "Full View" retirement plan and discussed some future planning. I agreed to meet with him next year and told myself that with this bogleheads forum and fidelity a few blocks away, I will continue to enjoy this thing called "wonderful life"...
rgs
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Re: What do Fidelity advisors want?

Post by rgs »

Oak&Elm wrote: Sat Sep 10, 2022 7:20 pm 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.
Spot on, especially this part - "Sometimes you don’t know what you don’t know". I find both CS & Fidelity to be very professional and courteous. They have never tried to sell me anything. Do they run their "ideas" by me? Sure but I have the option of declining it.
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starboi
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Re: What do Fidelity advisors want?

Post by starboi »

grok87 wrote: Sun Sep 11, 2022 11:38 am i'm a happy Fidelity and Vanguard customer. this map gives me pause on the former though
https://i.redd.it/eaexlwhuz4n91.png
cheers,
grok
I guess we should stop using Amazon.com and Google.
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bengal22
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Re: What do Fidelity advisors want?

Post by bengal22 »

I'm moving to West Virginia cos they need a billionaire.
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gas_balloon
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Re: What do Fidelity advisors want?

Post by gas_balloon »

I have a Fidelity Private Client advisor who meets me once a year over Zoom. Nothing pushy, they tried to sell me some service once, but I politely declined. After that I have not been asked again. Every year we go over my portfolio and he confirms that it looks fine. We usually end the meeting before the 30 mins are up.
5% REIT | 20% SCV | 55% U.S TSM | 20% international
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nedsaid
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Re: What do Fidelity advisors want?

Post by nedsaid »

fish8me wrote: Sun Sep 11, 2022 11:46 am I just retired and I'm ferly a novice at this thing call "wonderful world of investing". I rollover some investments from my TSP to FIDO and was fat, dumb and happy till 2022... So, after receiving several emails from an adviser, I agree on a meeting. Expecting a pressured sales pitch, after an hour, I left pleasantly surprised... Not a single push for any of their products. He reviewed my portfolio and our "Full View" retirement plan and discussed some future planning. I agreed to meet with him next year and told myself that with this bogleheads forum and fidelity a few blocks away, I will continue to enjoy this thing called "wonderful life"...
Though we should be vary of those who call themselves Financial Advisors, not everyone is out to rip you off.

I did meet with a Fidelity Advisor, he looked over my portfolio and realized that I knew what I was doing. We did discuss a deferred annuity product because I showed interest but it was not a hard sell. A lot of the time spent was discussing the retirement planning tool. Fortunately, even with conservative return assumptions, I was on track for retirement. It was a very positive experience and I might do it again someday.
A fool and his money are good for business.
chitownguy
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Re: What do Fidelity advisors want?

Post by chitownguy »

I do think in general they want to be helpful but at the same time it wouldn't hurt (for them) to pitch some reasonably priced Fidelity product. That happened to me recently when my advisor booked a meeting to discuss some tax loss harvesting ideas. It was a good idea in general but the specific change being proposed was into a Fidelity Direct Index product. Higher fees and slightly better results back tested to 2011. Said no and he moved on.
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Re: What do Fidelity advisors want?

Post by abuss368 »

Ferdinand2014 wrote: Sat Sep 10, 2022 9:44 pm
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!
Hi Jon -

Did the advisor make any recommendation to invest in international stocks and bonds?

Hope you are well.

Best.
Tony
John C. Bogle: “Simplicity is the master key to financial success."
TravelGeek
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Re: What do Fidelity advisors want?

Post by TravelGeek »

Interesting. Just today I got an email and a voice mail from the assistant off Fido Financial Consultant, to talk about “complementary investment guidance and retirement planning services.” I think I got the same message before a few weeks ago while I was traveling internationally.

In the past I have received similar messages from Vanguard (we have accounts with both, roughly splitting our net worth in half). I don’t have any interest in advice, especially not just based on half the picture (due to the types of our accounts, our Fido accounts look very fixed income heavy, our Vanguard accounts are mostly stock index funds). And I have no interest in moving accounts to Fido at this time, or to even just disclose all our account details.
rgs
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Re: What do Fidelity advisors want?

Post by rgs »

TravelGeek wrote: Mon Sep 19, 2022 8:11 pm Interesting. Just today I got an email and a voice mail from the assistant off Fido Financial Consultant, to talk about “complementary investment guidance and retirement planning services.” I think I got the same message before a few weeks ago while I was traveling internationally.

In the past I have received similar messages from Vanguard (we have accounts with both, roughly splitting our net worth in half). I don’t have any interest in advice, especially not just based on half the picture (due to the types of our accounts, our Fido accounts look very fixed income heavy, our Vanguard accounts are mostly stock index funds). And I have no interest in moving accounts to Fido at this time, or to even just disclose all our account details.
I used to have accounts at Vanguard & CS previously but now have them at CS & Fidelity (moved from Vanguard). I did keep the "other" accounts updated in VG/CS/Fido and you can run their analyzer reports and I find them to be useful (and honestly didn't see a downside) to get a complete picture of allocations/overlaps and all. I think I mentioned this once earlier but I do talk to them when they call me (I had a complementary with VG once a year and they would try to persuade [very mildly] me to go with their PAS). Fidelity pursues this a bit more strongly but never in a pushy way. CS doesn't have a PAS equivalent that I know. I don't mind talking to them with the view that I might learn a thing or two by investing an hour. And when they propose, you always have the option of declining. I never got the same advisor at VG (attrition, I suspect). I will say that both Fidelity & Schwab have top notch customer service.

My $0.02.
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Re: What do Fidelity advisors want?

Post by Ferdinand2014 »

abuss368 wrote: Mon Sep 19, 2022 7:47 pm
Ferdinand2014 wrote: Sat Sep 10, 2022 9:44 pm
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!
Hi Jon -

Did the advisor make any recommendation to invest in international stocks and bonds?

Hope you are well.

Best.
Tony
Yes. They suggested a mix of 60% US, 25% International and 15% fixed income.
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Re: What do Fidelity advisors want?

Post by DesertDiva »

Having dealt with 3 advisors about the last 7 years, my conclusion is that they are 1) seeking to retain clients, 2) looking for opportunities to offer additional products. Only 1 of the 3 advisors offered suggestions regarding our portfolio. I received more meaningful advice by posting a portfolio review on this site.
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Re: What do Fidelity advisors want?

Post by abuss368 »

Ferdinand2014 wrote: Mon Sep 19, 2022 9:20 pm
abuss368 wrote: Mon Sep 19, 2022 7:47 pm
Ferdinand2014 wrote: Sat Sep 10, 2022 9:44 pm
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!
Hi Jon -

Did the advisor make any recommendation to invest in international stocks and bonds?

Hope you are well.

Best.
Tony
Yes. They suggested a mix of 60% US, 25% International and 15% fixed income.
Thanks Jon. Are you considering additional diversification by adding international?

Best.
Tony
John C. Bogle: “Simplicity is the master key to financial success."
tibbitts
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Re: What do Fidelity advisors want?

Post by tibbitts »

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 is a virtual meeting? During business hours or some other time?
FellsGuy
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Re: What do Fidelity advisors want?

Post by FellsGuy »

I did not like the first guy assigned me long ago told him we weren't a good match in a nice way and they assigned me a guy my wife and I like and trust People are different even within Fidelity so maybe your guy is a jerk maybe a saint you'll never know. Been with private client group for quite a while and never found my advisor and his team to be anything but very responsive and very helpful. They suggest things to me but never push anything and actually have suggested many things outside of Fidelity Funds. I'm almost all indexed Zero funds CD's and Treasuries not exactly making them a fortune. I explained my perspective and plans upon my demise to protect my wife's financial security and they are completely onboard and most importantly would provide continuity for my wife. From an educational perspective I said I was interested in learning how to evaluate individual bonds corporate and government. They set up a call with one of their fixed income traders and she walked me through how they screen and evaluate the individual bonds as professionals and over 90 minutes I learned a lot and added her to the team if I have questions on occasion. There are so many resources available free from fidelity that most people don't use because people don't ask. I have had many expert calls set up by my advisor with zero sales pitch.
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Re: What do Fidelity advisors want?

Post by muffins14 »

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?
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David_w
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Re: What do Fidelity advisors want?

Post by David_w »

I have been with Fidelity in a managed account since 2015 in a managed account. I had a dedicated "investment advisor". A year or 2 ago they switched me to a Financial planner with a bunch of letters after his name. He talks with me every 3 or 4 months and has brought up lots of good points in the financial planning end. However, I can't get anyone at Fidelity to make specific recommendations on investments. My old advisor did to a certain extent but not like old time stock brokers did. Mostly explain about different funds or things and then left me to decide. I wish they gave me more of an opinion when asked
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Re: What do Fidelity advisors want?

Post by FreddieFIRE »

I've had very productive relationships with three different FIDO advisors over the last 15 years or so. Nobody ever tried to sell me anything. They have been very helpful with several aspects of estate planning. They've also arranged for our DPOAs to be reviewed and archived by their legal team to ensure their effectiveness if/when needed. Based upon the endless complaints we have heard about custodians not honoring DPOAs, I would think that this alone would be worth the price of admission (i.e. free). 8-)
A house and a job. Once the American dream. Two things I'll never again have. Life is simple (and good).
rebellovw
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Re: What do Fidelity advisors want?

Post by rebellovw »

When I was young and dumb - I fell for their Portfolio Advisory Services - boy did I feel smart of letting them manage my account.

They sent me pretty reports - lots of pictures graphs.
They had me in like 25 different funds
Boy did they work hard - going in and out of funds - they sure were busy. Very Impressive!

In the end cost me about 10K in fees - which pretty much canceled any gains I had as my balance didn't change much. Then it cost me @3K to liquidate all the funds and get out.

All in all a very bad experience.

Glad to be a boglehead where my account has done much better with index funds (we'll not now - but it will come back.)
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FreddieFIRE
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Re: What do Fidelity advisors want?

Post by FreddieFIRE »

rebellovw wrote: Tue Sep 20, 2022 5:36 pm When I was young and dumb - I fell for their Portfolio Advisory Services - boy did I feel smart of letting them manage my account.

They sent me pretty reports - lots of pictures graphs.
They had me in like 25 different funds
Boy did they work hard - going in and out of funds - they sure were busy. Very Impressive!

In the end cost me about 10K in fees - which pretty much canceled any gains I had as my balance didn't change much. Then it cost me @3K to liquidate all the funds and get out.

All in all a very bad experience.

Glad to be a boglehead where my account has done much better with index funds (we'll not now - but it will come back.)
Hopefully you do realize that a number of us here have assigned Fidelity reps and invest entirely on our own using index funds. Right?
A house and a job. Once the American dream. Two things I'll never again have. Life is simple (and good).
lgs88
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Re: What do Fidelity advisors want?

Post by lgs88 »

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?
I get a two-minute call from a Fidelity rep every 6-8 months. I politely inform them that I'm thrilled with the service I'm receiving at present and do not require anything more, but thanks for checking in.

Last year, I got an extra call when I filled out a satisfaction survey. They called and left a message saying they appreciated that I filled it out, because they get compensated for positive customer satisfaction surveys. It gave me a warm and fuzzy feeling.

Overall, I think these rare and mostly pleasant interruptions are an acceptable price to pay for the level of service I receive when I need to make a wire transfer or something like that.
merely an interested amateur
rebellovw
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Re: What do Fidelity advisors want?

Post by rebellovw »

FreddieFIRE wrote: Tue Sep 20, 2022 6:09 pm
rebellovw wrote: Tue Sep 20, 2022 5:36 pm When I was young and dumb - I fell for their Portfolio Advisory Services - boy did I feel smart of letting them manage my account.

They sent me pretty reports - lots of pictures graphs.
They had me in like 25 different funds
Boy did they work hard - going in and out of funds - they sure were busy. Very Impressive!

In the end cost me about 10K in fees - which pretty much canceled any gains I had as my balance didn't change much. Then it cost me @3K to liquidate all the funds and get out.

All in all a very bad experience.

Glad to be a boglehead where my account has done much better with index funds (we'll not now - but it will come back.)
Hopefully you do realize that a number of us here have assigned Fidelity reps and invest entirely on our own using index funds. Right?
Hopefully you realize that I know that. I have a Fido rep and never use them.
TenOC
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Re: What do Fidelity advisors want?

Post by TenOC »

A number of years ago my NEW Fidelity advisor call me. He ask me some general question. I told him I did not need his help. Now he calls me about ever 24 months and ask if anything has changes. When I tell he no. I still do not need his help. End of phone call.
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Re: What do Fidelity advisors want?

Post by SmileyFace »

TenOC wrote: Tue Sep 20, 2022 6:52 pm A number of years ago my NEW Fidelity advisor call me. He ask me some general question. I told him I did not need his help. Now he calls me about ever 24 months and ask if anything has changes. When I tell he no. I still do not need his help. End of phone call.
If you don't want to be called just tell him to put you on the "do not call me, I will call you" list and they won't call again (it will be marked in your account). I did this many years ago and now only reach out if I need help.
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Re: What do Fidelity advisors want?

Post by johnegonpdx »

I have a large portion of my portfolio at Fidelity mainly because my company's employee retirement accounts are set up there. I've been assigned a "Fidelity Premium Services" advisor due to this situation. Without getting into the specifics of our interactions, here is what is clear to me from them, and I think no surprise to anyone:

G1. At a minimum, the advisor wants to ensure that I keep my current Fidelity portfolio at Fidelity after I retire.

G2. Next up, the advisor wants me to move more assets into Fidelity.

G3. Ideally, the advisor wants me buy management services from Fidelity (I don't think they are flat fee, but rather the old school % of AUM).

IME, the advisor tries to add value in a number of "free" ways that help my needs, but also serve one or more of the 3 goals listed above.

- provide a periodic comprehensive health check or stress test on my total portfolio vs my goals. Nice way to get a look at my entire financial profile too).

- give me customized how-to tours of the different resources and investment actions available on the Fidelity platform. Nice way to sell the convenience of Fidelity as a one-stop shop.

- make timely suggestions on savings and investment options, but stay general enough so that that they are not considered part of a management service. Highlight investments that are "sticky" to Fidelity like their zero-fee funds. Introduce investment considerations like tax-optimized withdrawal strategies that might become too much for a DIY investor to manage.

All this said, I do have to say that the advisor is very up front about his goals and takes his quasi-fiduciary responsibilities seriously.
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nedsaid
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Re: What do Fidelity advisors want?

Post by nedsaid »

johnegonpdx wrote: Tue Sep 20, 2022 7:39 pm I have a large portion of my portfolio at Fidelity mainly because my company's employee retirement accounts are set up there. I've been assigned a "Fidelity Premium Services" advisor due to this situation. Without getting into the specifics of our interactions, here is what is clear to me from them, and I think no surprise to anyone:

G1. At a minimum, the advisor wants to ensure that I keep my current Fidelity portfolio at Fidelity after I retire.

G2. Next up, the advisor wants me to move more assets into Fidelity.

G3. Ideally, the advisor wants me buy management services from Fidelity (I don't think they are flat fee, but rather the old school % of AUM).

IME, the advisor tries to add value in a number of "free" ways that help my needs, but also serve one or more of the 3 goals listed above.

- provide a periodic comprehensive health check or stress test on my total portfolio vs my goals. Nice way to get a look at my entire financial profile too).

- give me customized how-to tours of the different resources and investment actions available on the Fidelity platform. Nice way to sell the convenience of Fidelity as a one-stop shop.

- make timely suggestions on savings and investment options, but stay general enough so that that they are not considered part of a management service. Highlight investments that are "sticky" to Fidelity like their zero-fee funds. Introduce investment considerations like tax-optimized withdrawal strategies that might become too much for a DIY investor to manage.

All this said, I do have to say that the advisor is very up front about his goals and takes his quasi-fiduciary responsibilities seriously.
The Fidelity Retirement calculator is quite good. It gives you good portfolio analysis too, good enough that I thought about cancelling my Morningstar subscription.

Time spent with your Fidelity guy looking over the calculator would be well worth it in my opinion.

The thing is, if you moved everything there, Fidelity has the resources to give you whatever help you need. Great place for a do-it-yourself investor, they offer a good Fidelity Go robo-advisor service, and you can get a combination of a human and a robot at a reasonable fee. Foggy member recalls the robot/human hybrid service was 50 basis points, Fidelity Go is 35 basis points, not bad. So their advisor service is competitive with Vanguard. If you want full service, then the fees are higher yet. Not perfect but certainly better than Edward Jones or Ameriprise.

If you don't need any help at all, Fidelity is a great place for that as well. But yes, the Advisor will do the soft sell equivalent of asking if you want fries with that. Upsell is everywhere.
A fool and his money are good for business.
homebuyer6426
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Re: What do Fidelity advisors want?

Post by homebuyer6426 »

nedsaid wrote: Sat Sep 10, 2022 8:09 pm
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.
Financial institutions will often use predictive modelling to try to determine which customers they should try the hardest to retain. Decision trees, scorecards, business rules. Most likely what is going on here is they're feeding a bunch of variables about you to a model and it's determining their most profitable course of action.
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Re: What do Fidelity advisors want?

Post by smooth_rough »

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?
I use both vanguard and fidelity. Fidleity for brokerage, other. I started getting increased communication from fidelity after one stock popped in value, and I agreed to meet up at the local fidelity office. After about 30 minute face to face meeting, he was trying to talk me into signing multi-page agreement handing over control of my investment decisions to him. I still have copy of the agreement, never signed, and it would require lawyer to tell me what its in it. If you're comfortable being self directed investor at vanguard, it might not be for you.
grok87
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Re: What do Fidelity advisors want?

Post by grok87 »

smooth_rough wrote: Wed Sep 21, 2022 3:32 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?
I use both vanguard and fidelity. Fidleity for brokerage, other. I started getting increased communication from fidelity after one stock popped in value, and I agreed to meet up at the local fidelity office. After about 30 minute face to face meeting, he was trying to talk me into signing multi-page agreement handing over control of my investment decisions to him. I still have copy of the agreement, never signed, and it would require lawyer to tell me what its in it. If you're comfortable being self directed investor at vanguard, it might not be for you.
that's scary.
RIP Mr. Bogle.
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FreddieFIRE
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Re: What do Fidelity advisors want?

Post by FreddieFIRE »

smooth_rough wrote: Wed Sep 21, 2022 3:32 pm If you're comfortable being self directed investor at vanguard, it might not be for you.
Can't you just be a comfortable, self-directed investor at Fidelity (like hundreds/thousands of folks on this fine forum)? 8-)
A house and a job. Once the American dream. Two things I'll never again have. Life is simple (and good).
backpacker61
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Re: What do Fidelity advisors want?

Post by backpacker61 »

I've had calls with account representatives at both Fidelity and Vanguard.

I'm not in any sort of advisory relationship with either company, and neither representative seemed to be "hard-selling" anything. They seemed genuinely interested in keeping me happy as a client so as to maintain my existing accounts with their firms.

The most significant account change I envision at either firm is establishing a 'Donor Advised Fund' account at either or both at some point in time, and they both offered to provide any information I may need with that, although I wasn't ready to move on the matter at the time.
“Now shall I walk or shall I ride? | 'Ride,' Pleasure said; | 'Walk,' Joy replied.” | | ― W.H. Davies
rebellovw
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Re: What do Fidelity advisors want?

Post by rebellovw »

I don't want to come off negative on Fidelity -> I'm very happy with the service at Fido and have most of my funds there. My Advisor is super nice - not pushy - I just have no needs from an advisor as they are satisfied here at Bogleheads where I've learned a ton - Tax Loss Harvest, Roth Contribution, Tips, Emergency Fund etc.
PatrickA5
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Re: What do Fidelity advisors want?

Post by PatrickA5 »

I've only talked to my advisor a couple of times. First time was when we opened the account a few years ago. Second time he helped my buy a couple of MYGAs. He handled everything - basically just sent me the contract to sign.

The only negative experience was a few times I emailed him and never heard back. He blamed it on his assistant. His appointments are scheduled out weeks in advance - so he's busy, I guess.
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Re: What do Fidelity advisors want?

Post by Misenplace »

A disrespectful interchange that devolved into personal accusations has been removed. Please keep in mind the forum policies, particularly Forum Etiquette:
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[And after one more OT post, it's locked. This was a restarted thread that had strayed far from the Personal and Actionable requirements for topics in this forum. You are welcome to start a new thread if you have questions about your Fidelity account. - Alex Frakt]
Ferdinand2014
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Re: What do Fidelity advisors want?

Post by Ferdinand2014 »

abuss368 wrote: Mon Sep 19, 2022 9:43 pm
Ferdinand2014 wrote: Mon Sep 19, 2022 9:20 pm
abuss368 wrote: Mon Sep 19, 2022 7:47 pm
Ferdinand2014 wrote: Sat Sep 10, 2022 9:44 pm
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!
Hi Jon -

Did the advisor make any recommendation to invest in international stocks and bonds?

Hope you are well.

Best.
Tony
Yes. They suggested a mix of 60% US, 25% International and 15% fixed income.
Thanks Jon. Are you considering additional diversification by adding international?

Best.
Tony
I continue to be happy with my current investments.
“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
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