Appointment with local Fidelity Rep: should I bother?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
User avatar
beyou
Posts: 7309
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Appointment with local Fidelity Rep: should I bother?

Post by beyou »

I would suggest to google the person and see if you can find out about their experience to date.
At least know if you are dealing with someone fresh out of school and a new securities license, or a seasoned CFA !


I wonder if you can ask for a different person (or diplomatically ask questions of the inexperienced person and suggest maybe they can escalate to someone who can help) ?

Is there any level of assets at which they not only assign a rep but an experienced rep ?
I would find it a waste of time to have an annual meeting with someone young and far less experience than myself.
bsteiner
Posts: 9497
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: Appointment with local Fidelity Rep: should I bother?

Post by bsteiner »

I would be concerned that it would be a subtle pitch to get you to hire them to "manage" the assets.
User avatar
uaeebs86
Posts: 547
Joined: Sun Jun 26, 2022 1:29 pm
Location: Chandler, Arizona

Re: Appointment with local Fidelity Rep: should I bother?

Post by uaeebs86 »

I met with my rep and it was cool. I took my wife and the advisor said I'm doing a good job. Made a couple of suggestions which were good ideas (more Roth, getting a better MMF for my cash) and that was about it.
Last edited by uaeebs86 on Thu Jun 13, 2024 11:11 pm, edited 1 time in total.
"Things work out best for those who make the best of the way things work out." ― John Wooden
PatrickA5
Posts: 979
Joined: Mon Jul 28, 2014 1:55 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by PatrickA5 »

DW and I have met with our assigned consultant a couple of times, most recently last month. The meetings have been useful. For example, the rep told me a few things about the retirement planner that I was unaware of. He didn't try to sell anything. I set up the meeting mainly for DW to get to know him in case I croak. She knows when I'm gone just to ignore any AUM or variable annuities.

I'd say go to the meeting. If you get a pushy sales type rep, then you can always change the rep if it bothers you too much. My guess is that most of the people that are saying not to go or comparing the meetings to time shares have never met with their rep. In my experience, it's NOTHING like a time-share meeting (and yes, I've been to one).
User avatar
Topic Author
Raspberry-503
Posts: 1045
Joined: Sat Oct 03, 2020 6:42 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

When I log in to Fidelity, in the landing page where there is a summary of my account etc..., it has a box "let's talk about he $xxxx dollars you paid in taxes last year". I paid so such taxes, I had on the order of $10K in dividends, no capital gains (I don;t sell anything in taxable, just keep buying), and those dividends are 80% qualified dividends when holding VTI, VEA and VOO.

If I click on the amount it shows how the amount is calculated: (highlights are mine)
How we calculated this Current estimated tax drag is calculated using 70% or more of the current holdings in your select taxable accounts. Estimated tax drag is calculated on non-managed select taxable accounts that together total $100,000 or more within the portfolio for a customer that has $500,000 or more in assets, not including amounts held in 401(k) accounts. The estimated tax drag measures the percent by which a taxable portion of an account is reduced by taxes and is calculated based on the tax drag of each holding and its relative value in the portfolio. Estimate is based only on federal taxes; state and/or local taxes are not included. The estimate assumes that the holdings remained unchanged and that you paid any taxes on distributions (i.e., dividends and capital gains) from your holdings based on the highest federal income tax rate, long-term capital gains rate and in some cases Medicare surtax. If your tax rates are lower than the highest federal rates, and/or you are not subject to Medicare surtax, then your current estimated annual tax drag, would be lower. This calculation is based on data as reflected in Fidelity’s records as of the date of the calculation.
Another paragraph explains they get their tax info from Morningstar wich assumes max tax rate for tax drag. I thought the guy said "cash drag" when he called, but I'm now guessing I misheard, he must have said tax drag (I don't subscribe to the idea of "frictional cash" in my accounts, so there is less than $500 in the cash position at all times, I usually trade in round shares, so whatever is left in cash is because it was not enough to buy another share)

So I think they're calling me because I meet the criteria, and they're going for shock value by calculating the highest possible tax, and yeah good call, they want to sell me the direct indexing solution. It's not a thread I had been following, and reading through it I can see how it could be intriguing, but I also think it's not for me, I'm 4 years away from the decumulation phase, so TLH opportunities will dwindle as I stop contributing to the account.

I looked the guy up on the internet, he's only worked at Fidelity since he left the Navy, Has been with Fidelity for 3 years and has been in his current position for almost a year. Ain't LinkedIn wonderful? :)

I have decided to go and meet the guy, check out the local office, and get a sense of whether they can do anything for me in the future and get a sense of whether this is a person I can develop a relationship of mutual respect or not, and decide if I would even bother asking for someone more senior if this guy doesn't work out. Plus it gives me an excuse to be out of the office a little early that day :)

Thanks for all the advice and perspective I received in this thread!
User avatar
LilyFleur
Posts: 3613
Joined: Fri Mar 02, 2018 9:36 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by LilyFleur »

You might want to let him know you're not in the market for an annuity before the meeting and see if he's still interested in meeting with you.

If you reinvest your dividends in a taxable account, they are still taxed. Of course, you have qualified dividends which are taxed at the long-term capital gains rate. Some Bogleheads try to avoid this and call it tax drag. I spend my qualified dividends from taxable to pay bills, and I welcome income at the long-term capital gains rate rather than the full income tax rate I pay with my other income streams in retirement.
Doctor Rhythm
Posts: 3271
Joined: Mon Jan 22, 2018 2:55 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by Doctor Rhythm »

Raspberry-503 wrote: Thu Jan 04, 2024 11:53 am
I have decided to go and meet the guy [...] and get a sense of whether this is a person I can develop a relationship of mutual respect or not,
Maybe I’m being cynical, but whatever respect you might develop for him, you shouldn’t expect it to be mutually reciprocated. I would go in with the assumption that your value to him and Fidelity is quantifiable on a pocket calculator. I’d treat it like buying a car, except the risks are much higher (overpay $1000 for a car versus tens-to-hundreds of thousands in fees, expenses, reduced gains over a lifetime).

Every happy customer thinks they have a relationship of mutual respect with their Edward Jones advisor.
User avatar
8foot7
Posts: 4437
Joined: Mon Jan 05, 2015 6:29 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by 8foot7 »

stan1 wrote: Wed Jan 03, 2024 12:33 pm 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.
This, 100%. Do successful investors really find it hard to say "no thank you, that doesn't interest me right now?" In the meantime you have a named contact at a place that holds a bunch of your money. And maybe you learn something. Maybe you don't. No need to spend more than 30 minutes either way, unless things are going well.
The idea that one takes a meeting like this and will accidentally slip, fall, and land in a wrap account is silly. We're adults. Learn to say no if you don't want something.
jaMichael
Posts: 375
Joined: Sun Mar 12, 2023 12:23 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by jaMichael »

FYI, here's how Fidelity representatives are compensated.

https://www.fidelity.com/bin-public/060 ... sation.pdf
zero_coupon
Posts: 668
Joined: Sun Jun 05, 2022 5:26 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by zero_coupon »

nisiprius wrote: Wed Jan 03, 2024 12:23 pm 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?
What about CFA (Chartered Financial Analyst)? Isn't that the highest level of certification in this field?
zero_coupon
Posts: 668
Joined: Sun Jun 05, 2022 5:26 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by zero_coupon »

Raspberry-503 wrote: Wed Jan 03, 2024 12:01 pm 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 don't think anything good can come out of this meeting. You clearly have a well-defined plan and know how to execute it. The meeting could become awkward or contentious if the advisor feels his/her "expertise" is being challenged. Why not just postpone the visit until you actually need something from them?
retireIn2020
Posts: 860
Joined: Sat Jan 04, 2020 5:13 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by retireIn2020 »

Before I retired in 2020, I met with a local Fidelity advisor at a branch location in late 2018 or early 2019 (don't remember).

Advisor did not try to sell me anything, he basically gave me all the information and my options.

Me being on the protective side, explained to him that I wanted 5% return guaranteed. At the time rates were in the 1% to 2% range for short term etc.
He explained that the only way to do that is to take more risk, because you have to Invest to beat inflation. He recommended a minimum of a 40/60 AA.

Me, being very conservative, since I had to protect my retirement that was scheduled in the next couple years, took all of his information in. We shook hands, and I left.

I started studying at the time (like you study for and exam). Found the bogleheads, studied more. turned out the Fidelity advisor was preaching the same story. I ended up with a 50/50 AA and am very comfortable with it.

Fidelity has never tried to sell me anything I didn't want.

Now? I have an advisor at Fidelity (no fee), he's a VP and very knowledgeable, we meet once a year or anytime I want to contact him to review my portfolio or discuss an investment. Basically, I call him, and he confirms that I'm making the right decision (and we get into some detailed discussions).
Honestly, I think he think he likes talking to somebody that Know's the bogglehead philosophy, no idea. :D

Not sure why they don't charge me a fee?
https://www.merriam-webster.com/dictionary/abide
NYCaviator
Posts: 2299
Joined: Sat Apr 09, 2016 5:06 pm
Location: NYC

Re: Appointment with local Fidelity Rep: should I bother?

Post by NYCaviator »

Why waste your time? If there's nothing you need from the local rep, even if they don't try to sell you anything, you're just burning an hour or so of your time for no reason at all. It's not like a local rep is going to be able to do anything different than the folks you call on the phone.
jaMichael
Posts: 375
Joined: Sun Mar 12, 2023 12:23 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by jaMichael »

I think it depends on the person you get. I’ve had one bad rep and one who so far seems good.

Ultimately, I think you have to look at aligned versus unaligned interests. Reps get compensated in some ways that align with your interests: (1) they make a very, very small amount of money when you hold investments in index ETFs; (2) their compensation turns in part on annual customer satisfaction surveys, so they want to make you happy; and (3) they make money when you transfer money to Fido that you wanted to transfer to Fido anyway (excluding 401ks). In other ways, the interests don’t align — they make considerably more money by getting you to invest in expensive products you don’t want, by enrolling you in wealth management services, or by getting you to transfer money that you’re better off keeping elsewhere.

As long as you keep this in mind, I don’t see any problem with meeting with your rep or with maintaining a relationship with one. That being said, I suspect that any regular reader of this forum knows more about investing and financial planning than the typical rep. That has been my experience, and I consider myself to be in the bottom half of sophistication among regular users of this forum. So even putting aside the issue of misaligned interests, I would use this forum to double check any investment advice you receive from your rep.
student
Posts: 11063
Joined: Fri Apr 03, 2015 6:58 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by student »

penumbra wrote: Thu Jan 04, 2024 12:32 am 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!
Since you are in Private Wealth Management, you are already paying for the service. I think the OP's version is different. In any case, I have a friend who has a free one and he is happy with the service.
student
Posts: 11063
Joined: Fri Apr 03, 2015 6:58 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by student »

beyou wrote: Thu Jan 04, 2024 11:34 am I would suggest to google the person and see if you can find out about their experience to date.
At least know if you are dealing with someone fresh out of school and a new securities license, or a seasoned CFA !


I wonder if you can ask for a different person (or diplomatically ask questions of the inexperienced person and suggest maybe they can escalate to someone who can help) ?

Is there any level of assets at which they not only assign a rep but an experienced rep ?
I would find it a waste of time to have an annual meeting with someone young and far less experience than myself.
Yes!!! One time I did a broker check. According to FINRA, the person had declare bankruptcy. Granted, there are many reasons to do so and it may not be his/her fault but it is not a plus.
User avatar
beyou
Posts: 7309
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Appointment with local Fidelity Rep: should I bother?

Post by beyou »

jaMichael wrote: Fri Jan 05, 2024 7:15 pm FYI, here's how Fidelity representatives are compensated.

https://www.fidelity.com/bin-public/060 ... sation.pdf
Wow that’s enlightening. Branch reps get 45% of their comp outside their base salary. Lots of incentive to spend time with clients, selling, advising. It is a little vague in some parts like client engagement. Sounds like just reward for having consults like the OP is considering, but the details make it sound like it is a reward for getting the client to make certain sticky investments.
User avatar
nedsaid
Posts: 19505
Joined: Fri Nov 23, 2012 11:33 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by nedsaid »

My take has been for a small investor to take advantage of free consultations, reviews and education, even if you are a do-it-yourself investor. Fidelity posts a lot of videos on YouTube, you don't need to visit an office or meet anyone in person. I notice a lot of their videos show to such things as how to place trades, navigate the website, etc. You can also take advantage of whatever webinars are offered. Going in to see a rep is good experience to understand how the process, particularly financial planning and portfolio review works. I do like meeting in person, though for me it has been a while.
A fool and his money are good for business.
SteveinVanvcouverWA
Posts: 81
Joined: Sun Feb 17, 2008 11:26 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by SteveinVanvcouverWA »

Before I met with my local Fidelity advisor, I tried using customer service to open a Fidelity business account but with recurrent roadblocks because I couldn’t provide some documentation they required about my business that I didn’t have because it didn’t apply to my business. Then I met with my local Fidelity representative and she had someone on her team quickly break through the roadblock so I finally could open the business account. She didn’t try to sell me anything. So overall very useful.
grok87
Posts: 10529
Joined: Tue Feb 27, 2007 8:00 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by grok87 »

beyou wrote: Sat Jan 06, 2024 8:10 am
jaMichael wrote: Fri Jan 05, 2024 7:15 pm FYI, here's how Fidelity representatives are compensated.

https://www.fidelity.com/bin-public/060 ... sation.pdf
Wow that’s enlightening. Branch reps get 45% of their comp outside their base salary. Lots of incentive to spend time with clients, selling, advising. It is a little vague in some parts like client engagement. Sounds like just reward for having consults like the OP is considering, but the details make it sound like it is a reward for getting the client to make certain sticky investments.
yup. a big red flag for me
RIP Mr. Bogle.
User avatar
illumination
Posts: 3297
Joined: Tue Apr 02, 2019 6:13 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by illumination »

Raspberry-503 wrote: Wed Jan 03, 2024 11:32 am are they just going to try and sell me high-fee services or investments?

Yes, they are. They are not scheduling an in-person meeting to just be helpful.

They have to hit sales numbers, and they consider you to be a good lead. You agreeing to the meeting is telling them you are open to their sales pitch. It will then be some awkward exchange where they want to sign up for something and you don't want to.

I can't imagine anything you'll learn from this meeting that you couldn't find on your own in a few minutes on this forum.

I don't think this makes Fidelity "evil" it's just a reality in that they are a business and this is how they actually make money. They don't make money off of Bogleheads in self-directed accounts with all their money in various ETFs.
User avatar
Squirrel208
Posts: 352
Joined: Sat Sep 12, 2020 4:34 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by Squirrel208 »

illumination wrote: Sat Jan 06, 2024 2:44 pm
Raspberry-503 wrote: Wed Jan 03, 2024 11:32 am are they just going to try and sell me high-fee services or investments?
Yes, they are. They are not scheduling an in-person meeting to just be helpful.

They have to hit sales numbers, and they consider you to be a good lead. You agreeing to the meeting is telling them you are open to their sales pitch. It will then be some awkward exchange where they want to sign up for something and you don't want to.

I can't imagine anything you'll learn from this meeting that you couldn't find on your own in a few minutes on this forum.

I don't think this makes Fidelity "evil" it's just a reality in that they are a business and this is how they actually make money. They don't make money off of Bogleheads in self-directed accounts with all their money in various ETFs.
No doubt the Fidelity rep would love to pad his/her compensation by selling products and/or services where possible and appropriate. But it's also certainly possible that they're actually reaching out with the goal of simply being helpful.

In the initial thread post the OP mentioned that the Fidelity rep on the phone had identified him as a "high net worth client." Fidelity offers a complimentary Private Client Group (PCG) level of customer service on an invitation-only basis to qualifying customers with $1M or more in custodial assets at Fidelity. This is different, but not mutually exclusive, to the paid AUM advisory services they offer under their Private Wealth Management (PWM) program.

I'm familiar with the PCG program because I've been participating in it for the past 7 years or so. My portfolio is 100% self-directed. All but a 4% position in AAPL is invested in Fidelity money market funds (18%) and low-fee index equity funds (60% VTI + 18% FSKAX.) Customer service has been great and I've never been pressured to purchase any products or services. The leader of my particular PCG team is VP-level CFP. I call them when I need them, and they call me a couple of times a year just to check in and let me know they're available to meets whatever needs I might have.

For me, Fidelity PCG has been a valuable and welcome experience. My first step in getting invited to participate in it was to take a meeting with a Fidelity rep. YMMV.
User avatar
Topic Author
Raspberry-503
Posts: 1045
Joined: Sat Oct 03, 2020 6:42 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

Yeah, I'm not sure whether "high net worth" was to stroke my ego or not. I don't yet have a million in my brokerage, but I definitely have more than that with Fidelity once I throw in the IRAs
tibbitts
Posts: 24384
Joined: Tue Feb 27, 2007 5:50 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by tibbitts »

zero_coupon wrote: Fri Jan 05, 2024 9:02 pm
nisiprius wrote: Wed Jan 03, 2024 12:23 pm 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?
What about CFA (Chartered Financial Analyst)? Isn't that the highest level of certification in this field?
Although the CFA is known for being difficult to obtain, I don't think it's generally considered a hierarchical relationship for purposes of being a personal adviser. My understanding is that a CFA is more appropriate for individual security analysis and institutional investing. It's sort of like asking whether an MD is a higher level degree than a DVM: they're related, but one is not entirely a superset of the other.
zero_coupon
Posts: 668
Joined: Sun Jun 05, 2022 5:26 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by zero_coupon »

tibbitts wrote: Sat Jan 06, 2024 7:53 pm Although the CFA is known for being difficult to obtain, I don't think it's generally considered a hierarchical relationship for purposes of being a personal adviser. My understanding is that a CFA is more appropriate for individual security analysis and institutional investing. It's sort of like asking whether an MD is a higher level degree than a DVM: they're related, but one is not entirely a superset of the other.
I see, thanks.
Ninjadoc
Posts: 26
Joined: Fri Aug 07, 2020 8:19 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by Ninjadoc »

I'm feeling left out. How high of a total account balance do you need with Fidelity to be contacted re: "free" advisor consult? There's also no local Fidelity office in my town.
livesoft
Posts: 86615
Joined: Thu Mar 01, 2007 7:00 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by livesoft »

Ninjadoc wrote: Mon Jun 10, 2024 1:52 pm I'm feeling left out. How high of a total account balance do you need with Fidelity to be contacted re: "free" advisor consult? There's also no local Fidelity office in my town.
I have less than $50K at Fidelity and get calls.
Wiki This signature message sponsored by sscritic: Learn to fish.
RyeBourbon
Posts: 1435
Joined: Tue Sep 01, 2020 12:20 pm
Location: Delaware/Philly

Re: Appointment with local Fidelity Rep: should I bother?

Post by RyeBourbon »

Raspberry-503 wrote: Sat Jan 06, 2024 4:53 pm Yeah, I'm not sure whether "high net worth" was to stroke my ego or not. I don't yet have a million in my brokerage, but I definitely have more than that with Fidelity once I throw in the IRAs
Did you ever have that meeting? How did it go?
Retired June 2023. LMP (TIPS Ladder/SS Bridge) 25%/Risk Portfolio 75%, AA = 60/30/10
User avatar
vnatale
Posts: 3894
Joined: Sat Jul 31, 2010 8:50 pm
Location: Montague, MA

Re: Appointment with local Fidelity Rep: should I bother?

Post by vnatale »

jaMichael wrote: Wed Jan 03, 2024 11:53 am 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.
Have many times read here something similar to that ....
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
User avatar
max12377
Posts: 300
Joined: Tue Jul 15, 2008 4:02 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by max12377 »

I just had 3 separate calls. I ignored all of them. Based on the voicemails, it was pretty clear these were calls designed to get me to call back so they could ultimately sell me something. For example, "Hey Fidelity has a more tax efficient investment than VTI in your taxable account, I'd like to discuss that with you" Ok, then why not just leave it on my voice mail and I'll look it up? Sorry, but Homey don't play that.
rkhusky
Posts: 18388
Joined: Thu Aug 18, 2011 8:09 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by rkhusky »

max12377 wrote: Tue Jun 11, 2024 9:34 am I just had 3 separate calls. I ignored all of them. Based on the voicemails, it was pretty clear these were calls designed to get me to call back so they could ultimately sell me something. For example, "Hey Fidelity has a more tax efficient investment than VTI in your taxable account, I'd like to discuss that with you" Ok, then why not just leave it on my voice mail and I'll look it up? Sorry, but Homey don't play that.
I suppose it’s better than the salesman knocking on your door like Edward Jones.
Hebell
Posts: 1088
Joined: Wed Aug 12, 2020 1:56 am
Location: Boca Raton, FL

Re: Appointment with local Fidelity Rep: should I bother?

Post by Hebell »

My meetings with Fidelity reps, always initiated by them, been very fruitful. Nothing like a timeshare chicken dinner meeting. No sales pitch.

They know we have only a small amount of equity etfs, and nearly all TIPS.
* They assisted Us in 401K rollovers, just to make it go faster with the name of the person doing it on the phone.
* They prompted us to shift from stable value funds quicker for our cash holdings, resulting in increased interest.
* We've talked about Qlacs.
* We've talked about their services for when we are cognitively not at our best, because we have a daughter that can't manage money for us.
* We've talked about deferred annuities.

So yeah, I consider them a great sounding board!
aruba joe
Posts: 57
Joined: Sat Dec 07, 2019 2:48 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by aruba joe »

I don't understand why people are afraid/against meeting with their Fido rep. Information is always good. Don't have to act on it but maybe you learn something.
I* meet with my FIDO rep periodically and always approach it as what I can learn from them. I stick to my core principals and they know that I will, so I never get a sales pitch.
User avatar
Eagle33
Posts: 2447
Joined: Wed Aug 30, 2017 3:20 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by Eagle33 »

Ninjadoc wrote: Mon Jun 10, 2024 1:52 pm I'm feeling left out. How high of a total account balance do you need with Fidelity to be contacted re: "free" advisor consult? There's also no local Fidelity office in my town.
For a DIY investor at Fidelity
Clients with $500K or more may qualify for a single point of contact for support and guidance.
per https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/applications/Fidelity_Offerings.pdf
grok87
Posts: 10529
Joined: Tue Feb 27, 2007 8:00 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by grok87 »

aruba joe wrote: Tue Jun 11, 2024 3:41 pm I don't understand why people are afraid/against meeting with their Fido rep. Information is always good. Don't have to act on it but maybe you learn something.
I* meet with my FIDO rep periodically and always approach it as what I can learn from them. I stick to my core principals and they know that I will, so I never get a sales pitch.
it's tricky right? two of my favorite quotes- a mind is like an umbrella, it only works when it's open.

the problem with having an open mind is that people tend to throw junk into it
RIP Mr. Bogle.
ROIGuy
Posts: 2499
Joined: Sun May 08, 2016 10:10 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by ROIGuy »

grok87 wrote: Thu Jun 13, 2024 4:40 pm
aruba joe wrote: Tue Jun 11, 2024 3:41 pm I don't understand why people are afraid/against meeting with their Fido rep. Information is always good. Don't have to act on it but maybe you learn something.
I* meet with my FIDO rep periodically and always approach it as what I can learn from them. I stick to my core principals and they know that I will, so I never get a sales pitch.
it's tricky right? two of my favorite quotes- a mind is like an umbrella, it only works when it's open.

the problem with having an open mind is that people tend to throw junk into it
+1000 I love those quotes!
rkhusky
Posts: 18388
Joined: Thu Aug 18, 2011 8:09 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by rkhusky »

aruba joe wrote: Tue Jun 11, 2024 3:41 pm I don't understand why people are afraid/against meeting with their Fido rep. Information is always good. Don't have to act on it but maybe you learn something.
I* meet with my FIDO rep periodically and always approach it as what I can learn from them. I stick to my core principals and they know that I will, so I never get a sales pitch.
Because I trust Bogleheads a lot more than a Fido guy.
User avatar
SmileyFace
Posts: 9502
Joined: Wed Feb 19, 2014 9:11 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by SmileyFace »

rkhusky wrote: Thu Jun 13, 2024 5:46 pm
aruba joe wrote: Tue Jun 11, 2024 3:41 pm I don't understand why people are afraid/against meeting with their Fido rep. Information is always good. Don't have to act on it but maybe you learn something.
I* meet with my FIDO rep periodically and always approach it as what I can learn from them. I stick to my core principals and they know that I will, so I never get a sales pitch.
Because I trust Bogleheads a lot more than a Fido guy.
I trust my Father more than my work associate- it doesn't mean that I fear my work associate. I like to have lunch with them both.
rkhusky
Posts: 18388
Joined: Thu Aug 18, 2011 8:09 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by rkhusky »

SmileyFace wrote: Thu Jun 13, 2024 6:02 pm
rkhusky wrote: Thu Jun 13, 2024 5:46 pm
aruba joe wrote: Tue Jun 11, 2024 3:41 pm I don't understand why people are afraid/against meeting with their Fido rep. Information is always good. Don't have to act on it but maybe you learn something.
I* meet with my FIDO rep periodically and always approach it as what I can learn from them. I stick to my core principals and they know that I will, so I never get a sales pitch.
Because I trust Bogleheads a lot more than a Fido guy.
I trust my Father more than my work associate- it doesn't mean that I fear my work associate. I like to have lunch with them both.
Who you have lunch with doesn’t seem relevant. Was the Fido guy offering lunch?

Meeting with a Fido guy to discuss investing would be a waste of time, since Bogleheads provides all the insights I need. And there are scores more people I would rather have lunch with than a Fido salesman.

And I don’t go to timeshare or investment presentations, even if they offer a free meal.
User avatar
SmileyFace
Posts: 9502
Joined: Wed Feb 19, 2014 9:11 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by SmileyFace »

rkhusky wrote: Thu Jun 13, 2024 6:52 pm
SmileyFace wrote: Thu Jun 13, 2024 6:02 pm
rkhusky wrote: Thu Jun 13, 2024 5:46 pm
aruba joe wrote: Tue Jun 11, 2024 3:41 pm I don't understand why people are afraid/against meeting with their Fido rep. Information is always good. Don't have to act on it but maybe you learn something.
I* meet with my FIDO rep periodically and always approach it as what I can learn from them. I stick to my core principals and they know that I will, so I never get a sales pitch.
Because I trust Bogleheads a lot more than a Fido guy.
I trust my Father more than my work associate- it doesn't mean that I fear my work associate. I like to have lunch with them both.
Who you have lunch with doesn’t seem relevant. Was the Fido guy offering lunch?

Meeting with a Fido guy to discuss investing would be a waste of time, since Bogleheads provides all the insights I need. And there are scores more people I would rather have lunch with than a Fido salesman.

And I don’t go to timeshare or investment presentations, even if they offer a free meal.
Did you ever meet with a Fido rep? I am guessing the answer is no. Mine has never tried to sell me anything so I don't consider him a salesman.
There really is nothing to fear. The drama is rediculous.
rkhusky
Posts: 18388
Joined: Thu Aug 18, 2011 8:09 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by rkhusky »

SmileyFace wrote: Thu Jun 13, 2024 7:09 pm
rkhusky wrote: Thu Jun 13, 2024 6:52 pm
SmileyFace wrote: Thu Jun 13, 2024 6:02 pm
rkhusky wrote: Thu Jun 13, 2024 5:46 pm
aruba joe wrote: Tue Jun 11, 2024 3:41 pm I don't understand why people are afraid/against meeting with their Fido rep. Information is always good. Don't have to act on it but maybe you learn something.
I* meet with my FIDO rep periodically and always approach it as what I can learn from them. I stick to my core principals and they know that I will, so I never get a sales pitch.
Because I trust Bogleheads a lot more than a Fido guy.
I trust my Father more than my work associate- it doesn't mean that I fear my work associate. I like to have lunch with them both.
Who you have lunch with doesn’t seem relevant. Was the Fido guy offering lunch?

Meeting with a Fido guy to discuss investing would be a waste of time, since Bogleheads provides all the insights I need. And there are scores more people I would rather have lunch with than a Fido salesman.

And I don’t go to timeshare or investment presentations, even if they offer a free meal.
Did you ever meet with a Fido rep? I am guessing the answer is no. Mine has never tried to sell me anything so I don't consider him a salesman.
There really is nothing to fear. The drama is rediculous.
I fear wasting my time.
roydornoch
Posts: 14
Joined: Sat Mar 06, 2010 9:51 pm
Location: Kentucky

Re: Appointment with local Fidelity Rep: should I bother?

Post by roydornoch »

I was contacted by the Nashville office for a meeting and went. It was low key but I took the initiative to state that I make my own decisions and was wasn't interested in having anything managed. The rep was helpful, didn't push, and said that I should call him if he could assist me with anything. He later signed me up for a promotion where I can get a $1,000 cash bonus for each $1 million that I move to Fidelity so that was a nice, unexpected benefit since I had planned to move my self-employed 401k from Vanguard to Fidelity anyway.
User avatar
SmileyFace
Posts: 9502
Joined: Wed Feb 19, 2014 9:11 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by SmileyFace »

rkhusky wrote: Thu Jun 13, 2024 7:11 pm
SmileyFace wrote: Thu Jun 13, 2024 7:09 pm
rkhusky wrote: Thu Jun 13, 2024 6:52 pm
SmileyFace wrote: Thu Jun 13, 2024 6:02 pm
rkhusky wrote: Thu Jun 13, 2024 5:46 pm

Because I trust Bogleheads a lot more than a Fido guy.
I trust my Father more than my work associate- it doesn't mean that I fear my work associate. I like to have lunch with them both.
Who you have lunch with doesn’t seem relevant. Was the Fido guy offering lunch?

Meeting with a Fido guy to discuss investing would be a waste of time, since Bogleheads provides all the insights I need. And there are scores more people I would rather have lunch with than a Fido salesman.

And I don’t go to timeshare or investment presentations, even if they offer a free meal.
Did you ever meet with a Fido rep? I am guessing the answer is no. Mine has never tried to sell me anything so I don't consider him a salesman.
There really is nothing to fear. The drama is rediculous.
I fear wasting my time.
That's fine. And now you pivotted to a different answer than casting an unfounded trust issue.
It does not mean many of us have gotten a lot of free guidance and advise about various specifics around retirement planning, RMDs, investment options, etc that have been useful.
Those answering positively here speak from experience of talking to their Fidelity rep. You always seem to drop by for some unknown hatred of Fidelity and love of Vanguard I can't quite understand.
You apparently have no experience talking to a Fidelity rep.
bltn
Posts: 1907
Joined: Mon Feb 20, 2017 8:32 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by bltn »

jebmke wrote: Wed Jan 03, 2024 11:35 am Given that you hold no assets that actually make them money, it is fair to assume they want to sell you wealth management services.
I think this may be right. But meeting somebody that you may want to consult with in person in the future may be useful. I d take the meeting.
MDfan
Posts: 1144
Joined: Tue Oct 18, 2016 7:32 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by MDfan »

popoki wrote: Wed Jan 03, 2024 9:39 pm Do you go to timeshare presentations for the free chicken dinner?
That is not why people go to timeshare presentations. We’ve gotten some great vacation deals and free show tickets in Vegas that way. Never been served a meal.
tibbitts
Posts: 24384
Joined: Tue Feb 27, 2007 5:50 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by tibbitts »

I'd meet with Fidelity if there was a more local office than 60-70 mile round trip from me. Has anyone had Fidelity encourage meeting online (Zoom, etc.)?
User avatar
Topic Author
Raspberry-503
Posts: 1045
Joined: Sat Oct 03, 2020 6:42 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by Raspberry-503 »

RyeBourbon wrote: Mon Jun 10, 2024 6:49 pm
Raspberry-503 wrote: Sat Jan 06, 2024 4:53 pm Yeah, I'm not sure whether "high net worth" was to stroke my ego or not. I don't yet have a million in my brokerage, but I definitely have more than that with Fidelity once I throw in the IRAs
Did you ever have that meeting? How did it go?
We had a nice chat but their main mission was to pitch ne their Direct Indexing account. Tried to convince me the TLH opportunities would more than make up for the fee. I had lot of question about it it (do you TLH Apple for Google?) and whether TLH opportunities disappear as you stop investing (I'm getting close to retirement). Once I told him it wasn't for me and have not heard from them since.
ROIGuy
Posts: 2499
Joined: Sun May 08, 2016 10:10 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by ROIGuy »

Raspberry-503 wrote: Thu Jun 13, 2024 11:07 pm
RyeBourbon wrote: Mon Jun 10, 2024 6:49 pm
Raspberry-503 wrote: Sat Jan 06, 2024 4:53 pm Yeah, I'm not sure whether "high net worth" was to stroke my ego or not. I don't yet have a million in my brokerage, but I definitely have more than that with Fidelity once I throw in the IRAs
Did you ever have that meeting? How did it go?
We had a nice chat but their main mission was to pitch ne their Direct Indexing account. Tried to convince me the TLH opportunities would more than make up for the fee. I had lot of question about it it (do you TLH Apple for Google?) and whether TLH opportunities disappear as you stop investing (I'm getting close to retirement). Once I told him it wasn't for me and have not heard from them since.
What was their response if they TLH Apple or Google, and the value of TLH over time or as you get close to retirement?
User avatar
max12377
Posts: 300
Joined: Tue Jul 15, 2008 4:02 pm

Re: Appointment with local Fidelity Rep: should I bother?

Post by max12377 »

Raspberry-503 wrote: Thu Jun 13, 2024 11:07 pm
RyeBourbon wrote: Mon Jun 10, 2024 6:49 pm
Raspberry-503 wrote: Sat Jan 06, 2024 4:53 pm Yeah, I'm not sure whether "high net worth" was to stroke my ego or not. I don't yet have a million in my brokerage, but I definitely have more than that with Fidelity once I throw in the IRAs
Did you ever have that meeting? How did it go?
We had a nice chat but their main mission was to pitch ne their Direct Indexing account. Tried to convince me the TLH opportunities would more than make up for the fee. I had lot of question about it it (do you TLH Apple for Google?) and whether TLH opportunities disappear as you stop investing (I'm getting close to retirement). Once I told him it wasn't for me and have not heard from them since.
Interesting. I think this is exactly why I have been getting called as well. I see you were getting that "you can save X in taxes" like me. This all makes sense now. Thank you for the follow up post. To be clear, my first few meetings were very fruitful and I learned a lot - no sales pitch - that came in later meetings. I know it's there job to sell, so I don't hold it against them. I just keep telling them I am self managed and eventually they stop calling for a bit. I am very happy with Fidelity overall. Super impressed with their customer service.
bondsr4me
Posts: 2511
Joined: Fri Oct 18, 2013 7:08 am

Re: Appointment with local Fidelity Rep: should I bother?

Post by bondsr4me »

If the Fidelity office is close by, I would go just to see/talk in person.
I don't see anything wrong with doing this.

That way, if something serious ever comes up that you need a face-to-face meeting,
at least you will know who you're dealing with.

I recently got a phone call from "my" rep asking to schedule a meeting.
Her picture/contact info now shows when I sign in to Fidelity.
This was after I recently transferred our IRA'S from VG to Fidelity.
I politely let her know I am a follower of Jack Bogle, Bogleheads, and am an indexer.

She understood and gave no pushback.
I believe in treating others with the same level of respect that I like to have when dealing with them.

Good Luck.
Post Reply