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Fidelity Premium Services
Old 12-11-2012, 05:23 PM   #1
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Fidelity Premium Services

I was contacted by a Fidelity rep that I assume was from the premium services group. I did not return the phone call.

Now I am considering hearing what they have to say. I believe there is a free consultation.

Has anybody used this service?

Thanks.
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Old 12-11-2012, 05:38 PM   #2
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You did the right thing. Block his calls!

Ha
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Old 12-11-2012, 06:30 PM   #3
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Originally Posted by JohnDoe View Post
I was contacted by a Fidelity rep that I assume was from the premium services group. I did not return the phone call.

Now I am considering hearing what they have to say. I believe there is a free consultation.

Has anybody used this service?

Thanks.
If you have invested assets with Fido of a Million or more, you are assigned a Private Client Rep. Mine calls one a year or more if I ask her. She is third one I have had and all have been acceptable. I use them to facilitate getting a problem fixed or to learned how to use better some of their great online analysis tools.
Nothing really to fear, and if you do not hit it off with the rep you get, you can ask for another.
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Old 12-11-2012, 06:55 PM   #4
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I received a call without $1 million. It's their job to see how they can grow the relationship either by having you bring over more assets or selling more services.
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Old 12-11-2012, 07:15 PM   #5
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I received a call without $1 million. It's their job to see how they can grow the relationship either by having you bring over more assets or selling more services.
Equally possible answer if you do not have a Million with them. I was keying on OP's comment that he thought it was from the "Premium Group".
We get some great benefits from our Fido relationship without all the administrative rigidness of Vanguard where we also have a relationship.
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Old 12-11-2012, 07:45 PM   #6
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Quote:
Originally Posted by JohnDoe
I was contacted by a Fidelity rep that I assume was from the premium services group. I did not return the phone call.

Now I am considering hearing what they have to say. I believe there is a free consultation.

Has anybody used this service?

Thanks.
Yup. We meet with our Fidelity advisor a couple times a year. Free service (we're less than a million), he's given us tips on how to use their analysis tools, and suggestions for funds that might eke out a bit better than money market rates for our emergency fund.

No hard sell, just a resource. I bet it varies though, per person.

SIS
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Old 12-11-2012, 08:04 PM   #7
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Here's the criteria:

Fidelity Premium Services is generally available to investors whose eligible retail household relationship assets are at least $250,000 or for customers with annual household trading activity of 36 or more trades and a minimum of $100,000 in assets.
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Old 12-11-2012, 08:21 PM   #8
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Quote:
Originally Posted by JohnDoe View Post
I was contacted by a Fidelity rep that I assume was from the premium services group. I did not return the phone call.

Now I am considering hearing what they have to say. I believe there is a free consultation.

Has anybody used this service?

Thanks.
This is probably just a courtesy call to let you know you have someone assigned to you. They do like to review your portfolio once a year, but I wouldn't call it a formal consultation, more like just checking in with you to see how it's going for you.
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Old 12-11-2012, 08:22 PM   #9
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Originally Posted by ShortInSeattle View Post
Yup. We meet with our Fidelity advisor a couple times a year. Free service (we're less than a million), he's given us tips on how to use their analysis tools, and suggestions for funds that might eke out a bit better than money market rates for our emergency fund.

No hard sell, just a resource. I bet it varies though, per person.

SIS
Exactly - perfect description.
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Old 12-11-2012, 10:31 PM   #10
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I have my own Account Executive with Fidelity and have been using his/her assistance since 2008 when my ER plans were taking shape. My AE was helpful in showing me some of the ins and outs of the Fidelity website, helping me with the Retirement Income Planner software, and answering my questions about Fidelity issues. It is handy to have my own AE rather than calling the 1-800 phone number because some of my questions relate to my own portfolio and my AE already knows a lot about it and my situation in general so I don't have to explain it over and over to a phone rep. I finally met my current AE after several phone conversations in the last 2 years and have referred a friend of mine (mentioned in another thread) to him.

I got passed around to different AEs in 2008-2010 because of turnover at the local office but I did have one bad apple there who seemed to try to "poach" me from another AE and want to take over the management of my account for a fee. I found him pushy and asked his boss to be switched to someone else. I recently learned that he has since left Fidelity.

I basically agree with ShortInSeattle and Audreyh1.
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Old 12-12-2012, 12:51 PM   #11
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I keep my Fidelity rep in the loop just in case DW gets stuck trying to manage everything by herself. He knows I'm DIY, and has suggested a few (non Fidelity!) funds I might like. He dutifully asks if I would like to transfer my other assets to Fidelity, but it's just once and over. Not a burden, though probably still more than I would normally want.
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Old 12-13-2012, 07:35 AM   #12
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I keep my Fidelity rep in the loop just in case DW gets stuck trying to manage everything by herself. He knows I'm DIY, and has suggested a few (non Fidelity!) funds I might like. He dutifully asks if I would like to transfer my other assets to Fidelity, but it's just once and over. Not a burden, though probably still more than I would normally want.
I've been with them for over 20 years. I met with my rep for the first time in Feb. and found it worth while. I also did it primarily so DW would have some place to start if I was no longer around. And, as nwsteve said, it was a good review of all of their analysis tools! They are not on commission, so there was no pressure involved.
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Old 12-13-2012, 11:59 AM   #13
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Fidelity is a sales organization with the goal to sell product. And, that's grest if you need it. If you need financial education, buy Money magazine or a couple of good basic financial books. A few years, ogo, Fidelity wanted to manage some cash I was going to put in muni bonds earning 200 basis points or 2 percent. Their fee? 1.5% or 150 basis points........not a good deal for me.

I have some money with Fidelity, have a little financial knowledge and have most of my money with Vanguard......for one reason and one reason only.......they are cheaper overall for my portfolio.

There really isn't a right or wrong way for anyone to tell you, in my opinion. But, get educated so when a salesperson calls you know what you want and should buy.
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Old 12-13-2012, 12:26 PM   #14
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I get the call every once in a while. After about a minute they say "It looks like your on course" and conclude the call.
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Old 12-13-2012, 12:33 PM   #15
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I have some money with Fidelity, have a little financial knowledge and have most of my money with Vanguard......for one reason and one reason only.......they are cheaper overall for my portfolio.

Yep, Vanguard is low cost no doubt about it. But you can control costs at Fidelity, Schwab, etc to come close to Vanguard costs. And, for some of us with spouses who would likely do better with a live person should they need to take some actions without you, Fidelity, Schwab and similar have advantages.

I don't think you can really go wrong with Vanguard, Fidelity or Schwab if you understand costs, if their brokerage accomodates your trading and research needs (a minor negative with Vanguard) and you are insensitive to occasional sales pitches (a minor negative with Fidelity and Schwab).
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Old 12-14-2012, 07:18 PM   #16
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Thanks for the replies.

I am not really interested in paying for any kind of management or asset allocation. But I would be willing to listen to advise or tips on using the online tools and my overall retirement plan - or lack there of.

Based on the feedback here, I think I will cautiously pursue contact.

Thanks.
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Old 12-14-2012, 07:55 PM   #17
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If you need financial education, buy Money magazine .
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Old 12-15-2012, 08:57 AM   #18
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Thanks for the replies.

I am not really interested in paying for any kind of management or asset allocation. But I would be willing to listen to advise or tips on using the online tools and my overall retirement plan - or lack there of.

Based on the feedback here, I think I will cautiously pursue contact.

Thanks.
Sounds like a plan. Just tell them that. I have never had a Fidelity rep try to pressure me into anything.
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Old 12-15-2012, 09:32 AM   #19
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Sounds like a plan. Just tell them that. I have never had a Fidelity rep try to pressure me into anything.

+1. My Fidelity rep doesn't try to push anything on me. And as others have said, you can control costs right in-line with Vanguard costs. The Spartan Advantage index funds are right in-line with Vanguard expense ratios, albeit you do need to have a $100k invested in the fund.
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Old 12-15-2012, 09:45 AM   #20
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^Fidelity changed to new initial minimums this week, so $100K is the old number.
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