Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Fidelity's Private Wealth Mgmt Team Question
Old 08-20-2015, 10:26 PM   #1
Recycles dryer sheets
 
Join Date: Feb 2012
Posts: 438
Fidelity's Private Wealth Mgmt Team Question

Does anyone have experience with this level of financial service? Can you share the good, the bad, the ugly? I googled, but can't seem to find any info on this 'department' of Fido.

Some background info on us: We are clients of Fido's Private Client Group with some funds managed by their Portfolio Advisory Services Group. They have done a good job for us and we are not considering leaving Fido because we are unhappy with them. We felt we needed a firm with more robust investment offerings, trust dept, life management services, etc. and had decided to transfer most of our funds out of Fido. As DH is retiring next spring, we felt this was a good time. We have no kids; other than MIL, no immediate family on DH's side; and only a brother (great guy, but kind of flaky) on my side. No friends we would feel comfortable with as a trustee.

Due to the long term relationship with Fido, I felt strongly that I needed to speak to our reps and let them know what we were doing. Well, obviously they don't want to lose our business and apologized for not relaying all their offerings to us. It appears their Private Wealth Mgmt Team will meet all of our needs with much lower fees.

DH and I have decided to put the transfer on hold and explore their offerings in this area. However, I can't seem to figure out the difference between this group and the Private Client Group. The description from my rep sounds great and may even be a bit more comprehensive in the tax planning dept than what the other firm has to offer.

Any insight are greatly appreciated.
__________________

__________________
TrvlBug is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-21-2015, 12:59 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 1,662
Can I ask for a clarification? Are you referring to what is call Fidelity Wealth Advisor Solutions? My PC guy had talked about that a while ago... so did my Schwab lady (that is their version of this. I've never followed through with either.
I looked up "Fidelity Wealth Advisor Solutions" on Fido's site... still the same. It is really an introduction and some monitoring to a non-fidelity advisor, but one that will keep the assets at Fidelity with I would assume some will have some benefit to fidelity.
Like going out and finding an advisor on your own, how good or bad these are is highly dependent on how well the advisor meets you individual needs. Going through this service will most likely keep your $ @ Fidelity and mostly have trades going through Fidelity channels (my assumption). Fidelity may get something back but I don't know the details at this this time. It may be a fee for the advisor to be in the program, a finder fee, a small cut of the fee... or if nothing else getting the processing charges... I don't know for sure.
If this is truely "Fidelity's Private Wealth Mgmt Team", I'm not familiar with it and did not find that on Fidelity's site (but I did not search real closely).
If it is what I described, look carefully for advisors both in and out of the program. It is important that you can find an advisor that you can trust (and deserves you trust), will fulfill your needs and you can tolerate. While reps and advisors work to be your friends, remember they are in business. They are there to make money. Many of them really try to provide a good service and can be worth the charge is you need or want someone taking over.
If this program is the one I referenced, I see no reason not to look at the fidelity linked advisors, but judge them as you would your external ones. It is your decision and your future. Pick who you believe in. The big issue here is to be careful as there are many good sales people out there... both in and out of fidelity's program.

Good luck. I have no really good opinion on going in or outside for finding an adviser. I still deal mostly with my own investing and hire legal work independently of the brokerages... no real other advisers.
The most important thing is to pick what/who is best for you.... which is really hard to do at times.
__________________

__________________
bingybear is online now   Reply With Quote
Old 08-21-2015, 04:25 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 5,414
Quote:
Originally Posted by TrvlBug View Post
Does anyone have experience with this level of financial service? Can you share the good, the bad, the ugly? I googled, but can't seem to find any info on this 'department' of Fido.

Some background info on us: We are clients of Fido's Private Client Group with some funds managed by their Portfolio Advisory Services Group. They have done a good job for us and we are not considering leaving Fido because we are unhappy with them. We felt we needed a firm with more robust investment offerings, trust dept, life management services, etc. and had decided to transfer most of our funds out of Fido. As DH is retiring next spring, we felt this was a good time. We have no kids; other than MIL, no immediate family on DH's side; and only a brother (great guy, but kind of flaky) on my side. No friends we would feel comfortable with as a trustee.

Due to the long term relationship with Fido, I felt strongly that I needed to speak to our reps and let them know what we were doing. Well, obviously they don't want to lose our business and apologized for not relaying all their offerings to us. It appears their Private Wealth Mgmt Team will meet all of our needs with much lower fees.

DH and I have decided to put the transfer on hold and explore their offerings in this area. However, I can't seem to figure out the difference between this group and the Private Client Group. The description from my rep sounds great and may even be a bit more comprehensive in the tax planning dept than what the other firm has to offer.

Any insight are greatly appreciated.

we have fidelity private access . they do not handle your money at all. all it gives yoyu is some perks and an actual experienced account rep instead of the random clerk who answers the phone.

the advisory service actually handles your money for a fee . they charge you a mgmt fee on top of the fund fees .
__________________
mathjak107 is offline   Reply With Quote
Old 08-22-2015, 08:57 PM   #4
Recycles dryer sheets
 
Join Date: Feb 2012
Posts: 438
Quote:
Originally Posted by bingybear View Post
Can I ask for a clarification? Are you referring to what is call Fidelity Wealth Advisor Solutions? My PC guy had talked about that a while ago... so did my Schwab lady (that is their version of this. I've never followed through with either.
I looked up "Fidelity Wealth Advisor Solutions" on Fido's site... still the same. It is really an introduction and some monitoring to a non-fidelity advisor, but one that will keep the assets at Fidelity with I would assume some will have some benefit to fidelity.
Like going out and finding an advisor on your own, how good or bad these are is highly dependent on how well the advisor meets you individual needs. Going through this service will most likely keep your $ @ Fidelity and mostly have trades going through Fidelity channels (my assumption). Fidelity may get something back but I don't know the details at this this time. It may be a fee for the advisor to be in the program, a finder fee, a small cut of the fee... or if nothing else getting the processing charges... I don't know for sure.
If this is truely "Fidelity's Private Wealth Mgmt Team", I'm not familiar with it and did not find that on Fidelity's site (but I did not search real closely).
If it is what I described, look carefully for advisors both in and out of the program. It is important that you can find an advisor that you can trust (and deserves you trust), will fulfill your needs and you can tolerate. While reps and advisors work to be your friends, remember they are in business. They are there to make money. Many of them really try to provide a good service and can be worth the charge is you need or want someone taking over.
If this program is the one I referenced, I see no reason not to look at the fidelity linked advisors, but judge them as you would your external ones. It is your decision and your future. Pick who you believe in. The big issue here is to be careful as there are many good sales people out there... both in and out of fidelity's program.

Good luck. I have no really good opinion on going in or outside for finding an adviser. I still deal mostly with my own investing and hire legal work independently of the brokerages... no real other advisers.
The most important thing is to pick what/who is best for you.... which is really hard to do at times.
Nope, not Fidelity Wealth Advisor Solutions or anything else on their website. The dept/program is not publicized on their site. It is interesting and I will be getting into the detail with them next week. It appears the other company has greater strengths in the investment type area (Fidelity being too conservative a company), however, Fido appears to be much stronger in the tax planning arena. I'll be comparing these 2 side by side in depth and making our decision. I'm glad I talked to my rep, otherwise, would not have been aware of this program.
__________________
TrvlBug is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Vanguard or TIAA-CREF personal asset mgmt? shiody FIRE and Money 0 06-03-2015 04:07 PM
Free "Quicken Alternative"? ACE Money Mgmt Amethyst FIRE and Money 3 12-29-2014 09:12 AM
Fidelity Private Client Gr vs Vanguard Flagship Lazyfabs FIRE and Money 31 04-01-2014 05:08 AM
Holding non-fidelity funds at fidelity panhead FIRE and Money 16 05-02-2013 08:37 AM
USAA Wealth Mgmt njonge01 Other topics 3 08-10-2011 03:25 PM

 

 
All times are GMT -6. The time now is 02:30 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.