Fidelity Premium Services

[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.

 

[haha]

You did the right thing. Block his calls!

Ha

 

[nwsteve]

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.
Nwsteve

 

[panacea]

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.

 

[nwsteve]

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.
Nwsteve

 

[ShortInSeattle]

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

 

[Dimsumkid]

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.

 

[audreyh1]

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.

 

[audreyh1]

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.

 

[scrabbler1]

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.

 

[Animorph]

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.

 

[zaqxsw]

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.

 

[jerome len]

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.

 

[foxfirev5]

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.

 

[youbet]

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).

 

[JohnDoe]

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.

 

[travelover]

If you need financial education, buy Money magazine .

 

[Dawg52]

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.

 

[tdv2]

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.

 

[LOL!]

^Fidelity changed to new initial minimums this week, so $100K is the old number.

 

[Cheesehead]

+1 I would highly recommend meeting your Fidelity rep annually, it's free. We have met several over the years and one of the best things I got out of it is how to use their online Monte Carlo calculator to it's highest advantage. Your rep has much more experience and the projection calculator they use in their office is more detailed and sophisticated than the one online.

When you meet with the rep they can lay out various scenarios but what was even more helpful is they give you a retirement expenses workbook to fill out, then when you return in a couple of weeks they plug in those numbers. So we found there's really two meetings needed, the first to lay everything out and the second one to plug in various retirement budgets.

Our rep did not try to sell us anything, we are conservative and for the most part I self direct our portfolio, but I really appreciated having him run various projections based on different scenarios of which year to retire, pension, SS, 4% Rule, etc. So my advice is to do it, at least for the calculations.

 

[bondi688]

I have found Fidelity gives much better and personal service to its customers when you have enough holdings to get you into the premium service or private client classification.

 

[Dimsumkid]

If you get to Fidelity Private Client level, if you get offered some of the perks, they are pretty darn good. We get 2-4 offers/year, pro sporting events - the kind we'd never pay out for and wondered who'd ever pay for these kind of seats. These are the skybox seats w/all you can eat food, drinks, parking and memorabilia to take home. We've also been invited to expensive theater, orchestra and food/wine events at local restaurants. DW got to experience a private day of golf w/LPGA pro and a basic lesson. I can tell you DS has memories for a lifetime since we normally get tickets to sporting events in the nosebleed section. To top it off, there's never been any pressure to invest/buy any services either.

 

[bondi688]

Dimsumid:
I need to move to where you live and get hook up with the Fidelity office that service you. Mine offers good and responsive actions, but none of the perks you are talking about. There were actual investment events you can go to in the heyday in the mid 2000's, where there were food, beer and wine, now they are just webcast.
BTW, you are into dim sum?

 

[Dimsumkid]

I need to move to where you live and get hook up with the Fidelity office that service you. Mine offers good and responsive actions, but none of the perks you are talking about.

I have to say it depends on the branch. My original branch offered only the LPGA pro outing in 10 yrs as a Private Client, then I moved and switched branches. This new branch has been great offering social outings to us. The new rep I got asked if events had been offered to us in the past and he confirmed my old branch never did many event offerings to clients. Maybe the money used for these outings came out of a shared pool? If they don't use it, they get to keep it?