Fidelity Private Client Gr vs Vanguard Flagship

[braumeister]

They taught me how to use RIP

That's a good point. Fidelity's RIP is much more sophisticated than it appears at first glance. My rep also showed me how to get the most out of it.

 

[mathjak107]

Is this the same as the Fidelity Retirement Income Planner which you can also do it on your own or is it something different?

it is much more inclusive than the on line one with more scenerio ability

 

[scrabbler1]

That's a good point. Fidelity's RIP is much more sophisticated than it appears at first glance. My rep also showed me how to get the most out of it.

There are two different levels of entering one's expenses in the Fido RIP program. One is a broader, less detailed method while the other is more detailed. The first time I met with an Account Executive, we used the simpler form. This was good enough when I was first forming my ER plan in 2007-08. But later on, after I had ERed and had gotten switched to other AEs, I was shown how to use the more detailed method and now feel more comfortable with it although I had one AE help me out with it the first time.

 

[MRG]

Good point Scrabbler1, when I changed to the detailed method, the final numbers are much different. My rep taught me that. I believe its related to healthcare cost forcasts.

If you change their default inflation rate, the output changes as well. Went opposite of what I thought.
MRG

 

[BellBarbara]

We just made a decision on this after dragging feet for 2 years. We are moving to Vanguard. My husband worked for Fidelity (on the tech side) and after evaluating what would be best for us, we chose Vanguard.

Even when he was an employee we received a hideous proposal from them suggesting about 35 diff funds, some of which were absolutely terrible funds. They also kept trying to sell my husband annuities. They are on commission, they need to sell.

We need simplicity, and honestly, my husband gets talked into things easily, so we are moving. I know our phone is going to burn up when they get the notice from Vanguard.

Also a huge personal pet peeve of mine is that the Fidelity rep only wanted to talk to my husband, and lied to me once on the phone. I asked if he was calling about the account, and he said no, something else. But that was not true. grrrrrrrrrrrrrrrr And yes, I had a large rollover IRA there from one of my employers, so it's not that he was the only one with an account.

 

[mickeyd]

I have been a VG Flagship client for 10+ years and have no complaints. I also make few demands on the CS rep time. I have spoken to my FS rep twice in the past year. Prior to that once.

I am a very low maintenance VG DIYer who wants to DIY as long as I am able to.

I had a Fido brokerage account years ago and don't recall anything about it other than I lost money on the investments (not Fido's fault).

 

[Huston55]

There are two different levels of entering one's expenses in the Fido RIP program. One is a broader, less detailed method while the other is more detailed. The first time I met with an Account Executive, we used the simpler form. This was good enough when I was first forming my ER plan in 2007-08. But later on, after I had ERed and had gotten switched to other AEs, I was shown how to use the more detailed method and now feel more comfortable with it although I had one AE help me out with it the first time.

We use the detailed expenses worksheet function also, which has an expanse category structure, allows entry of expenses for varying periods including one time expenses, supports distinction btwn essential and discretionary expenses, etc. RIP also allows multiple scenario analysis; varying expenses, distinction btwn and analysis of essential/discretionary expenses, varying inflation rates, varying expenses levels, LTC for one or both in a couple, taxes, RMDs, etc.

I think it's superior to FIRECalc and most other tools I've used. We've used it for years and plan to continue.