Fidelity Private Client Gr vs Vanguard Flagship

[Lazyfabs]

We are in apposition that if we consolidated our accounts to either Fidelity or Vanguard we would fall under one of these services plans.

Currently we have most of our money with Vanguard and on 401k plus misc at Fidelity.

We are also pretty much do it ourselves, index type investors. Since the incestment options, fess for funds, etc. are about the same we were wondering if one offered little more 'coddling, hand holding' sort of speak in regards to services once one hits that $1m+ mark. We do have some stick options, restricted stock at etrade that are starting to grow. Is the advice provided for things outside asset allocation type better at one vs the other.

Did google search, byput there is little out there or it's old regarding Fidelity Private Client group.

Thanks.

 

[MRG]

I sat in a presentation for Fidelity's Private Client service. Was not impressed. Active funds, not really excited about anything I saw. I'd say no they won't add value to your options, restricted shares etc.

Couple of months ago my sister had me review a proposal they put together for her. A bunch of funds(20?) some fidelity, some not. The one that got me, forget the name, sported a 2.55% ER, underperformed its benchmark forever. Granted it was only a small percentage of the portfolio.

I use Fidelity, happy with them, this offering, well I told my sister to run away. YMMV.
MRG

 

[GrayHare]

In my experience, it's not the company that matters but rather the advisor. Since which advisor you are assigned is basically random, there's no way to know the quality in advance.

 

[brewer12345]

What kind of bum-wiping were you exactly wanting? I am at that asset level with Schwab and I get regular calls from the rep I am assigned to and invitations to (mostly online) seminars and events, but it is chiefly a nuisance.

 

[Dimsumkid]

I sat in a presentation for Fidelity's Private Client service. Was not impressed. Active funds, not really excited about anything I saw. I'd say no they won't add value to your options, restricted shares etc.

Couple of months ago my sister had me review a proposal they put together for her. A bunch of funds(20?) some fidelity, some not. The one that got me, forget the name, sported a 2.55% ER, underperformed its benchmark forever. Granted it was only a small percentage of the portfolio.

I use Fidelity, happy with them, this offering, well I told my sister to run away. YMMV.
MRG

Your description isn't correct for Private Client Group, seems like you're describing a wealth advisor solution? You're not paying anything for this, just means have over 1 mil in assets and you get a dedicated account executive and a team you can call directly, shorter wait times, better benefits, pricing, access, etc. You get free turbotax deluxe (if you ask for it), special invitations to seminars.

 

[aja8888]

What kind of bum-wiping were you exactly wanting? I am at that asset level with Schwab and I get regular calls from the rep I am assigned to and invitations to (mostly online) seminars and events, but it is chiefly a nuisance.

I finally put a stop to this aggravation from Schwab by moving 1/2 my account to Vanguard where no one calls or e-mails you.

 

[MRG]

Your description isn't correct for Private Client Group, seems like you're describing a wealth advisor solution? You're not paying anything for this, just means have over 1 mil in assets and you get a dedicated account executive and a team you can call directly, shorter wait times, better benefits, pricing, access, etc. You get free turbotax deluxe (if you ask for it), special invitations to seminars.

I stand corrected. I'm in the privite client group. Yes get what you describe for free.

I was thinking about the Fidelity Statigic Advisor. My mistake.
Sorry,
MRG

 

[Lazyfabs]

What kind of bum-wiping were you exactly wanting? I am at that asset level with Schwab and I get regular calls from the rep I am assigned to and invitations to (mostly online) seminars and events, but it is chiefly a nuisance.

At vanguard we did the free financial plan few years ago. It was adequate for the most part nothing earth shattering. As the 'level/tier' of service rises having something more than canned advice would be nice. Is it worth more as a higher level of expertise set of eyes type of thing. As net value rises is the help provided more honed b/c of that rise. Tax advice as well. That sort of bum wiping guess. Thanks.

 

[brewer12345]

I finally put a stop to this aggravation from Schwab by moving 1/2 my account to Vanguard where no one calls or e-mails you.

No thanks. I like the service I get from Schwab and the calls are perfunctory since the dude knows I am a CFA and spent years in the asset management industry. Besides, I like having someone I can call up and scream at if anything ever goes wrong.

 

[braumeister]

I'm happy with Fidelity's Private Client group. My rep is a very nice guy and perfectly happy to accept that I'm a DIY guy. I still get invited to all their seminars and occasional outings, as well as a free Turbotax disc. As Dimsumkid said, it's sometimes really nice to have a fast lane when you need to talk to someone. They have been very helpful the few times I've taken advantage of it.
I would guess that Vanguard's Flagship service is similar, but I think Fidelity's customer service is superior (at least in my experience).

 

[nwsteve]

I'm happy with Fidelity's Private Client group. My rep is a very nice guy and perfectly happy to accept that I'm a DIY guy. I still get invited to all their seminars and occasional outings, as well as a free Turbotax disc. As Dimsumkid said, it's sometimes really nice to have a fast lane when you need to talk to someone. They have been very helpful the few times I've taken advantage of it.
I would guess that Vanguard's Flagship service is similar, but I think Fidelity's customer service is superior (at least in my experience).

+1
No question service is superior at Fidelity as is their administrative processes for dealing with transactions and reporting. Have been Flagship in past and now have 75% with Fidelity. Had multiple service issues with Vanguard and none with Fidelity. Both reps were congenial, my Fido rep is a CFP and knows her products extremely well. She understands I am DIY and never pushes anything but is quick to resolve questions and any issues.
Nwsteve

 

[MissMolly]

I just went through the hour long on-line meeting with the CFP at Vanguard. I recently consolidated all my investments with Vanguard so we had enough to qualify for the free session. Our investments were all over the place with no rhyme or reason to them. Since I retired I've done a lot of reading about not only asset allocation, but SS, RMD's Backdoor ROTH's, etc. I thought the meeting with the CFP at Vanguard was very helpful. Her recommendations were to move us into a 4 fund portfolio, all low cost index funds. She also recommended leaving some investments as they were since moving them would trigger some cap gains which we wanted to avoid. She initiated discussions with me on when would be best to apply for SS, when would be best to to ROTH conversions, RMD discussion - so all in all I felt it was quite thorough and helpful. She also brought to my attention I had failed to list beneficiaries on some accounts.

I then spent almost 3 hours on the phone with one of their representatives implementing the recommendations (with some changes). I thought everyone I spoke to was knowledgeable and helpful. However, not having had any experience with Fidelity, I cannot say if Vanguard was better or worse. I can only say I was satisfied with their service and professionalism.

 

[samclem]

Since the incestment options . . .

No matter what new lifestyle society now deems acceptable, I'll continue to resist any incestment opportunities . . .

 

[WhoDaresWins]

I have accounts at VG that I opened 10 years ago but never added to (even though they have performed very well). I plan to open one at Fidelity late summer to transfer in some 457b money to an IRA and also move some non-qualified funds. I will use their Spartan funds almost exclusively. The reason I am expanding into Fido is that they have a brick and mortar office about 45 minutes away, and I have heard their website is very user friendly. When I am finished with the move I will have in the seven figures so I guess this will get me some sort of a advisor. I have a brokerage account and Roth IRA at Schwab (which I will keep) but their index fund choices are limited and I am still a little befuddled by ETF's, hence the appeal of Fido. I like Schwab very much btw. Easy website and very responsive reps every time I have called them. They have an office in downtown Pittsburgh but I have never visited.

 

[mathjak107]

I'm happy with Fidelity's Private Client group. My rep is a very nice guy and perfectly happy to accept that I'm a DIY guy. I still get invited to all their seminars and occasional outings, as well as a free Turbotax disc. As Dimsumkid said, it's sometimes really nice to have a fast lane when you need to talk to someone. They have been very helpful the few times I've taken advantage of it.
I would guess that Vanguard's Flagship service is similar, but I think Fidelity's customer service is superior (at least in my experience).

i agree , i like our fidelity rep . we just had a customer appreciation dinner that was really top notch.

 

[Dimsumkid]

i agree , i like our fidelity rep . we just had a customer appreciation dinner that was really top notch.

I'm jealous! We've never had anything like this, the ones we get are sports or theater related. We did get an invite to a cheese/wine event w/appetizers once, but we turned it down.

 

[mathjak107]

our local office won some money from a customer satisfaction survey and threw a nice bash for the private access clients.

it was very very nice

 

[dessert]

our local office won some money from a customer satisfaction survey and threw a nice bash for the private access clients.

it was very very nice

We don't have a Fidelity brick and mortar office near here at all. Nearest one is in Houston Tx. (about 5 hour drive). I hear everyone talking about Private Client bennies but as a member myself, I can say I've never been offered anything of the sort. I figured it was the distance from me and my Rep. I've never met him either. He is good and understands my DIY strategy and I bounce ideas off him but that is about it I guess.

 

[thefinancebuff]

Your description isn't correct for Private Client Group, seems like you're describing a wealth advisor solution? You're not paying anything for this, just means have over 1 mil in assets and you get a dedicated account executive and a team you can call directly, shorter wait times, better benefits, pricing, access, etc. You get free turbotax deluxe (if you ask for it), special invitations to seminars.

What specific better benefits and pricing? I thought trades are $7.95 for all. I only know wire fee is waived. What else besides the TurboTax deluxe which you must ask. Why don't they just send automatically?

 

[clifp]

No thanks. I like the service I get from Schwab and the calls are perfunctory since the dude knows I am a CFA and spent years in the asset management industry. Besides, I like having someone I can call up and scream at if anything ever goes wrong.

+1

I generally just get an email, announcing such and such seminar.
Perhaps 3 phones calls a year, certainly doesn't rise to the level of a nuisance.

 

[Dimsumkid]

What specific better benefits and pricing? I thought trades are $7.95 for all. I only know wire fee is waived. What else besides the TurboTax deluxe which you must ask. Why don't they just send automatically?

The wire transfer service that you mentioned, I use this a lot and it spoils you. You have access to Active Trader Pro software (I don't use this, never tried) w/o needing to meet trade minimums. Turbotax is on request only because it's an item that have to decide to offer annually that's for Active Traders only, but they extended for Private Client members. They also offer estate planning, charitable planning, Life Ins consultations and the big variable is exclusive invitations to restricted seminars, conf. calls w/portfolio mgrs, mkt. strategists, fncl experts and other events. For me, other events have been premium sporting events, theater/orchestra tix, LPGA day for DW, cheese/wine tasting.

 

[braumeister]

For me, other events have been premium sporting events, theater/orchestra tix, LPGA day for DW, cheese/wine tasting.

I'm guessing all this extra stuff is related to your individual PCG team leader's preferences. They probably get a budget they can use as they like.

My guy is into shotgun sports, so he regularly invites his like-minded clients to a very nice sporting clays range where he has a corporate membership. Other things as well, but I imagine that's an exceptional benefit, since facilities like that are scarce.

 

[mathjak107]

what blew me away is the comprehensive retirement work up they ran for us when we finally made it in to the office and they sales pitched nothing.

i have been with fidelity for 30 years and a private access client for at least 1/2 as many and never had anything done by them.

 

[thefinancebuff]

what blew me away is the comprehensive retirement work up they ran for us when we finally made it in to the office and they sales pitched nothing.

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

 

[MRG]

They taught me how to use RIP, they produced my first plan. I've altered it over time to meet life's changes. My rep reviews it with me every year. He's is very helpful, never tried to sell me anything, but does give advice about AA, things I've done with trades, new products, always a mentor.

The guy helped me to see how I could RE. I was ready to roll the other part of my 401k over to Fidelity. He suggested reviewing the SPD, for the age 55 clause. Yes, it's there. It became plan B. of my 56-59.5 stratagy. Fidelity will see that money in another 2.5 years.

But I'm going to have to talk with him on the sporting clays deal.

FYI, my sister is a Vanguard flagship client. She's been very happy with their services as well.
MRG