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I dropped my Fidelity Advisory Service today...they werenít happy!
Old 08-01-2019, 01:45 PM   #1
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I dropped my Fidelity Advisory Service today...they werenít happy!

Havenít posted here since retiring in January. I see no one noticed or missed me!!! LOL

Anyway, I could not justify or tolerate their fees any longer. They were churning and churning 20 some odd funds in an IRA all with below average results.

I called them this morning. They resisted and wanted to set up a meeting with several people. I finally cut them off and told them, ďIím not coming in, just do what I say.Ē

So, they relinquished. Iím going to the simplicity of a 3 fund portfolio. My fees will go from close to $6,000 per year to $437.
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Old 08-01-2019, 02:01 PM   #2
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Of course they are not happy, you are cutting into their profits! How dare you do that?
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Old 08-01-2019, 02:32 PM   #3
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I dropped my managed funds back in 2008. Never looked back.
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Old 08-01-2019, 03:54 PM   #4
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What fee structure were they charging ? And did they send birthday cards like Ameriquest and Morgan Stanley does ?
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Old 08-01-2019, 04:58 PM   #5
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Good job.
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Old 08-01-2019, 05:36 PM   #6
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Okay. Good decision.
I use Fidelity, but don't pay them a cent in advisory fees.
You can have the best of both worlds as a Private Client.
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Old 08-01-2019, 07:23 PM   #7
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It unfortunately happens, and I'm sorry you ran into that.



I had managed/advisory services with Fido at the beginning while getting educated about how to self manage. I took about 7-8 months to figure things out (started from zero investing/market knowledge). I then contacted my rep and told him I wanted to self manage and had discovered index investing/Bogleheads. He was really nice about it and told me it was a very solid path and it sounded like I knew what I was doing, and then proceeded to streamline the entire transfer process. He was my rep (I was Private Client level) until he was promoted to another position, and he honestly was one of the nicest, most supportive and helpful people I'd ever had the privilege to work with and he never made me feel bad about asking tons of questions even knowing I was doing so to take over my own investing... man, I really miss him. Pretty sure he was a Boglehead too.



My current rep is likely fine, but he's not really anything to write home about. Most all of them have been super friendly and helpful but never felt all that invested in the relationship like the original rep.
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Old 08-01-2019, 08:39 PM   #8
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Okay. Good decision.
I use Fidelity, but don't pay them a cent in advisory fees.
You can have the best of both worlds as a Private Client.
Same here. I have an Account Executive at the local office. I don't pay him anything, and I meet with him about once every 18 months to discuss things regarding my portfolio and changes to the Fidelity website.
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Old 08-02-2019, 04:06 AM   #9
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Quote:
Okay. Good decision.
I use Fidelity, but don't pay them a cent in advisory fees.
You can have the best of both worlds as a Private Client.
+2
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Old 08-02-2019, 05:13 AM   #10
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Okay. Good decision.
I use Fidelity, but don't pay them a cent in advisory fees.
You can have the best of both worlds as a Private Client.
+3
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Old 08-02-2019, 06:45 AM   #11
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I'm curious. Too get this private client status and excellent service, what general amount does a person have to invest there?
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Old 08-02-2019, 07:00 AM   #12
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I'm curious. Too get this private client status and excellent service, what general amount does a person have to invest there?
I had between $300k and $400k with them when I first received a letter rom my local office inviting me to meet with my Account Executive.

A few years later, when my (snake-bit) friend began receiving a large part of an inheritance, I asked my AE if he could meet with my friend. The AE asked me how much he would be investing with Fido I and I told him $250k-$300k initially and the AE said that was fine. Is the AE minimum lower than $250k? Not sure.
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

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Old 08-02-2019, 07:35 AM   #13
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I have just over 2Mil with them. This was one of my 401kís that I rolled over into an IRA two years ago.

They wanted to show me how well their team could do with it vs. me..blah blah. All this bs about they are continually analyzing my positions, making scientific changes daily to minimize market drops and maximize unique opportunities that a layman like me would never see. Probably over 25 different funds and investments....they were constantly buying and selling and sending me reports to make it look like they were really doing something special. I realized many funds were just overlapping each other.
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Old 08-02-2019, 07:38 AM   #14
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Be careful. I'm a private client and it's been a joke since I've been assigned to the Denver branch. My Private client status means I get an 800 number to call. I did receive great service in the KC brach when I lived there.

My last private client representative was a dirty rotten annuity salesman who didn't want to hear NO. I finally talked to the branch manager who didn't care and told me to just call the 800 number. I've not had a review or advice in several years!

We have 1.3 million in Fidelity assets. I get much better service from Vanguard.

OP great move. Congratulations.


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I'm curious. Too get this private client status and excellent service, what general amount does a person have to invest there?
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Old 08-02-2019, 08:40 AM   #15
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We have about $2M with Fidelity. No issues for us.
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Old 08-02-2019, 08:56 AM   #16
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Be careful. I'm a private client and it's been a joke since I've been assigned to the Denver branch. My Private client status means I get an 800 number to call. I did receive great service in the KC brach when I lived there.

My last private client representative was a dirty rotten annuity salesman who didn't want to hear NO. I finally talked to the branch manager who didn't care and told me to just call the 800 number. I've not had a review or advice in several years!

We have 1.3 million in Fidelity assets. I get much better service from Vanguard.

OP great move. Congratulations.
I had over $2M at Fidelity until early this year. Self-directed but with maybe $400K in Fidelity funds that I've held since the 1980's. "Private client" status but they never contacted me, never invited me to anything. When I'd visit the local office, they'd bring up their online retirement planner which I knew better than they did.

This year they told me that my "relationship with Fidelity was insufficient" to qualify for a lousy $50 free Turbo-Tax promotion that they had given me for the prior 2-3 years. I yanked all my IRA accounts to Schwab who gave me 2 years of free trades and a $2500 bonus and invitations to seminars.

Fidelity didn't apologize for their behavior or try to get me to change my mind.
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Old 08-02-2019, 08:57 AM   #17
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I also canned Fidelity's investors arse in December of 2017. I had been managing my own funds just fine, was talked into letting them do all the work and me do all the reaping of rewards. They charged a 1% annual fee taken quarterly and I watched their investing of my money like a hawk. I told them if they couldn't match the growth of my DW's account, set up with the same portfolio I had made with my own, after one year, I'd fire them. At the end of one year, the difference was over 7%. These idiots lost me 7% of my retirement growth in just one year. Incredible! I called my Fidelity 'Premium Services' advisor and told him to put everything into cash on my account. He tried to talk me out of it until I had him compare my and DW's accounts for the window they managed mine. With that he shut up and did as he was told.

I'm nobody when it comes to investment smarts, but by god I'm a genius compared to these thieves!

BTW, I used to be furious over what they did that year, now I'm just pissed off. I leave my money there because I know it causes my advisor great pain to have to call me every 6 months and then listen all over again how they screwed me out of 10's of thousands of dollars and how much that lost money would have gained since.
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Old 08-02-2019, 09:01 AM   #18
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I used to be a Fidelity Private Client, however sometime in the last year they dumped me. I did get a phone call advising me of the change. It basically boiled down to the fact that I self manage my own account with a large chunk in CD's and the rest in low cost iShares and VG ETF's. My assets have grown about 20% since first assigned to Private Client but the fact that they had nothing to sell me sealed the deal.

Since I never used the b/m office after rolling over my 401k I can't say I'm missing anything. No more calls to set up a meeting to review my accounts (sell me something) yet access to all the tools and info available on the Fido website have made it a win/win situation.


Now I see that I am designated an "Active Trader". I guess they had to put something in the box.
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Old 08-02-2019, 12:03 PM   #19
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Yeah, I don't know why, but my Fido account says "Premium Services", not Private Client, but I'm guessing that's the same thing. They told me it was $1M total in their accounts for that. And as I've said elsewhere, the advisors in the DC area have been mediocre to bad, unfortunately. At worst trying to sell me on their managed investments, at best just amiable but not helpful. I need a checkup and some tax advice, and the last good advisor I saw like that was at USAA, but is apparently no longer with them, as his email bounced.
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Old 08-02-2019, 12:14 PM   #20
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Almost always maintained a 3 fund index lifestyle with both 401k and IRA. I don't remember where or when I first heard, "The primary job of ANY money manager is to make some of your money, their money." Everything else is secondary.
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