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Old 12-02-2020, 06:03 PM   #21
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I have the majority of my port at Fido and do love their website. I can obtain advice from my assigned manager anytime I want it, although I make my own decisions. I've never been pressured by a fido rep unlike with other investment houses.
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Old 12-02-2020, 06:24 PM   #22
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Ahh, the Fido Wealth Management group? All for a measly gross advisory fee of 0.50%–1.50%. I think I will buy my own dinner out just fine thank you very much. There, the only one wanting to dig deeper into my pockets at dinner is the server. He/she can "recommend" the main meal without adding an advisory fee, gross or otherwise. That is worth something though, no?
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Old 12-02-2020, 06:48 PM   #23
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Thanks for all the tips. If I move from Prudential, it will be to Fidelity. I have easily $1.6M I could let them have quickly, so I hope it gets their attention. At one poster's comment above about Prudential's fees, I logged in an checked and I only paid a $5.75 fee quarterly this year. But I can't even see a graph of my account's performance at their website. Lame.

Just discussed with DW and she thinks it's a good idea to *potentially* move there, but we are going to start with just meeting and maybe dangling a "carrot" bunch of cash from the RE sale to invest there.


Beyond the quarterly line item fee, you’ll need to check the expense ratios if you’re using funds at Pru compared to similar funds elsewhere. The expense ratio is a pricier for performance. All else being equal the low cost fund will outperform. If they don’t even provide account performance metrics just move the account.
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Old 12-02-2020, 06:50 PM   #24
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If you're worried about how your new guy gets paid, just ask him.

I intend to do that, early on, and in a non-threatening way. I need to know what the motivators are, always happy to share mine.



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IIRC the "named personal rep" thresholds at Schwab and Fido are $100K and $250K but I don't remember which is which.

We are well above those.
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Old 12-02-2020, 06:54 PM   #25
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Beyond the quarterly line item fee, you’ll need to check the expense ratios if you’re using funds at Pru compared to similar funds elsewhere.



Thanks, just checked. most are .01 or .03, one .06% and one at .75%, but I have almost nothing in that one. Thanks for the heads up, I will make that compare no matter where this stuff goes.
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Old 12-02-2020, 11:55 PM   #26
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Get away from Pru. They have more problems than the crap interface and mediocre performance.
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Old 12-03-2020, 05:26 AM   #27
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We consolidated at Fidelity 7 years ago. No regrets.

Excellent service, good web site. We have met w/ our local guy a couple times to have our ER plans reviewed, and were not subjected to sales pitches (although I'm sure the behavior you'll encounter depends on your personal adviser).

ETA: the $2500 for moving to them is a nice bonus
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Old 12-03-2020, 05:30 AM   #28
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Ahh, the Fido Wealth Management group? All for a measly gross advisory fee of 0.50%–1.50%. I think I will buy my own dinner out just fine thank you very much. There, the only one wanting to dig deeper into my pockets at dinner is the server. He/she can "recommend" the main meal without adding an advisory fee, gross or otherwise. That is worth something though, no?
I receive such offers without being in the WM group.

I don't attend them, but I receive them.
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Old 12-03-2020, 07:49 AM   #29
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Move everything to Fido.
But, before you do, call him and ask about a "signing bonus".

We have everything at Fidelity.
1. We like the concept of the local office. Just in case.
2. The website is very good.
3. We have had 3 "advisors".
4. We meet once a year (in the slow time of August) to discuss our portfolio. I listen to their recommendations and then ignore them. They don't seem to be fans of Taylor Larimore, John Bogle, and Michael Kitces.
Very close to my experience. I've had at least some money at Fido for over 30 years. Now have ~75% there. I earned the $2500 bonus a few years back. My current advisor used to call to have a meeting once a year, but when I never really made any changes from it he stopped calling. He is there if I have a need in the future. I like the people at the bond trading desk. They will look over a bond and give you an opinion, which a former $ institution (where I closed my account) would not do.
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Old 12-03-2020, 08:35 AM   #30
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the extra credit card perks only apply to those using the wealth management group. The third paragraph starts out "for wealth management clients with". I called my Fidelity cc and they confirmed.
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Old 12-03-2020, 09:02 AM   #31
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I have about $1MM in Fidelity and $1MM in Vanguard. I was kind of Vanguard die hard years ago but now I prefer Fidelity. I like Fidelity's website way better and you can do so much more.

Anyhow...This made me think about meeting with a Fidelity rep in my area, but there are none here in south Louisiana. Bunches in Texas and Florida but few and far between. Just find it interesting.

https://www.fidelity.com/branches/overview
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Old 12-03-2020, 10:01 AM   #32
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Speaking as a former rep of both Fidelity and Schwab, I can tell you there would be nothing wrong with consolidating everything at Fido. Just don't buy a managed account or an annuity....

And if you're curious, moving the $1.6M to Fido will add about $1500 to his paycheck this month with a very small "service payment" going forward.
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Old 12-03-2020, 10:20 AM   #33
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Speaking as a former rep of both Fidelity and Schwab, I can tell you there would be nothing wrong with consolidating everything at Fido. Just don't buy a managed account or an annuity....

And if you're curious, moving the $1.6M to Fido will add about $1500 to his paycheck this month with a very small "service payment" going forward.
Just curious, how much would my guy get if I moved money to a Wealth Management account? I'm not going to do that, just wondered just how much incentive they have to move people to their managed plans.
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Old 12-03-2020, 10:26 AM   #34
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Just curious, how much would my guy get if I moved money to a Wealth Management account? I'm not going to do that, just wondered just how much incentive they have to move people to their managed plans.
The incentive to move clients to managed money or annuities is strong. While the compensation for bringing in assets is about 8 basis points, compensation for enrolling those assets in a managed account would generate an additional 20 basis points in compensation. For a total of 28 bps. This is all public information btw.

Those products are how Schwab & Fido pay the rent

There was a Wall Street Journal article about this a few years ago. You'll need a subscription to access it:

https://www.wsj.com/articles/adviser...cts-1515604130
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Old 12-03-2020, 10:31 AM   #35
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T ... This is all public information btw. ...
I have been surprised and pleased at the openness on compensation.

I referred a friend to see my Schwab guy. Friend was blown away when, after the handshake, Bill said "First, let me tell you how I get paid." (!) This is a guy you can trust IMO and I do.
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Old 12-03-2020, 10:42 AM   #36
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I have been surprised and pleased at the openness on compensation.

I referred a friend to see my Schwab guy. Friend was blown away when, after the handshake, Bill said "First, let me tell you how I get paid." (!) This is a guy you can trust IMO and I do.
True, in a world full of Full commission brokers like Ameriprise, Morgan Stanley and the like, the comp plans at the discounters is much better for the rep AND the client.

But don't be fooled into thinking that there is no incentive for higher priced, managed products to be sold because there is. And don't get me started on the immense pressure from management to sell that stuff. That pressure is why I left and am able to chat with you folks on a Thursday at 11:30am...LOL
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Old 12-03-2020, 11:07 AM   #37
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... But don't be fooled into thinking that there is no incentive for higher priced, managed products to be sold because there is. And don't get me started on the immense pressure from management to sell that stuff. That pressure is why I left and am able to chat with you folks on a Thursday at 11:30am...LOL
Oh, sorry if it sounded like that. Mother Teresa does not hold a sales management job at Schwab or at Fido; we can be sure of that. But the many posts here from people like me who have never been pressured are germane too.

And, arrogant though we may be about FAs here on the forum, there are clients who want the security of an FA and clients who are so naïve that they need guidance. A rep who keys into those clients may be able to do well by doing good.
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Old 12-03-2020, 11:16 AM   #38
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Yup, I couldn't agree more. And for people who need guidance, Schwab, Fido and Vanguard is all one should consider.
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Old 12-03-2020, 12:18 PM   #39
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True, in a world full of Full commission brokers like Ameriprise, Morgan Stanley and the like, the comp plans at the discounters is much better for the rep AND the client.

But don't be fooled into thinking that there is no incentive for higher priced, managed products to be sold because there is. And don't get me started on the immense pressure from management to sell that stuff. That pressure is why I left and am able to chat with you folks on a Thursday at 11:30am...LOL
Thank you for posting.

I'm guessing when I got a new Fidelity representative who gave me two days of a high pressure annuity sales pitch his branch manager wasn't upset by his behavior?

I have 1.2 at Fidelity and no support other than calling the 800 number. Been thinking about moving to Schwab just cause I can.
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Old 12-03-2020, 12:32 PM   #40
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... I'm guessing when I got a new Fidelity representative who gave me two days of a high pressure annuity sales pitch his branch manager wasn't upset by his behavior? ...
Call the branch manager, complain, and ask that a new rep be assigned. Talk about what you want from a rep and possibly interview two or three. Priority #1 for them is to keep your assets, which means keeping you happy.
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