Good Bye (Free) Fidelity Advisor

[jazz4cash]

My Fido advisor’s assistant called me to schedule a semi annual review.

It was so awkward i felt kinda bad for the guy. He kept asking if i needed help with this, that, and the other and what could he do for me. I asked for feedback on general plan to do Roth conversions and delay SS. No response to that. He’s only offering help with mechanics of making transfers, etc. Finally he shows me a menu of Fido’s various levels of advisory services and fees. Going forward they wont be calling me to schedule reviews. I never asked for that anyway!

He hinted that Fido wants him to cut cost/increase revenue. I pointed our some significant CD funds that i plan to transfer to Fido at maturity.

I expect he will be available in the future for minor support but it feels like the relationship has shifted. If they want to trim cost, why does this guy need assistant?

 

[milford]

Thanks for sharing your experience. I've been getting the same calls also from the advisor's assistant asking if I had some time to speak with my advisor. I've never gotten around calling them, but I suspected it would be more of sales call since I didn't even realize I had a personal advisor from Fidelity until late last year which was the first time they reached out.

As for the assistant I'm suspecting it might be a free college intern that wants to get some "finance experience" to bolster their resume. I recall one of my college roommates back in the days that was so happy when he got an unpaid internship with Solomon Smith and Barney... he had to dress in a suit and tie and once he stepped into the office his boss (the financial advisor) basically gave a him a yellow page list of names and numbers for him to cold call everyday for potential clients

 

[Luvtoride]

Interesting. I have a”small” Fidelity account that I use to play the market with. For the 1st time ever, I received a call from an advisor at the local branch asking if I might need assistance with any other funds or accounts I have elsewhere.
I politely explained that I was happy with my current FA and he courteously thanked me and gave me his number if I needed future assistance.
It must be “warm call” week at Fidelity.

 

[racy]

... Going forward they won't be calling me to schedule reviews....He hinted that Fido wants him to cut cost/increase revenue...

Apparently, those low expense fees come at a cost

 

[frayne]

When you see the words "financial advisor," think salesman.

 

[MRG]

I had a wonderful Fidelity guy in KC his retirement and our moving out of the area were about the same time. I was assigned a representative out of Denver that was a dirty rotten annuity salesman; after complaining to the branch manager he said he didn't have any representatives available. Basically fired the client for complaining.

Last year I gave a review about my experience, threatening to pull a 7 figure amount out of Fidelity and move to Schwab. I was given an adviser out of Albuquerque. I declined them running my money and I haven't heard anything in almost a year.

If you don't think this is coming to you, Fidelity has different ideas.

 

[wmc1000]

For the past several weeks I have also received a couple of calls with voicemails left that mt Fidelity advisors assistant left. Also a follow up email saying he was trying to get in contact with me for my advisor to set up a meeting. I deleted the voicemails along with the emails. Review time for advisors must be approaching. The reason we originally went with Fidelity over Vanguard was that they had a local office so DW would have a place to go for a face to face if something happened to me.

 

[Winemaker]

I am in the process of transferring DM's assets to my siblings after her passing in December. A courteous call was placed to me last week if I or my siblings needed any assistance with their financial plan. I told them if only I died would they need any help as I have been advising my self and my 2 younger siblings since late '80's. The 3rd younger sibling, has an Fidelity advisor and she is the only ones who can't retire yet. No pressure, quite professional. YMMV

 

[easysurfer]

I prefer the "don't call me, I'll call you approach" .

Don't need someone telling me my hair is out of place .

I don't have Fidelity, but when Vanguard did there assign a person to client thing ... yep, the don't call me, I"ll cal you approach.

 

[athena53]

I recall one of my college roommates back in the days that was so happy when he got an unpaid internship with Solomon Smith and Barney... he had to dress in a suit and tie and once he stepped into the office his boss (the financial advisor) basically gave a him a yellow page list of names and numbers for him to cold call everyday for potential clients

Well, if the roommate wanted to find out what life is like at a brokerage, he got a realistic experience! And of course if he actually got anyone to open an account the commissions would all go to the licensed broker who sold the investments.

I'm pleasantly surprised I haven't heard from the "advisor" whose picture shows up on my Fidelity home page since I've got over $900K in my accounts and recently opened a few new accounts (inherited IRA and 529s for my 3 grandchildren). I actually called him when I'd accidentally created two new accounts I didn't need and wanted them removed and didn't even reach him- it was someone else.

No interest in having them manage my money for a fee.

 

[aja8888]

I'm not getting any calls from Schwab where I have my IRA, Roth, and brokerage account for the last 38 years. Maybe they think I'm not wealthy enough or the they think I am dead being so old. LOL!

 

[scrabbler1]

I have had an assortment of free Fidelity advisors ("Account Executives") since early 2008, several months before I retired. Except for one, all were good, including the one who reviewed me ER plan in early 2008 and gave me the green light to proceed with my ER. She left Fido a few months later and I latched onto AE#2 who was also very good, helping me with my actual ER including a Rollover IRA.

But in late 2009, he left Fido and while I was in the process of moving to another AE (#4), someone else there seemed to poach me from him. AE#3 was lousy, and after one miserable meeting with him in early 2010 (where he wanted me to transfer control of my portfolio to him for a fee), I had already mentally written a letter to his boss, the office manager, asking to be switched to another AE. The office manager quickly complied and moved me back to the original AE#4 who had no real knowledge he had been poached.

I stayed with AE#4 for 10 years until he switched me to another AE, a newer hire. This was to even out his client caseload, he told me. AE#5 has been fine, not pushy. I haven't had any pressing issues to discuss with him. My latest pressing issues with AE#4 were in 2019 and the included changing my portfolio to avoid the ACA subsidy cliff, something I did by the end of the year.

Jazz4cash, is there any way you can contact your Fido office manager and ask to be switched to another advisor? It worked for me. All I did was to call the local office's main # and ask the rep who the manager is.

 

[CRLLS]

We have experieinced declining quality "advisors" in Fido over the years. Our 1st two were very good. They went over our wants, needs and even offered insight. One was tied to our company 401K plan, the other was a local guy that handled our tIRAs. We eventually rolled over the 401K so that advisor was no longer needed. The other left the area. He was replaced with another good advisor. There was not much more that we needed for him to do, but we did do annual checkups. After a few years, he was replaced with our current advisor (vice president of something or other). He is basically useless. He knew very little and could not handle a few questions. He always defers us to somebody else or one of the "back office" guys. Recently we had some inherited accounts we wanted to rollover into Fido. With Covid, nothing is done face-to-face. I set up a zoom meeting with him. Shortly before that meeting, it was transferred to his assistant. She did OK but was not at the level we expected. Lucky that we are buy and hold with little hand-holding required.

 

[OldShooter]

I'm not getting any calls from Schwab where I have my IRA, Roth, and brokerage account for the last 38 years. ...

I have the same kind of relationship with my Schwab rep. I call or email him when I need something and he's right on it. He does not call me to sell anything or even to chitchat. I think that's a matter of clear communication at the beginning, not something related to the brokerage house name.

... Jazz4cash, is there any way you can contact your Fido office manager and ask to be switched to another advisor? ...

This. IMO the specific individual I'm dealing with is a lot more important than the name over the front door of the office. The branch manager's switching you to another rep should not be optional. I would suggest, though, going in with a list of criteria. Sex, age, experience, investing style interests, etc. Ask to interview a couple of candidates and, ahead of time, run a brokercheck on them (https://brokercheck.finra.org/).

 

[wdwwildbill]

Been with FIDO for several years and shows we have a Premium service advisor ( whatever that is ) Have NEVER had a call from them.. ever maybe not enough zero's in the account for them.. Haven't needed one so far anyway lol

 

[aja8888]

I have the same kind of relationship with my Schwab rep. I call or email him when I need something and he's right on it. He does not call me to sell anything or even to chitchat. I think that's a matter of clear communication at the beginning, not something related to the brokerage house name.

Exactly. When I need something answered, I call my rep or send him an email. Other than that, he knows not to call.

 

[Turbo29]

I had an account rep assigned ad E*Trade. He'd call and leave messages (which I never returned) or send emails. I just noticed recently that I no longer have a rep assigned. Not sure if that is due to my lack of response or due to Morgan Stanley taking over.

 

[splitwdw]

For the last couple of years my Fidelity advisor's assistant has called about once a year to see if I need anything. Has never tried to sell me anything. The assistant is just there to help the advisor, like a secretary/clerk since Fidelity cut fees they don't have as many advisors. If I need anything specific I email or call my advisor. I don't have a problem with them calling me once a year to check in.

 

[travelover]

A few months ago, the "assistant" called me to ask when I could come in. I found it rather pushy and told him not to call me any more.

 

[jgman]

I transferred a big balance to Schwab at the beginning of the year. Been very happy with my rep. She was able to get around some "red tape" and get me access to my deposited funds in a day. In addition she got me an extra $800 on a transfer fee for a large dollar transfer. She contacts me via email and hasn't pushed any extra services or products so far. Fingers crossed.

 

[jazz4cash]

Jazz4cash, is there any way you can contact your Fido office manager and ask to be switched to another advisor? It worked for me. All I did was to call the local office's main # and ask the rep who the manager is.

I actually like the guy. He’s OK and not pushy. He was very helpful connecting me to their LTC expert to explain their products. Overall, the “don’t call me/ I’ll call you “ approach is what i prefer. Also, as another poster noted DW will need help if I’m not around.

 

[cbo111]

My Vanguard PAS advisor conducts a semi-annual tele con which is usually way more than I need. While he doesn't push any products, he usually runs down a list of friendly questions like "how are the grandkids, any fun vacations planned?" before discussing AA changes and status of my holdings. Having never been a big telephone talker, I find this kind of tedious but it only lasts about 30 minutes.

 

[Koolau]

I've had free advisors and for-pay advisors. I never took any of their advice so I won't ever have another advisor. It turns out, right or wrong, advisors keep their jobs and get paid whether I win or lose. YMMV

 

[Closet_Gamer]

I've had a couple Schwab people assigned to me over the years. They were all polite, competent and not really in the business of pushing products. They would occassionally bring up things that were on point but just not for me. Yet another reason I like Schwab.

Our company's 401K and equity compensation plans are managed by Fido. Due to my role in the company, I have access to the "executive compensation planning" support. The lady is quite pleasant and her financial acumen could keep up with most of the people on this board.

She can help me keep the retirement plan up to date and kicks out nifty Black-Scholes analyses of my stock options.

But then she morphs into a low-intensity salesperson. I once took her up on a conversation with an estate planning guy. Super competent but it was definitely "the first one is free". The hand came out for payment on anything that looked like follow-up questions.

So, I think upselling paid services is in the water at Fido.

 

[Markola]

My Vanguard PAS advisor conducts a semi-annual tele con which is usually way more than I need. While he doesn't push any products, he usually runs down a list of friendly questions like "how are the grandkids, any fun vacations planned?" before discussing AA changes and status of my holdings. Having never been a big telephone talker, I find this kind of tedious but it only lasts about 30 minutes.

+1. Our twice-yearly, 30 minute Vanguard PAS calls with our assigned CFP are meant to update the plan with any changes to revenues and expenses that we experience or foresee, especially for the next 3 years. 3 years is a planning period when a client has the maximum sphere of influence levels, if you will. Beyond 3 years is a little hazy for most people, so we focus less on accommodating those, unless they are major. And their program is accurate for human nature, as I’m always surprised at how many adjustments we have to talk about. The idea is to input all the changes and then control what we can on our end to keep the software spitting out a success score that is at least 85%. It’s a good, hands-on way to navigate our finances through the turbulence of life.