Fidelity Is Rethinking How It Charges

[Jerry1]

Given that I work to keep my fees at Fidelity low, this may increase my fees. I will likely be looking for another place to park my money. That would be unfortunate given how much time and effort has gone into moving things to Fidelity. I'll wait to see what this means in total, but I don't like the sound of it. Maybe Fidelity GO is an answer.


https://www.msn.com/en-us/money/per...ial-advice/ar-AAvKzOD?ocid=spartandhp&ffid=gz

 

[braumeister]

I don't see anything there about change for us DIY investors.

 

[flintnational]

My quick read suggested the change is to their wealth mgt. clients.

 

[stepford]

"Current Fidelity customers will pay the same or less because the firm will grant waivers to keep existing clients’ fees from rising."

Seems like this should make it unnecessary for those of us now with Fidelity to switch.

 

[GravitySucks]

Looks like it won't affect me. I do like my talks with the Private Client guy and hope I don't lose him.
I know he's really an account retention guy, but I've gotten good free all be it generic advice. If I lose him I might go talk to Chuck.

 

[Another Reader]

Looks like this applies to managed accounts. It's likely to result in fewer customers for those services. I'm not happy with the ER's on their money market funds, so I'm moving money away from those funds. Same principle.

 

[Dtail]

Agree it looks like it would not apply to DIY customers in low cost index funds. I for one will not pay anything to Fidelity for advice. Currently I receive "free" advice when asking specific questions either from my appointed advisor or a generic manager.

 

[Dawg52]

Looks like it won't affect me. I do like my talks with the Private Client guy and hope I don't lose him.
I know he's really an account retention guy, but I've gotten good free all be it generic advice. If I lose him I might go talk to Chuck.

I don't think I have a thing to worry about either. I haven't heard from my PC guy in over 3 years. What would they charge me for?

 

[foxfirev5]

I don't think I have a thing to worry about either. I haven't heard from my PC guy in over 3 years. What would they charge me for?

The only benefit I discuss with the PC rep is when will the free TurboTax be available. As a DIY investor the additional management fees are not a factor. If they want to keep my stash they'd better not start dinging my low maintenance account.