Fidelity calls

[monte1022]

I called the Fidelity 401k help number yesterday to discuss some plan features. After a brief conversation about my issue, the rep asked me if I would be willing to allow him to review my plan. I took the bait. Afterwards, I reluctantly agreed to a set phone meeting with a 'senior vp' planner. The confirmation email allowed me to reschedule or cancel the appointment. I cancelled. Today, I not only receive a phone voice message from the 'senior vp,' but also a text. Do they really care that much? I know my plan and numbers inside and out. What is their ultimate goal?

 

[Dtail]

I called the Fidelity 401k help number yesterday to discuss some plan features. After a brief conversation about my issue, the rep asked me if I would be willing to allow him to review my plan. I took the bait. Afterwards, I reluctantly agreed to a set phone meeting with a 'senior vp' planner. The confirmation email allowed me to reschedule or cancel the appointment. I cancelled. Today, I not only receive a phone voice message from the 'senior vp,' but also a text. Do they really care that much? I know my plan and numbers inside and out. What is their ultimate goal?

To manage your investment assets for an annual fee.

 

[retire48in2018]

I took a call. He reviewed our plan, and made suggestions. Also noticed I didn’t have beneficiaries on a couple accounts and fixed that.

Did not push AUM, but did think I was too passive on overall fund selection (I’m about 70% passive index, 30 % active)

 

[JoeWras]

Yes, they want you on their management plan.

That said, I finally talked with "my guy" this year. He was nice and I told him I was self directed. He said, sure, no problem and hasn't bugged me since summer. We discussed where I was in AA and what have you and he gave a thumbs up.

As a bonus, I finally got the free TurboTax.

Since DW doesn't care about finances at all, I'm seriously thinking of going on their plan in about 10 years, assuming my mind is OK then or I'm alive. Until then, I've instructed her to just visit the office. But once I get older, I'm going to go on the plan proactively.

 

[monte1022]

To manage your investment assets for an annual fee.

So essentially all of those calls in the last few months are about their bottom line and not mine. I sort of assumed that, but I guess I wanted to believe Fidelity is truly interested in their client's success as opposed to milking assets for fees.

 

[JoeWras]

So essentially all of those calls in the last few months are about their bottom line and not mine. I sort of assumed that, but I guess I wanted to believe Fidelity is truly interested in their client's success as opposed to milking assets for fees.

Well, I honestly felt pretty good after my call. He reviewed my AA and general plan. He gave me web tips. Then he backed off.

But sure, they want you on an AUM. Do you think Vanguard doesn't?

 

[monte1022]

Well, I honestly felt pretty good after my call. He reviewed my AA and general plan. He gave me web tips. Then he backed off.

But sure, they want you on an AUM. Do you think Vanguard doesn't?

DW could benefit from the call. I'm good without it. Now I don't know what to do.

 

[Dtail]

So essentially all of those calls in the last few months are about their bottom line and not mine. I sort of assumed that, but I guess I wanted to believe Fidelity is truly interested in their client's success as opposed to milking assets for fees.

Well they do want you to be successful too. I personally do have a Fidelity rep, but made it clear that I am a DIY investor.
It is the best of both worlds. I can solicit advice, but not pay an AUM fee.

 

[monte1022]

Well they do want you to be successful too. I personally do have a Fidelity rep, but made it clear that I am a DIY investor.
It is the best of both worlds. I can solicit advice, but not pay an AUM fee.

Perhaps I will take the call and specify my DIY choice early on. At least DW will have a contact if I croak suddenly.

 

[Dtail]

Perhaps I will take the call and specify my DIY choice early on. At least DW will have a contact if I croak suddenly.

Not a bad thought. There could be some initial pushback from them, as there was for me in my first meeting. Just hold firm and they typically don't try to keep selling in future years/meetings.

 

[jollystomper]

They want to manage your investments. I am not sure why you would be surprised at this. But, as I have also experienced, they are not pushy. Once I made it clear (politely) I was happy in DIY mode they accepted that and did not go further.

I have no issues with them asking. If you know their game ahead of time it is easy to deal with it.

 

[Al18]

I setup an appointment at Fidelity to discuss our retirement plan. They pointed out a feature I did not see in the Retirement Planner and answered a few question. There was NO discussion about setting up a CFP or fees. I was happy.

 

[FLSUnFIRE]

I've never had to call and only have my HSA ($50-70Kish since I transferred it) with them but I'm pleasantly surprised I haven't been solicited. I guess my stealth wealth is working. I did play with their planner once so they should know I have at least some assets they could try to milk.

 

[jazz4cash]

I have a ‘free’ Fidelity Advisor that I meet with twice per year. He would like to meet more often but I have declined meeting more frequently. I know my 401k inside and out plus have my own plan (IPS) and he respects that. He is never pushy and has been helpful expediting transfers, etc. He usually asks how he can help but he is not an expert on things outside of Fidelity like Treasury Direct. I use the GPS service so he can see all my assets. He is helpful with details of their Retirement Income Planner. He was also helpful setting up a meeting with their LTCI expert. I had no idea they offered LTCI. The main reason I maintain this relationship is to have a resource for DW if I go first. From what I read some advisors are more assertive pushing AUM services but we get way more solicitations from Vanguard evem though we never talk to them.

 

[njhowie]

They want to manage your investments. I am not sure why you would be surprised at this. But, as I have also experienced, they are not pushy. Once I made it clear (politely) I was happy in DIY mode they accepted that and did not go further.

I have no issues with them asking. If you know their game ahead of time it is easy to deal with it.

I believe they are now doing this when you call in for general support. Happened to me twice over the past several weeks. First time, I had some fixed income issue that took me over to the fixed income desk. Before the rep even got to my problem he says he's an investment/wealth manager of some sort and would be happy to go over my portfolio with me, then immediately, before I could even say anything, begins asking me some questions about my holdings. I had to stop him and tell him point blank "That's none of your business". Shockingly, he persisted. So I had to read him the riot act and ask him if he'd like to resolve what I was calling about, or we could just end the call. Suffice it to say that I didn't receive one of the surveys in the email to rate your experience.

I have an excellent relationship with my local rep. He understands our relationship and it's been that way for 10 years. This is some new push they've recently begun.

 

[Koolau]

Well, I honestly felt pretty good after my call. He reviewed my AA and general plan. He gave me web tips. Then he backed off.

But sure, they want you on an AUM. Do you think Vanguard doesn't?

Yep, Vanguard does. I get an email every couple of weeks inviting me to their AUM party. Cha CHING! No sale.

 

[LateToFIRE]

I got an invite from Fidelity recently to join their Private Client whatever, supposedly no AUM fee for general advice/services, seems that $1M minimum AUM qualifies. Will let you all know how it goes in a few weeks.

 

[Out-to-Lunch]

Funny timing. AFTER I read this thread, my answering machine fielded a cold call from "my local point of contact." Last I heard from Fido was over a year ago. (I ignored them at that time, and after a few attempts the then-rep left a nice-ish message along the lines of "I don't want to bother you if you aren't interested, but give me a call if you need help with anything.")

 

[Dtail]

I got an invite from Fidelity recently to join their Private Client whatever, supposedly no AUM fee for general advice/services, seems that $1M minimum AUM qualifies. Will let you all know how it goes in a few weeks.

They automatically put me into Private Client at $1m+ with an advisor and no fee, as I DYI.

 

[monte1022]

They automatically put me into Private Client at $1m+ with an advisor and no fee, as I DYI.

We're at 3.5m with them, but only 1.3m taxable and ira. At one time I was a private client then one day it was gone. Who knows?

 

[Dtail]

We're at 3.5m with them, but only 1.3m taxable and ira. At one time I was a private client then one day it was gone. Who knows?

Not sure either. Sounds similar to the mystery of the Turbo Tax decision making.

 

[LakeRat1]

Well they do want you to be successful too. I personally do have a Fidelity rep, but made it clear that I am a DIY investor.
It is the best of both worlds. I can solicit advice, but not pay an AUM fee.

Same with my advisor at Fidelity .... I have been very happy with the service and when I say I am not interested in doing the Managed Services, all is OK ..... The advisor that is assigned to my account is very good and we discuss ideas I have, along with him giving me his thoughts and shows me new features of on-lines tools, etc.....

 

[Slim11]

I did the same, went to them, as most of my stuff was in other places. I consolidated mostly everything through them. The advisor does push for total control of everything, but will not push it after I tell them am managing that part, i dont blame them, they have to eat also. I did let them manage to a small point 1/4 of my stuff. I couldn't figure out the bonds, I am not that smart and will see how it turns out. It costs .35? percent. I also tried a robo advisor for .45 percent. Like above the idea is if the bus gets me, the wife can have them manage the money. Plus its fun now seeing if they can make more then me or vise verse. I will assess the benifits or not after a year. So far I have made money, but that has to do more when the accounts were opened and the market then with strategy. It may be a good idea, and TBH its stressful looking at total assests and stuff all the time. If they can get me simmiler returns after the fees then it may be worth peice of mind.

 

[PatrickA5]

I've met with my rep a couple of times, most recently last November. It was my idea. He showed me a few things on the Retirement Planner that I was unaware of. He didn't try to sell anything.

I set up the meeting every couple of years so my wife can come to the meeting and learn a few things. I want her to have someone to contact when I'm gone. She knows that AUM and variable annuities aren't in her best interest, but she can do whatever she wants when I'm dead. Having an in-person human to talk to was one of the reasons I left VG for Fidelity.

 

[DrRoy]

You might take the meeting just in case they catch something that you may have missed or were unaware of. You never have to take any advice that they offer.