Fidelity Wealth Advisor Solutions ?

[MRG]

Anybody use this service or have any knowledge of it?

Background is my new Fidelity rep has been pushing me to look into them, after I said no way to an annuity. I feel like I'll be calling his manager and explain they can listen to what I want or I'll take my toys to Schwab very soon.

Until then I wondered if anyone has experience with these folks or opinions.

Apparently Fidelity has 99 other advisors to bring in for unique needs. I don't feel there's anything unique about us. He's trying to spin my current desire to manage my income for ACA till age 65 as unique. Seems like if I don't spend down my 401k I'm not very unique.

His pitching two boutique fixed income advisors for only .45 yearly. Doesnt seem to listen when I talk about the fees. Of course I learned how terrible bond funds are, Fidelity's bond desk isn't good, index funds for bonds stink, while he doesn't know the Black Rock fixed date ETFs I am in, Black Rock's no better then Fidelity at bonds.... At one point he started pushing me to move my Vanguard account to Fidelity. At that point he heard some of my "sawmill language" and hasn't said anything else(but his last figures still suggest it).

Interesting he's spent some time talking to me and surprise he's picked two manager's where he knows I've spent a lot of my life at. One back in KC, even though they have an office in this state. I think I'm being played.

 

[Helen]

I just met with a Fidelity rep. I've had an account there for close to a decade but never met with a representative. We are moving our accounts from Vanguard so I met with him to let him handle the paperwork.

He wants to meet with us once we get back from Australia. He thinks we should have at least some of our money professionally managed. ��. There is no way that's going to happen.

 

[REWahoo]

He wants to meet with us once we get back from Australia. He thinks we should have at least some of our money professionally managed. ��. There is no way that's going to happen.

Tell him you agree - when it comes to managing your money, you're a pro.

 

[Another Reader]

Anybody use this service or have any knowledge of it?

Background is my new Fidelity rep has been pushing me to look into them, after I said no way to an annuity. I feel like I'll be calling his manager and explain they can listen to what I want or I'll take my toys to Schwab very soon.

Until then I wondered if anyone has experience with these folks or opinions.

Apparently Fidelity has 99 other advisors to bring in for unique needs. I don't feel there's anything unique about us. He's trying to spin my current desire to manage my income for ACA till age 65 as unique. Seems like if I don't spend down my 401k I'm not very unique.

His pitching two boutique fixed income advisors for only .45 yearly.�� Doesnt seem to listen when I talk about the fees. Of course I learned how terrible bond funds are, Fidelity's bond desk isn't good, index funds for bonds stink, while he doesn't know the Black Rock fixed date ETFs I am in, Black Rock's no better then Fidelity at bonds.... At one point he started pushing me to move my Vanguard account to Fidelity. At that point he heard some of my "sawmill language" and hasn't said anything else(but his last figures still suggest it).

Interesting he's spent some time talking to me and surprise he's picked two manager's where he knows I've spent a lot of my life at. One back in KC, even though they have an office in this state. �� I think I'm being played.

Go immediately to the person in charge of this office and tell them they have one business day to find you an account manager that is appropriate for your needs or you will complain to the head of retail operations and move your money elsewhere. Either the person in charge does not what is going on here, or s/he is filling the office with this type of salesperson. If someone did this to me, I would walk out of the adviser's office, go to the front desk, and ask to see the person in charge of the office to make the complaint.

ETA: The person that runs the office AND the retail operations people need to know this creep has been bad mouthing Fidelity. If I ran that office, the "adviser" would no longer work there, as soon as I confirmed your story.

 

[VanWinkle]

Go immediately to the person in charge of this office and tell them they have one business day to find you an account manager that is appropriate for your needs or you will complain to the head of retail operations and move your money elsewhere. Either the person in charge does not what is going on here, or s/he is filling the office with this type of salesperson. If someone did this to me, I would walk out of the adviser's office, go to the front desk, and ask to see the person in charge of the office to make the complaint.

Let your money do the talking, and the walking. I was considering moving 1/2 of my funds to Fidelity at one time, but have heard so many stories like OP's that I decided to stay with my one provider.

 

[Helen]

Here is a PDF on Fidelity reps' compensation:

https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/representative-compensation.pdf

 

[FireFool]

Interesting interactions here. It's unclear as to if you are actually seeking something for a Fidelity rep to do for you, or if you are just looking to be left alone. I've never had a problem with Fidelity as short of perhaps a yearly call asking if they can do anything for me they always respectively leave me be when I tell them I've got it handled. I know that if a "professional" were to look at my portfolio they would say that I'm over weighted in equities, but them telling me that isn't going to get me to change at this point. As to investment choices perhaps they're seeing my annual returns and know they can't approach them - not that I'm smart, I'm just having a great run with my former company's stock (this year up >50%) - and with only just small regrets I diversified out of it quite a bit before I retired, but it's doing it's best to revert to the same percentage of my overall portfolio.

TL: DR: My Fidelity experience is if you ask them to leave you alone they will.

 

[OldShooter]

Go immediately to the person in charge of this office and tell them they have one business day to find you an account manager that is appropriate for your needs ...

I agree, almost.

I would talk to the manager about what you want in a rep. (For me, it would be experience in a more normal pre-2007 interest rate and business environment and ideally some scars from the tech bubble. I would also want someone who is familiar with the S&P SPIVA reports.) Once he/she understands what you want, ask to interview at least two candidates. IOW don't just demand that he/she assign another rep.

And, while you're looking at a rep change, interview a couple at Schwab too. IMO the rep relationship is far more important than the sign over the front door.

brokercheck them all. https://brokercheck.finra.org/

 

[Another Reader]

I agree, almost.

I would talk to the manager about what you want in a rep. (For me, it would be experience in a more normal pre-2007 interest rate and business environment and ideally some scars from the tech bubble. I would also want someone who is familiar with the S&P SPIVA reports.) Once he/she understands what you want, ask to interview at least two candidates. IOW don't just demand that he/she assign another rep.

And, while you're looking at a rep change, interview a couple at Schwab too. IMO the rep relationship is far more important than the sign over the front door.

brokercheck them all. https://brokercheck.finra.org/

The rep is clearly trying to take advantage of the OP. My suspicion is the manager knows what this guy is doing and either encourages it or looks the other way. Bad mouthing his own company would have me out the door immediately. This guy should be fired and hasn't been.

I have noticed different Fidelity offices have different personalities. I dropped one office closer to my house because the service quality fell off as they got bigger and busier. The reps I knew left, and I did not care for the new ones. I moved to a smaller office further away with a larger core clientele of high net worth people. Much better.

 

[MRG]

Here is a PDF on Fidelity reps' compensation:

https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/representative-compensation.pdf

Wow! Thank you for sharing this.

Never seen it to my memory. However this rep did verbally tell me what his compensation consisted of but his description lacked the special bonus and incentives. Both of the "ideas" he's had included products listed as him possibly benefiting from me purchasing.

I'll be talking to the branch manager soon and explain my concerns. I've been with Fidelity for a long time, my last Privite Client manager never tried to sell me anything. He'd tell me pros/cons and disclose the appropriate information. Sadly he retired or I'd ask to work with him remote.

 

[MRG]

Interesting interactions here. It's unclear as to if you are actually seeking something for a Fidelity rep to do for you, or if you are just looking to be left alone.


I've never had a problem with Fidelity as short of perhaps a yearly call asking if they can do anything for me they always respectively leave me be when I tell them I've got it handled. I know that if a "professional" were to look at my portfolio they would say that I'm over weighted in equities, but them telling me that isn't going to get me to change at this point. As to investment choices perhaps they're seeing my annual returns and know they can't approach them - not that I'm smart, I'm just having a great run with my former company's stock (this year up >50%) - and with only just small regrets I diversified out of it quite a bit before I retired, but it's doing it's best to revert to the same percentage of my overall portfolio.

TL: DR: My Fidelity experience is if you ask them to leave you alone they will.

I suggested I'd like a discussion about my fixed income choices, i.e. a fine tuning of my duration and rates in 5 bond funds and ETFs I hold at Fidelity.

My prior Privite Client Manager would have had a discussion on the pros and cons of each. We'd discuss what they meant to me. I don't want/need anything else from fido.

I don't know what to think about this branch. Last year's discussion led to "I'm more of a fund person probably won't do many naked puts like I did last few years". Suddenly ALL my options privliges are gone!

 

[CRLLS]

Frankly, I've not had a problem with the various reps at Fidelity trying to push this or that service. I do have a personal rep (call him whatever you will) as part of the Private Client Group. We went over The Advisory Service some years back. It was presented as a service. I looked at it and rejected it. That was it. I never heard anyone at Fidelity bring it up again.

 

[LOL!]

I don't see any benefit from using a Fidelity Wealth Manager. What exactly do people see as the perceived benefit? Do they help you maintain your asset allocation? Do they help you with tax-loss harvesting? Do they help you with your taxes? Do they keep your investment expenses low and try to make them even lower? Do they figure out your RMDs (software does that)?

I have a few Fidelity accounts. If they have ever tried to contact me, I don't know about it. I also have accounts at other places.

For instance, I have TDAmeritrade accounts including a solo 401(k). I go into the office once a year to deposit my annual 401(k) contribution and have a chat with my rep. I want my rep to work for me, so I get her to take care of things such as stock up all my accounts with enough free trades to last me until the next time I see her in 12 months.

I give her advice on her own portfolio and how to use behavioral finance to help other clients. Last time we joked about people who want to buy gold and dividend paying stocks. She gives people what they want and why shouldn't she as she is just a sales rep, but she knows those folks are just shooting themselves in the foot. She is helping the widow of a deceased client now. The wife keeps finding gold coins stashed around the house.

We have these financial advisor threads from time to time, but they never end well. Why not?

 

[MRG]

I don't see any benefit from using a Fidelity Wealth Manager. What exactly do people see as the perceived benefit? Do they help you maintain your asset allocation? Do they help you with tax-loss harvesting? Do they help you with your taxes? Do they keep your investment expenses low and try to make them even lower? Do they figure out your RMDs (software does that)?
...snip..

Haha. They do none of that in this offer. I'm sure for more money these firms would do more.

For .45 yearly they would build and maintain a bond ladder. Bonds you can't buy. Bonds that are too great for bond funds or ETFs. Bonds only small boutique companies have access to.

I woke up around 5AM, my mind made up. I'm calling the branch manager and explain my concerns. I'll give him a choice, the relationship with my current Private Client guy is over. He can assign a new rep or Schwab can. Depending on his reactions I may contact their retail desk as well.

I've done business with Fidelity for many years and never had an issue. I realized this morning the past couple of months I have absolutely dreaded when the phone rings thinking it's this rep. Every time I talked with him I had a desire for a long hot shower after.

 

[Corporateburnout]

I've been with Fido for over 20 years and worked with 3-4 reps in two different branches. Since they know I'm a DIY they never pushed any of their advisory services on me. Other than an annual review with my rep I only call when I have an investment question or to inquire about any perks they're offering.......

You should talk to the branch manager if your rep continues to push other services on you.