Would you use an out of area brokerage advisor?

[Drake3287]

Long story short but my advisor for the brokerage account I've had for years with a large national company closed their local office and I was assigned to a new advisor clear across the country, not sure why they didn't find me a closer one. Obviously any contact or conversations we have is strictly by phone or email. Seems like a very knowledgeable guy and easy to contact but I'm not sure if I like the idea of dealing with someone over the phone instead in person when needed. Part of my hesitation is if I was to pass away before my wife, she'd have to deal with this guy thousands of miles away vs going into an office and being walked through what ever issues she might have. Anyone ever deal with a situation like this? I know many people have online only brokerage accounts. Maybe I'm just old school over this.

 

[beyou]

1) You are indeed old school. Use zoom.

2) I wouldn't use any advisor that was further than the head on my shoulders.
But if I did want help, would rather have someone I could trust on zoom than in a stranger in person.

 

[Sunset]

If you feel a local office is what you desire, then see which other large national brokerages have one near you and go chat to them.
Once you pick one, I'm sure they will give you $$$ to move your accounts to their office (a bonus for switching).

 

[mrfeh]

If in-person meetings are important to you, and there is an office within driving distance, ask to be transferred.

 

[VanWinkle]

I agree with your idea of needing a local contact for your wife that she can meet in advance and have a level of trust should she need assistance when alone. A cross country advisor may not work for her.

 

[MarieIG]

I prefer a local office, but I also use Vanguard which does not have one. For OP, this is something that you could try via telephone and video and see how it goes.

I would also rope DW into the "meetings" even if she dozes off to start so that she is used to the communications. And, after the first one or two meetings, I would have her make the calls to set up the meetings or video conferences - so that she becomes comfortable with initiating and participating in communications.

 

[COcheesehead]

Zoom or Microsoft Teams allows you meet with anyone, anywhere. Documents shared easily.

 

[Car-Guy]

I don't think I've ever had a local a brokerage advisor. My current one is located in San Antonio or ~200+ miles away.

 

[TripleLindy]

Our Vanguard advisor is based out of North Carolina and we’re in Texas. Every quarterly review call we have is a video call. He sets it up and it’s launched through the Vanguard dashboard, so it couldn’t be easier. I’d probably use the same technology if he was around the corner. And of course, a regular phone call is an option if video isn’t warranted. I’ve used multiple brokerages over the years and never went into an office. Interestingly, prior to moving to Vanguard, I met with a a smaller, boutique local advisor and wasn’t impressed at all. I’m looking for sound advice, not location.

 

[Aerides]

Our initial FA was local, and we spent a lot of time planning stuff out, first sitting in our house with him, and another time at a coffee place. It was nice to get started in person.

Today we fly solo, but I have a lot of stuff at Fido, and they have a local office if I need.

 

[jazz4cash]

I would’ve expected a reputable organization to have some type of transition policy to find the right advisor-client fit when these things occur. I guess that may not be the case based on OP and other recent posts.
I would give the remote advisor an opportunity to win me over but I really do need the option for DW to meet in person locally if I am not around. It is a significant reason I use Fidelity. I would expect them to offer a local replacement if my FA leaves

 

[Sunset]

I help a couple of older relatives with their financial stuff and their computers.
While some folks here are really tech savvy, and just a young 75 or less and can do the remote video and other stuff. I know my two older than 80 relatives can't do that stuff.

All that tech stuff just gets harder when a person gets older for many folks.

 

[brett]

I believe the advisor, and your confidence and ease of dealing with him or her is far more important than their location. And results of course.

I may be biased. I spent most of my career working across muliple time zones/locations.

 

[mrfeh]

I help a couple of older relatives with their financial stuff and their computers.
While some folks here are really tech savvy, and just a young 75 or less and can do the remote video and other stuff. I know my two older than 80 relatives can't do that stuff.

All that tech stuff just gets harder when a person gets older for many folks.

+1

My mother would never be able to participate in a zoom call. She barely knows how to use a mouse.

 

[OldShooter]

I have a local Schwab guy assigned to my account. It is probably been at least two years since I have physical seen him. Nevertheless I am glad to have him local. Human nature likes the human touch. That is why Zoom is never going to put the airlines out of business. IMO your concern for your wife is a good illustration of this human need.

If you were using your previous guy for investment advice, I would ditch that strategy. These guys are, IMO, mostly valuable as administrivia problem solvers and information resources on the brokerage itself. I suggest that you contact the branch managers at the nearest Fido and Schwab offices, describe to them in detail what you want from a broker and your desired characteristics -- age, experience, sex, investing interests, etc. and plan to interview a couple of candidates from each house. Start with brokercheck.com. Include your wife in the interviews.

As far as the guy you've been assigned to, almost certainly he is not the best and the brightest. New kid needing customers in his book is the more likely case. Again, brokercheck.com is your friend.

 

[rk911]

I would prefer a financial advisir who is local to us...meaning no more than a 15-20 minute drive. About half of our comms with our FA are over the phone (money movement instructions, etc)with the other half in his office or around our dining room table (strategy). Yes, he makes house calls.

 

[rk911]

1) You are indeed old school. Use zoom.

2) I wouldn't use any advisor that was further than the head on my shoulders.
But if I did want help, would rather have someone I could trust on zoom than in a stranger in person.

Yup and the way we judge trustworthiness is to meet in person whenever possible for anything beyond a money movement.

 

[FlaMariner]

We have had the same advisor for the past 27 years. He is with Merrill. He is 2 hours away and we have only laid eyes on him once.

They do a good job. Keep the family calm. Never had an issue with needing anything that involves having to go to a physical office. And, as time goes on, it becomes even easier....with zoom, phone, imaging, document sign, etc....

Now, our adult kids are building relationships with the next generation from this same office and they have never met the folks in person...and they live far from their office.

From my perspective, you are fine (and probably better off) dealing with a good one you can trust rather than one because he is nearby.

 

[Koolau]

I must say: Living on a rock in the middle of the Pacific, you get used to dealing with people several thousand miles away. Zoom is handy if you really need it, of course. I'm trying to "teach" DW what she needs to know when the time comes she's on her own. I'm also putting together a book (for when Ko'olau is no longer with us).

Dealing over distance bothers me very little.

 

[planuntilthefisthits]

I'm nowhere near a Fidelity office, so telephone contact with my guy is the only thing I've known. I'm satisfied with the support I've gotten from in his role as a relationship manager. However, at some point in the not-too-distant future, I'll be arranging for a corporate successor trustee to manage our our affairs when we are no longer capable. This successor trustee will be local (perhaps using Fidelity as the asset holder), because like others, I want my DW to be able to drive to an office (or have the officer drive to her) so that she has peace of mind.

 

[beyou]

The only one of the major brokers that has an office in my town is Fidelity.
I drive by the branch often. Dont have accounts there, and do have them at Vanguard with no branches at all. Have been happy with Vanguard for 3 decades now with no branch offices and no dedicated rep.

If I needed an advisor, I would get recommendations as to the best person regardless where they are located.
In fact I referred a relative to PlanVision which is run strictly remotely, and they were very happy with the assistance they received. Credentials and experience count. Face to face tells me little. Talking to a potential advisor and hearing from other clients tells me everything I need to know.