#personalfinance #investments I have a Fidelity account and have some cash sitting there uninvested. I received a call from Fidelity premium services and the caller told me that my advisor would like to say 'hi' and scheduled a call with him. I searched his name and found that he's an Investment advisor and financial planner. Is this financial planner trying to sell me something and make his commission? Can these fidelity financial planners see how much cash is in my account? Please suggest if you had a similar experience.
Most likely they get their commision if they convince you to put money into Fidelity mutual funds. Nothing wrong with it, Fidelity has a good selection of low expense fee funds. But unless you are completely clueless I doubt you will get any useful advise.
thanks. It would be awkward telling him that I invest only in VTI
I don’t think it would be awkward. They don’t get good customer service ratings by belittling and judging their clients. On the flip side, they may ask you why you do so and how that fits in with your goals in order to possibly suggest ideas to get you to those goals faster, etc.
Yeah of course they can see what's in account, they are assigned to accounts over a certain amount. They are pretty nice but don't really offer me anything I need at the moment so I just tell them I am self directed for now. If for instance you wanted to buy some muni bonds or something I could see them being useful to ask a few questions.
They’re actually pretty good financial advisors. I’ve been switching my assets over to Fidelity because my dad has enough money there that they’re very nice to him and by extension me. I like to handle my own investments, but my dad’s advisor actually brought up some really good points to consider. In short, do the call. Once you’re in the premium services level, they treat you really nicely and aren’t going to try to sell you a bunch of stuff. They might try to convince you to move all of your money to them, but they’ll also make it worth your while($).
What gets you to the premium services level?
I’m not sure. If I had to guess, probably $500k to $1m.