Announcement

Collapse
No announcement yet.

Free fidelity consultation- worth it?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Free fidelity consultation- worth it?

    My employer-sponsored retirement plan is through Fidelity, and they offer appointments for free one-on-one consultations with a Fidelity "retirement planner". I don't think I have any specific questions for them. They may just try to get me to contribute to the non-governmental 457b which I have decided against based on what I've read here. Has anyone done this and found it worthwhile? I don't have a financial adviser or anyone scrutinizing my finances besides myself, though I've done a lot of reading here and asked other questions on the forum. 


  • #2

    I got a free financial plan from Vanguard when I moved my money over there.  I found it useful at the time.  The planner was a CFP.  I assumed he would suggest selling off all my non-vanguard but he did not. 

    Comment


    • #3

      nothing is free

      Comment


      • #4

        On the contrary. Plenty of things are free and they are worth exactly that much.

        Comment


        • #5

          How useful is your HR department?  The Fidelity rep might have more/better info on what is available to you.  

          Comment


          • #6

            I would take the free consultation since it is free.

            Comment


            • #7

              We used Fidelity's Family Office services quite a bit in my prior job.  Everyone I had worked with at Fidelity was helpful and not pushy.  If they get into fund advice they will probably push their own funds but I wouldn't expect anything else.  I don't think it would hurt but I also wouldn't expect to find out much you don't already know since you sound like you are fairly well read and they likely won't be performing a deep dive into your finances.

              Comment


              • #8
                We got 'second' level free advice for private client -- some nice opinions they offered like the Donation Fund and suggestions on harvest loss timing and funds to use.

                Not pushy at all.

                Comment


                • #9
                  My advice :  Don't go.

                  My wife got a "free consultation" with a Fidelity rep as part of an early retirement package she took when her company downsized.

                  I recommended against it but she wanted to go. ( We both already had large accounts with Fidelity )The adviser was about 24 years old. He recommended that she invest in mutual funds.  He suggested about 5 or 6 funds, all of which were active, and which in combination were essentially the total US stock market.  When I asked him why we shouldn't just invest in a single total market index fund, at much lower cost, he looked confused and didn't say anything at all.

                  He did have one very useful piece of information.  He told us that  retirees frequently under-budget in 3 areas:  new cars, home repairs, and travel.   I would add health care to that list.

                  Other than that piece of advice, he had nothing positive to offer, along with the big negative of trying to push active funds instead of an index fund.  Of course, that's what they do for a living.  I don't blame them.  Caveat emptor.

                  I know for a fact that the advisers earn commissions if they sell annuities. ( I found their internal commission rate page on google ).  A friend of mine had a Fidelity adviser try to sell him an annuity, despite the fact that my friend had a classic pension from work.   They may get commissions on mutual funds as well, but that's just a suspicion.

                  I use Fidelity, along with Vanguard,  for all of my accounts,  but I would take any advice that any of their reps give me with large quantities of salt.   For that matter, verify any advice on your own before believing it.

                  Comment


                  • #10
                    My employer offered the same free consultation with a Fidelity advisor, which I ended up taking them up on. All in all, it was not super helpful -- they just went over the basics of the employer-specific retirement plans. There was no real advice/suggestions given; it was mostly factual. But to echo some of the above posters, if you have some free time, you might as well do it - you may learn something unique to the options available to you.

                    Comment


                    • #11
                      I cant believe all the just go, its no big deal, you have time, etc...responses. LizOB is no newb and will not learn anything helpful here. If there is something to be learned about her plan, then the documents should be read, it will be far more efficient and comfortable.

                      Your time is worth something as well. There is also the risk of being talked into or convinced of something you dont need or want. Fidelity is not doing this out of the goodness of their heart, it comes out of their sales/marketing budgets and thats how they view it. The hospital isnt offering it, fidelity is offering it to the hospital.

                      The willingness of docs to explain away people willing to freely spend time with them and assume no bad reasons is why all these predatory places like NWM and pharma love us so much, and I totally get it.

                      My consultations are 'free', but its just a cost of doing business, and its really just to motivate people to get in, because once they do you just have to have them like you and they are now your pts.

                      I do not view time spent with someone I dont care to make time with and learning zero helpful things, and a small but real risk of being pitched some bs as 'free'. You would have to pay me to do that. Its analogous to volunteering to meet IRL with a telemarketer or something.

                      Just ask yourself what additional information will be presented that you cant find in plan documents or on your own, and then ask the person trying to meet with you.

                      Comment


                      • #12
                        Yes, and then go to the “free” steak dinner (and whole life discussion) from NWML and the next morning, fly out to Orlando for the “free” Disney trip (and timeshare presentation). Lots of great “free” stuff out there!

                        Actually, the only thing that seems to be “free” and in short supply is free time!

                        Edit: I did not read Zaphod’s post until now, but I totally agree.

                        Comment


                        • #13
                          My daughter worked for Fidelity as a CFP. She left when she realized her real job was not to provide financial planning, but instead to move her clients into expensive Fidelity "products".

                          Comment


                          • #14




                            nothing is free
                            Click to expand...




                            Your time is worth something as well
                            Click to expand...




                            I ended up taking them up on. All in all, it was not super helpful
                            Click to expand...


                             

                            Comment

                            Working...
                            X