Quote:
Originally Posted by Boomer
I have a contact person at Fidelity and although I like her, I will not let go of managing our Boomer Fund. But she’s there if I need her and our heirs know who she is and could need her help — or maybe someday even I will let her help us. I just can’t quite do that yet.
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Your Fidelity contact person may be a ‘relationship manager’. You might ask for a Fidelity ‘financial planner’ or, if your contact is indeed a financial planner, you can ask for another one but it might be via phone only. If your Fidelity contact is not competent to be your personal financial advisor, then try to get to someone there who is.
A lot of discussions in this thread depend on the amount of investments one has because that drives the assets-under-management business model for the advisor. The more a customer has, the more attention they can get from an AUM advisor because advisors act on incentives, too.
The spectrum of advisor attention one gets ranges from a lot (such as a Trust Company with, say, at least $1 million AUM) to middle of the road (such as Fidelity and Vanguard with, say, at least $250,000 AUM) to little attention (such as Edward Jones with, say, $100,000). One percent of $1 million earns an advisor’s company $10,000 annually getting a customer more attention than 1% of $100,000 or $1,000 per year in AUM fees. I believe the companies who tend to be on the smaller end of the spectrum with a lot of $25,000 and $100,000 AUM customers tend to supplement their lower annual AUM fees with the income that you want to know in your original post.