Reply to Relationship Manager?

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DTalos
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Reply to Relationship Manager?

Post by DTalos »

Every 3-4 months for the past couple of years, I have received a call from a relationship manager at a mega brokerage where I have an account. Since I let all calls go to voice mail, I have never spoken to this person, nor have I ever returned their call. The message basically is the same every time, usually about wanting to talk about updates to your account, new policies, or my account in general. Since I monitor my account, nothing new or unusual has ever happened as a result of not returning the person's call. I verified the name and phone number of the manager and it is a legitimate person that works for the mega brokerage.

What are these calls really about and is there any benefit to talking with this person? The only question I can think of to ask this person is if she/he can lower the annual fee for this account? Does this person have the ability to do that or only the "advisor" associated with the account? This is not an actively managed account. There is an advisor associated with this account, but that person only earns money when I buy/sell a security in the account, which is once in a blue moon. This account has stocks and cash. No physical metals, commodities or anything esoteric.
livesoft
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Re: Reply to Relationship Manager?

Post by livesoft »

I have answered these calls occasionally and chatted with the person on the other end. They are just doing their job. A new person comes along every so often and they had better call everyone on the list because they can then report to their supervisor that they did call everyone on their list and talked with 2% of them and sold nothing new to any of them. Sometimes I ask what they are doing with their personal portfolios and give them advice which they politely listen to (Ha!).
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Topic Author
DTalos
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Re: Reply to Relationship Manager?

Post by DTalos »

livesoft wrote: Wed Jul 28, 2021 6:36 pm I have answered these calls occasionally and chatted with the person on the other end. They are just doing their job. A new person comes along every so often and they had better call everyone on the list because they can then report to their supervisor that they did call everyone on their list and talked with 2% of them and sold nothing new to any of them. Sometimes I ask what they are doing with their personal portfolios and give them advice which they politely listen to (Ha!).

What kind of things would this relationship manager try to sell me?
livesoft
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Re: Reply to Relationship Manager?

Post by livesoft »

DTalos wrote: Wed Jul 28, 2021 6:39 pmWhat kind of things would this relationship manager try to sell me?
Why not ask them? Maybe a new 0.1% AUM fee plan to invest your money in a 3-fund portfolio that does tax-loss harvesting for you?
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anon_investor
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Re: Reply to Relationship Manager?

Post by anon_investor »

livesoft wrote: Wed Jul 28, 2021 6:44 pm
DTalos wrote: Wed Jul 28, 2021 6:39 pmWhat kind of things would this relationship manager try to sell me?
Why not ask them? Maybe a new 0.1% AUM fee plan to invest your money in a 3-fund portfolio that does tax-loss harvesting for you?
0.1% AUM? More like 1.1% AUM!
Topic Author
DTalos
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Re: Reply to Relationship Manager?

Post by DTalos »

livesoft wrote: Wed Jul 28, 2021 6:44 pm
DTalos wrote: Wed Jul 28, 2021 6:39 pmWhat kind of things would this relationship manager try to sell me?
Why not ask them? Maybe a new 0.1% AUM fee plan to invest your money in a 3-fund portfolio that does tax-loss harvesting for you?
Just based on the person's job title, I wouldn't think the person would try to sell me anything.
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Wiggums
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Re: Reply to Relationship Manager?

Post by Wiggums »

DTalos wrote: Wed Jul 28, 2021 6:39 pm
livesoft wrote: Wed Jul 28, 2021 6:36 pm I have answered these calls occasionally and chatted with the person on the other end. They are just doing their job. A new person comes along every so often and they had better call everyone on the list because they can then report to their supervisor that they did call everyone on their list and talked with 2% of them and sold nothing new to any of them. Sometimes I ask what they are doing with their personal portfolios and give them advice which they politely listen to (Ha!).

What kind of things would this relationship manager try to sell me?
The caller will pass your name to a broker if you show any interest. They will try to sell you services that make their company money. Could even be a free study where they offer to take your assets under management. They might try to sell you funds that are only available to managed accounts.
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DTalos
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Re: Reply to Relationship Manager?

Post by DTalos »

Wiggums wrote: Wed Jul 28, 2021 6:55 pm
DTalos wrote: Wed Jul 28, 2021 6:39 pm
livesoft wrote: Wed Jul 28, 2021 6:36 pm I have answered these calls occasionally and chatted with the person on the other end. They are just doing their job. A new person comes along every so often and they had better call everyone on the list because they can then report to their supervisor that they did call everyone on their list and talked with 2% of them and sold nothing new to any of them. Sometimes I ask what they are doing with their personal portfolios and give them advice which they politely listen to (Ha!).

What kind of things would this relationship manager try to sell me?
The caller will pass your name to a broker if you show any interest. They will try to sell you services that make their company money. Could even be a free study where they offer to take your assets under management. They might try to sell you funds that are only available to managed accounts.

So then the relationship manager is really a salesperson vs "customer satisfaction/care"? This account already has an advisor associated with it.
livesoft
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Re: Reply to Relationship Manager?

Post by livesoft »

I once answered a survey about the Wells Fargo brokerage web site that I use. I even left a comment that said something like "Call me to discuss some more detailed suggestions for making the website better for my needs at this number xxx-xxx-xxxx." I got the phone call and had a delightful conversation with someone who was genuinely interested in my opinion and who took careful notes. Almost everything I suggested was eventually implemented. I do not know if my opinions were the reasons for the changes or if many others had similar suggestions, but I did like the changes that were made.

I guess if you have some ideas about what you want out of the relationship, then talking to the relationship manager is a start to get those things. Maybe you just want free golf games or sports tickets or ballet tickets? If you don't ask for them, then there is almost no chance you will get them at all.
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Fallible
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Re: Reply to Relationship Manager?

Post by Fallible »

DTalos wrote: Wed Jul 28, 2021 6:32 pm ...
What are these calls really about and is there any benefit to talking with this person? The only question I can think of to ask this person is if she/he can lower the annual fee for this account? Does this person have the ability to do that or only the "advisor" associated with the account? This is not an actively managed account. There is an advisor associated with this account, but that person only earns money when I buy/sell a security in the account, which is once in a blue moon....
Maybe this person wants to improve your relationship with your advisor so you’ll buy/sell in your account more than “once in a blue moon.” Whatever, you could return a call and find out and also ask about lowering the annual fees.
"Yes, investing is simple. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense." ~Jack Bogle
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Re: Reply to Relationship Manager?

Post by Wannaretireearly »

livesoft wrote: Wed Jul 28, 2021 6:36 pm I have answered these calls occasionally and chatted with the person on the other end. They are just doing their job. A new person comes along every so often and they had better call everyone on the list because they can then report to their supervisor that they did call everyone on their list and talked with 2% of them and sold nothing new to any of them. Sometimes I ask what they are doing with their personal portfolios and give them advice which they politely listen to (Ha!).
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hudson
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Re: Reply to Relationship Manager?

Post by hudson »

DTalos wrote: Wed Jul 28, 2021 6:32 pm Every 3-4 months for the past couple of years, I have received a call from a relationship manager at a mega brokerage where I have an account. Since I let all calls go to voice mail, I have never spoken to this person, nor have I ever returned their call. The message basically is the same every time, usually about wanting to talk about updates to your account, new policies, or my account in general. Since I monitor my account, nothing new or unusual has ever happened as a result of not returning the person's call. I verified the name and phone number of the manager and it is a legitimate person that works for the mega brokerage.

What are these calls really about and is there any benefit to talking with this person? The only question I can think of to ask this person is if she/he can lower the annual fee for this account? Does this person have the ability to do that or only the "advisor" associated with the account? This is not an actively managed account. There is an advisor associated with this account, but that person only earns money when I buy/sell a security in the account, which is once in a blue moon. This account has stocks and cash. No physical metals, commodities or anything esoteric.
I've never heard of a relationship manager.
I've never had a cold call from Vanguard or Fidelity.
If I did, I would find a way to make the calls go away.
I am at war with junk callers.
No one earns a commission when I buy or sell; I just pay the fund/etf expenses.
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NewMoneyMustBeSmart
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Re: Reply to Relationship Manager?

Post by NewMoneyMustBeSmart »

Cui Bono....

A lot of these relationship managers are comped as follows, based on how one explained it to me:

1. How much new money they bring in
2. How much money they lose or retain

So they are assigned to you. They get credit for you putting more in; and get dinged if you leave or withdraw.

I presume they are trying to be in your good graces. Since they really are fee-less; and while they can suggest things, I view them as non-intimate advisors. I work to preserve the relationship as I occasionally need them to escalate things for me. They recently completed a DTC in 24 hours.
-- | Few are those who see with their own eyes and feel with their own hearts - Einstein | *Everything I write here is an unreliable opinion*
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Re: Reply to Relationship Manager?

Post by pkcrafter »

DTalos wrote: Wed Jul 28, 2021 6:32 pm Every 3-4 months for the past couple of years, I have received a call from a relationship manager at a mega brokerage where I have an account.

What is the name of this brokerage? I want to make sure I never use it. :happy

What are these calls really about and is there any benefit to talking with this person? The only question I can think of to ask this person is if she/he can lower the annual fee for this account?

Ha-ha, you can ask. Let us know what he says.



Does this person have the ability to do that or only the "advisor" associated with the account?

Probably neither one can lower the fees. What are the fees you are now paying?


This is not an actively managed account. There is an advisor associated with this account, but that person only earns money when I buy/sell a security in the account, which is once in a blue moon. This account has stocks and cash. No physical metals, commodities or anything esoteric.

Above, you said you want to know if he can lower the annual fee. Then you said there is no annual fee. Please clarify the fee structure. Is it a taxable account, tax-deferred, or Roth?

Paul
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DTalos
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Re: Reply to Relationship Manager?

Post by DTalos »

pkcrafter wrote: Wed Jul 28, 2021 8:15 pm
DTalos wrote: Wed Jul 28, 2021 6:32 pm Every 3-4 months for the past couple of years, I have received a call from a relationship manager at a mega brokerage where I have an account.

What is the name of this brokerage? I want to make sure I never use it. :happy

What are these calls really about and is there any benefit to talking with this person? The only question I can think of to ask this person is if she/he can lower the annual fee for this account?

Ha-ha, you can ask. Let us know what he says.



Does this person have the ability to do that or only the "advisor" associated with the account?

Probably neither one can lower the fees. What are the fees you are now paying?


This is not an actively managed account. There is an advisor associated with this account, but that person only earns money when I buy/sell a security in the account, which is once in a blue moon. This account has stocks and cash. No physical metals, commodities or anything esoteric.

Above, you said you want to know if he can lower the annual fee. Then you said there is no annual fee. Please clarify the fee structure. Is it a taxable account, tax-deferred, or Roth?

Paul
I will not disclose name of brokerage.

I am paying a three figure annual fee (basically a maintenance fee) just for having the account.

This is a taxable account. There is an advisor but I have NO assets under management with advisor. The only fee I pay is an annual fee just for having an account and a commission each time I want to buy/sell security.
Doctor Rhythm
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Re: Reply to Relationship Manager?

Post by Doctor Rhythm »

You could ask the relationship manager: “If all I’m doing is holding stocks (I’m interpreting this as individually held stocks) and cash at the Nameless Brokerage, why am I paying hundred(s) of dollars per year to keep these highly portable assets there?”

You should also ask yourself the same question.
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Re: Reply to Relationship Manager?

Post by mervinj7 »

DTalos wrote: Wed Jul 28, 2021 8:19 pm I will not disclose name of brokerage.

I am paying a three figure annual fee (basically a maintenance fee) just for having the account.

This is a taxable account. There is an advisor but I have NO assets under management with advisor. The only fee I pay is an annual fee just for having an account and a commission each time I want to buy/sell security.
Most bogleheads have brokerages with no annual fees and no charges for trading ETFs, stocks, and a select list of mutual funds.

Maybe the first question to ask is what this specific unnamed brokerage is offering you currently in terms of services/features and then figure what else they can possibly offer you. That will help prepare you for a call with the advisor.
sport
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Re: Reply to Relationship Manager?

Post by sport »

I would not talk to anyone who cold-calls me. If you want to talk to them, get their name and call back with a number you know to be legit.
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DTalos
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Re: Reply to Relationship Manager?

Post by DTalos »

mervinj7 wrote: Wed Jul 28, 2021 9:22 pm
DTalos wrote: Wed Jul 28, 2021 8:19 pm I will not disclose name of brokerage.

I am paying a three figure annual fee (basically a maintenance fee) just for having the account.

This is a taxable account. There is an advisor but I have NO assets under management with advisor. The only fee I pay is an annual fee just for having an account and a commission each time I want to buy/sell security.
Most bogleheads have brokerages with no annual fees and no charges for trading ETFs, stocks, and a select list of mutual funds.

Maybe the first question to ask is what this specific unnamed brokerage is offering you currently in terms of services/features and then figure what else they can possibly offer you. That will help prepare you for a call with the advisor.

They offer the stability of a big name brand.
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galawdawg
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Re: Reply to Relationship Manager?

Post by galawdawg »

DTalos wrote: Thu Jul 29, 2021 2:39 pm
mervinj7 wrote: Wed Jul 28, 2021 9:22 pm
DTalos wrote: Wed Jul 28, 2021 8:19 pm I will not disclose name of brokerage.

I am paying a three figure annual fee (basically a maintenance fee) just for having the account.

This is a taxable account. There is an advisor but I have NO assets under management with advisor. The only fee I pay is an annual fee just for having an account and a commission each time I want to buy/sell security.
Most bogleheads have brokerages with no annual fees and no charges for trading ETFs, stocks, and a select list of mutual funds.

Maybe the first question to ask is what this specific unnamed brokerage is offering you currently in terms of services/features and then figure what else they can possibly offer you. That will help prepare you for a call with the advisor.

They offer the stability of a big name brand.
What on earth does that mean?? Are you concerned that Vanguard, Fidelity, Schwab, E*TRADE and other similar "no annual fee/no maintenance fee" brokerages will go belly-up??

Perhaps as mervinj7 mentioned, the first question to pose to the relationship manager is what this "big name brand unnamed brokerage" can offer you...such as no annual "maintenance fee" and no commissions.

No disrespect intended but if you think that paying an annual fee AND commissions each time you buy and sell is worth it because you are at a "big name brand" brokerage, you should probably turn in your Bogleheads card! :shock: :wink:
Strifey
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Re: Reply to Relationship Manager?

Post by Strifey »

DTalos wrote: Thu Jul 29, 2021 2:39 pm They offer the stability of a big name brand.
Not sure what that means?

Here are five of the largest brokerage firms by AUM per Google:
  • Fidelity Investments.
  • Vanguard.
  • Charles Schwab.
  • Merrill.
  • JPMorgan Securities.
Would love the know what paying a few hundred dollars a year is actually getting you if it's not asset management and clearly not stability of a big name brand considering the top 3 brokerage firms don't charge you to have an account or make trades on most equities.

As far as cold calling, it happened once to me at Fidelity because my taxable account surpassed their threshold for an AUM (one specific to TLH). I politely declined and said I would keep managing my simple 3 fund portfolio and TLH myself when appropriate.
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Re: Reply to Relationship Manager?

Post by tacobellcow »

Back when I was saving for my first home, I would get these calls from my bank every month after I hit a certain threshold. When my wife and I bought our second home, the same thing happened. Now I don't even answer because I know they only call when they think "I have money". Realistically, they are just housing our emergency fund/checking account and if they would have treated me more like a human and not a number I may have done more business with them anyway. No chance in that now.

Since I am aggressively saving for retirement with the Boglehead method, I'm waiting for my brokerage to do the same. I'll politely tell them to get lost when they do call.
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Re: Reply to Relationship Manager?

Post by Jack FFR1846 »

A few hundred dollars describes the total of all costs, ERs, fees I pay on over $3.5M invested. As a fee to be with an old, out of touch firm? Nope.
Bogle: Smart Beta is stupid
mervinj7
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Re: Reply to Relationship Manager?

Post by mervinj7 »

DTalos wrote: Thu Jul 29, 2021 2:39 pm
mervinj7 wrote: Wed Jul 28, 2021 9:22 pm
DTalos wrote: Wed Jul 28, 2021 8:19 pm I will not disclose name of brokerage.

I am paying a three figure annual fee (basically a maintenance fee) just for having the account.

This is a taxable account. There is an advisor but I have NO assets under management with advisor. The only fee I pay is an annual fee just for having an account and a commission each time I want to buy/sell security.
Most bogleheads have brokerages with no annual fees and no charges for trading ETFs, stocks, and a select list of mutual funds.

Maybe the first question to ask is what this specific unnamed brokerage is offering you currently in terms of services/features and then figure what else they can possibly offer you. That will help prepare you for a call with the advisor.

They offer the stability of a big name brand.
In one of your previous posts, you started a discussion of whether it was worth it move from your current fee based Merrill Lynch account to a no-fee Merrill Edge account. I'm assuming you have decided to stay with Merrill Lynch along with its annual maintenance fees and trading fees in order to maintain a personal relationship with your advisor.
viewtopic.php?p=6003092#p6003092

If the responses on that thread haven't already convinced you to reduce your costs with a no-fee brokerage account, then we can restrict further responses to your original question regarding relationship managers. Most likely, they are trying to move some or all of your assets from a self-managed account (with fees!) to an actively managed account (with more fees!). Best of luck.
Doctor Rhythm
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Re: Reply to Relationship Manager?

Post by Doctor Rhythm »

Coincidentally, I just got a cold call from a bank where I opened accounts a few months ago to pick up a sign up bonus. Just wanted to make sure all my needs were met. I didn’t have the heart to ask her the procedure for closing the accounts in next month or two after the bonus gets paid.

Then again, they aren’t charging me anything to keep my cash there.
hi_there
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Re: Reply to Relationship Manager?

Post by hi_there »

Well, if you have any meaningful amount of assets with this firm, I suggest that you at least ask to have this "three figure annual fee" waived. We have taxable and retirement accounts with Vanguard, Fidelity, TD, Schwab, and a couple others. Other than 401k accounts and maybe HSA, I don't think any charge annual maintenance fees, certainly not in the hundreds of dollar range.
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Re: Reply to Relationship Manager?

Post by esteen »

livesoft wrote: Wed Jul 28, 2021 6:36 pm Sometimes I ask what they are doing with their personal portfolios and give them advice which they politely listen to (Ha!).
This is awesome!
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mervinj7
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Re: Reply to Relationship Manager?

Post by mervinj7 »

livesoft wrote: Wed Jul 28, 2021 6:44 pm
DTalos wrote: Wed Jul 28, 2021 6:39 pmWhat kind of things would this relationship manager try to sell me?
Why not ask them? Maybe a new 0.1% AUM fee plan to invest your money in a 3-fund portfolio that does tax-loss harvesting for you?
I like this idea. Why can't someone offer this?
dbr
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Re: Reply to Relationship Manager?

Post by dbr »

mervinj7 wrote: Fri Jul 30, 2021 8:51 am
livesoft wrote: Wed Jul 28, 2021 6:44 pm
DTalos wrote: Wed Jul 28, 2021 6:39 pmWhat kind of things would this relationship manager try to sell me?
Why not ask them? Maybe a new 0.1% AUM fee plan to invest your money in a 3-fund portfolio that does tax-loss harvesting for you?
I like this idea. Why can't someone offer this?
Probably because tax loss harvesting is not independent of the whole of annual tax filing and gets mixed up with personal tax advising and tax preparation, which a brokerage company doesn't do.
hnd
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Re: Reply to Relationship Manager?

Post by hnd »

i was getting calls from fidelity and tda when i opened and moved some accounts there from invesco. i talked with the 2 people that called me. they introduced me to some other things available to me and i believe they tried to feel out if i was someone who might be interested in other paid products but i clearly exhibited that i could at least pretend to know what i'm doing and I never heard from them again.
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Re: Reply to Relationship Manager?

Post by mw1739 »

The wife and I chatted with our Fidelity relationship manager this morning. His assistant calls roughly every 6 months to setup a call. Our manager complimented our low cost, tax efficient portfolio and to my surprise (and my wife’s delight) discussed spending more of it (still in accumulation phase). It was a fairly unproductive discussion overall but it gives the wife reassurance that someone is watching the portfolio and I’m not screwing things up.
dbr
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Re: Reply to Relationship Manager?

Post by dbr »

mw1739 wrote: Fri Jul 30, 2021 9:25 am The wife and I chatted with our Fidelity relationship manager this morning. His assistant calls roughly every 6 months to setup a call. Our manager complimented our low cost, tax efficient portfolio and to my surprise (and my wife’s delight) discussed spending more of it (still in accumulation phase). It was a fairly unproductive discussion overall but it gives the wife reassurance that someone is watching the portfolio and I’m not screwing things up.
I think the idea that someone is "watching" the portfolio against you somehow screwing things up is false reassurance. What on earth would it mean that your manager discussed spending more of it? He has not prepared a financial plan for you has he? I don't think relationship managers do financial plans.
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Re: Reply to Relationship Manager?

Post by pasadena »

DTalos wrote: Wed Jul 28, 2021 6:32 pm The only question I can think of to ask this person is if she/he can lower the annual fee for this account?
Why do you pay an annual fee for an account that is not actively managed, that you manage yourself and where you don't talk to the advisors?
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Re: Reply to Relationship Manager?

Post by bradinsky »

pasadena wrote: Fri Jul 30, 2021 9:55 am
DTalos wrote: Wed Jul 28, 2021 6:32 pm The only question I can think of to ask this person is if she/he can lower the annual fee for this account?
Why do you pay an annual fee for an account that is not actively managed, that you manage yourself and where you don't talk to the advisors?
+1 That sure seems like a waste of money to me, and possibly creates a false sense of security.
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nedsaid
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Re: Reply to Relationship Manager?

Post by nedsaid »

I never have gotten a call from a relationship manager as such.

Long time ago, I got a couple calls from stockbrokers trying to get my business. I get an e-mail every once in a while from Fidelity regarding having a conversation with an Advisor, actually did that one and had a productive conversation. I showed interest in a Deferred Fixed Income Annuity and we had a discussion about that, pretty much a soft sell approach. I do business with another mutual fund company and over many years they have rarely called me.
A fool and his money are good for business.
neowiser
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Re: Reply to Relationship Manager?

Post by neowiser »

Schwab does this. For years I received calls and emails but never responded. Finally, last year, I received both a call and an email and decided I would reply because I was interested to know what type of guidance they offer. I replied to the email with a simple question and never heard back. I selected an advisor from a different office and sent an inquiry, and he responded immediately. I had a 1 hour conversation that I found helpful, and the advisor has been helpful with several issues regarding my account. It's been nice to just email him with questions rather than navigate the 800 number phone tree.

Investment suggestions have not been particularly helpful, since their goal is to have you invest in managed accounts. Advisor compensation is based on a complex set of criteria that includes the number of contacts they make with clients and the net worth of their clients. The annual calls and emails are probably required in order for them to meet their required client contact goals. They are very busy and have no real interest in discussing your account with you unless you want to purchase funds in managed accounts and boost the points in their compensation system.
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neurosphere
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Re: Reply to Relationship Manager?

Post by neurosphere »

hudson wrote: Wed Jul 28, 2021 7:28 pm I've never heard of a relationship manager.
I've never had a cold call from Vanguard or Fidelity.
If I did, I would find a way to make the calls go away.
Coincidentally, I just got a call from Fidelity yesterday. I get calls about every 6 months, starting the first year I opened an account (10+ years ago).

Here is the transcription of the voice mail:
Fidelity relationship manager via voicemail wrote:Hi (neurosphere), this is Helen *** at Fidelity. I'm just calling from the *** branch to introduce myself. I'm a Financial Consultant, and I do annual reviews with clients of birth vestment. There's never any charge for working with me. So I wanted to call and let you know. We're in the branch. If you want to set up a time to talk. You can reach me at *** and we of course still offer Zoom or phone appointments if that's preferable. I hope we have a chance to connect soon. Thanks, bye-bye.
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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Taylor Larimore
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Re: Reply to Relationship Manager?

Post by Taylor Larimore »

DTalos:

We moved to Vanguard in 1986. We have never received an unsolicited call.

Best wishes.
Taylor
Jack Bogle's Words of Wisdom: "This business is all about simplicity and low cost. I'm not into all these market strategies and theories and cost-benefit analyses - all the bureaucracy that goes with business. In investing, strip all the baloney out of it, and give people what you promise."
"Simplicity is the master key to financial success." -- Jack Bogle
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Re: Reply to Relationship Manager?

Post by abuss368 »

I have never had a relationship call and don’t need one. Other than Dave (who I think secretly works with Fisher Investments), Vanguard is hands off and aligns with Do it Yourself.

Tony
John C. Bogle: “Simplicity is the master key to financial success."
Dave55
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Re: Reply to Relationship Manager?

Post by Dave55 »

abuss368 wrote: Sat Jul 31, 2021 10:00 am I have never had a relationship call and don’t need one. Other than Dave (who I think secretly works with Fisher Investments), Vanguard is hands off and aligns with Do it Yourself.

Tony
Let me set the record straight, I do not work for fisher. I do not work for anyone, except she who must be obeyed.

Dave
"Reality always wins, your only job is to get in touch with it." Wilfred Bion
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Re: Reply to Relationship Manager?

Post by abuss368 »

Dave55 wrote: Sat Jul 31, 2021 10:05 am
abuss368 wrote: Sat Jul 31, 2021 10:00 am I have never had a relationship call and don’t need one. Other than Dave (who I think secretly works with Fisher Investments), Vanguard is hands off and aligns with Do it Yourself.

Tony
Let me set the record straight, I do not work for fisher. I do not work for anyone, except she who must be obeyed.

Dave
Love it! Dave - you are the best😀
John C. Bogle: “Simplicity is the master key to financial success."
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Re: Reply to Relationship Manager?

Post by ruralavalon »

DTalos wrote: Wed Jul 28, 2021 8:19 pmThis is a taxable account. There is an advisor but I have NO assets under management with advisor. The only fee I pay is an annual fee just for having an account and a commission each time I want to buy/sell security.
There is no reason to pay a commission these days.

DTalos wrote: Thu Jul 29, 2021 2:39 pmThey offer the stability of a big name brand
For commission-free trading with a big name brand consider Vanguard, Fidelity, Schwab, E*Trade, or Merrill Edge.

DTalos wrote: Wed Jul 28, 2021 6:32 pmWhat are these calls really about and is there any benefit to talking with this person?
The calls are probably about selling you something.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
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DTalos
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Re: Reply to Relationship Manager?

Post by DTalos »

galawdawg wrote: Thu Jul 29, 2021 3:05 pm
DTalos wrote: Thu Jul 29, 2021 2:39 pm
mervinj7 wrote: Wed Jul 28, 2021 9:22 pm
DTalos wrote: Wed Jul 28, 2021 8:19 pm I will not disclose name of brokerage.

I am paying a three figure annual fee (basically a maintenance fee) just for having the account.

This is a taxable account. There is an advisor but I have NO assets under management with advisor. The only fee I pay is an annual fee just for having an account and a commission each time I want to buy/sell security.
Most bogleheads have brokerages with no annual fees and no charges for trading ETFs, stocks, and a select list of mutual funds.

Maybe the first question to ask is what this specific unnamed brokerage is offering you currently in terms of services/features and then figure what else they can possibly offer you. That will help prepare you for a call with the advisor.

They offer the stability of a big name brand.
What on earth does that mean?? Are you concerned that Vanguard, Fidelity, Schwab, E*TRADE and other similar "no annual fee/no maintenance fee" brokerages will go belly-up??

Perhaps as mervinj7 mentioned, the first question to pose to the relationship manager is what this "big name brand unnamed brokerage" can offer you...such as no annual "maintenance fee" and no commissions.

No disrespect intended but if you think that paying an annual fee AND commissions each time you buy and sell is worth it because you are at a "big name brand" brokerage, you should probably turn in your Bogleheads card! :shock: :wink:

I like being with a "big name brand" brokerage. I can afford the annual fee and I realize that competitors offer no annual fee. The transfer process of transferring assets from an account with a broker to another brokerage where everything is online and self managed by me makes me nervous.
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Re: Reply to Relationship Manager?

Post by DTalos »

This relationship manager who calls every 3-4 months for the past few years is the same person. Is this an indication relationship manager would like to think of me more as a name vs a number, and may have some authority to lower fees?
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Re: Reply to Relationship Manager?

Post by galawdawg »

DTalos wrote: Thu Aug 05, 2021 3:29 am This relationship manager who calls every 3-4 months for the past few years is the same person. Is this an indication relationship manager would like to think of me more as a name vs a number, and may have some authority to lower fees?
How is anyone here supposed to know? Are you extraordinarily susceptible to sales pitches or do you have the ability to simply say "no" when pitched a product or service you don't need or want?

Unless you don't believe you can "resist" any effort to upsell you, just talk to the person and find out. You won't know unless you ask and despite the collective wisdom here at Bogleheads, we have no idea why this "relationship manager" at your brokerage (that you refuse to name) is calling you.
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Re: Reply to Relationship Manager?

Post by dbr »

DTalos wrote: Thu Aug 05, 2021 3:29 am This relationship manager who calls every 3-4 months for the past few years is the same person. Is this an indication relationship manager would like to think of me more as a name vs a number, and may have some authority to lower fees?
No.
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Re: Reply to Relationship Manager?

Post by Dave55 »

abuss368 wrote: Sat Jul 31, 2021 10:00 am I have never had a relationship call and don’t need one. Other than Dave (who I think secretly works with Fisher Investments), Vanguard is hands off and aligns with Do it Yourself.

Tony
Rumor has it you are employed by Edward Jones now? Is that why you left the board?

Dave
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Re: Reply to Relationship Manager?

Post by Doctor Rhythm »

DTalos wrote: Thu Aug 05, 2021 3:29 am This relationship manager who calls every 3-4 months for the past few years is the same person. Is this an indication relationship manager would like to think of me more as a name vs a number, and may have some authority to lower fees?
Your relationship with your bank or brokerage - or even your personal financial advisor (fiduciary or not) - is transactional. Just because they know your name or your kid’s name doesn’t change that. I expect no special treatment from them unless it aligns with their financial goals. Similarly, I try to have no emotions about them (positive or negative) and only look at them as a tool for achieving my goals. If they charged me a fee to hold my assets, I’d discard that broken tool.

I’m fine with being treated as a number as long as it’s not Number 2.
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Re: Reply to Relationship Manager?

Post by dbr »

They are probably calling you so often because you tried to be polite the wrong way instead of the right way of just courteously telling them you are fine on your own and don't need any help. If you didn't say no when they asked if they could check back with you then you stayed in the list. Saying no to that question does not mean you just shut off a friendship that doesn't even remotely exist in the first place.

Possibly the biggest mistake a person can make in investing is to confuse investment services with personal relationships. That seems sad but unfortunately personal relationship is the "spike on the corona virus" that allows them to infect you. If you are in the rare situation that you actually have a valuable personal relationship with your broker, then you are very lucky and more power to you. There might have been a world like that once, but it is gone now.
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Re: Reply to Relationship Manager?

Post by CAMD »

It’s interesting to hear the Vanguard folks say they never received an unsolicited call. I have gotten several calls from my Flagship Representative over the years. It has not been every 3-4 months like the OP, but it definitely isn’t zero. The most recent calls were 1) a call to touch base and suggest that I convert my total stock index mutual fund to an ETF and 2) a call from the new rep because my old one moved on.
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