What benefit does reaching Flagship status give me?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
User avatar
Topic Author
zaplunken
Posts: 1368
Joined: Tue Jul 01, 2008 9:07 am

What benefit does reaching Flagship status give me?

Post by zaplunken »

I think this is the right forum to post in, if not then Mods please move it to where it belongs.

It is a coincidence that the "Message Center" thread has generated many comments about poor service at Vanguard and some mentions that seem to indicate that Flagship status is not worth much but those comments are not why I am asking this.

In June I reached Flagship status. :D I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.

So this is very exciting, I never ever expected to have this much at Vanguard. :D But then I wondered, just what does Flagship status give me? :confused Is there really a benefit to being a Flagship member? I could roll over funds from my 401k to ensure I stay above the $1M level should the market drop but I want to keep those funds in my Stable Value fund in the 401k. Maybe I am all excited about very little or next to nothing being a Flagship investor?

Is attaining Flagship status giving me something I don't have now or would like to have?
livesoft
Posts: 86080
Joined: Thu Mar 01, 2007 7:00 pm

Re: What benefit does reaching Flagship status give me?

Post by livesoft »

Short answer: No added useful benefits.

But long answer is this question is not uncommon:
https://www.google.com/search?q=flagshi ... eheads.org
Last edited by livesoft on Mon Aug 02, 2021 5:06 pm, edited 1 time in total.
Wiki This signature message sponsored by sscritic: Learn to fish.
User avatar
Steelersfan
Posts: 4129
Joined: Thu Jun 19, 2008 8:47 pm

Re: What benefit does reaching Flagship status give me?

Post by Steelersfan »

Probably nothing, as far as I can tell.

Here's what Vanguard says on their site: https://investor.vanguard.com/investing ... s/flagship

Does anyone have a guess at how many Flagship customers Vanguard has these day? I bet it's many thousands.
02nz
Posts: 10510
Joined: Wed Feb 21, 2018 2:17 pm

Re: What benefit does reaching Flagship status give me?

Post by 02nz »

I think other than access to certain closed funds (PRIMECAP being one example), there's not much.
nalor511
Posts: 5062
Joined: Mon Jul 27, 2015 1:00 am

Re: What benefit does reaching Flagship status give me?

Post by nalor511 »

livesoft wrote: Mon Aug 02, 2021 5:05 pm Short answer: No added useful benefits.
Yes, nothing.
Outafter20
Posts: 221
Joined: Tue Oct 18, 2016 1:44 pm
Location: New York for now.

Re: What benefit does reaching Flagship status give me?

Post by Outafter20 »

zaplunken wrote: Mon Aug 02, 2021 4:52 pm I think this is the right forum to post in, if not then Mods please move it to where it belongs.

It is a coincidence that the "Message Center" thread has generated many comments about poor service at Vanguard and some mentions that seem to indicate that Flagship status is not worth much but those comments are not why I am asking this.

In June I reached Flagship status. :D I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.

So this is very exciting, I never ever expected to have this much at Vanguard. :D But then I wondered, just what does Flagship status give me? :confused Is there really a benefit to being a Flagship member? I could roll over funds from my 401k to ensure I stay above the $1M level should the market drop but I want to keep those funds in my Stable Value fund in the 401k. Maybe I am all excited about very little or next to nothing being a Flagship investor?

Is attaining Flagship status giving me something I don't have now or would like to have?
You can send secure messages.
aristotelian
Posts: 12277
Joined: Wed Jan 11, 2017 7:05 pm

Re: What benefit does reaching Flagship status give me?

Post by aristotelian »

You used to get a bunch of free trades but now trades are free. As far as I can tell it does not get you anything except the right to use a fancy title.
DidOurBest
Posts: 46
Joined: Wed Jun 30, 2021 7:57 am

Re: What benefit does reaching Flagship status give me?

Post by DidOurBest »

Is there something like this at Fidelity?

Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
02nz
Posts: 10510
Joined: Wed Feb 21, 2018 2:17 pm

Re: What benefit does reaching Flagship status give me?

Post by 02nz »

DidOurBest wrote: Mon Aug 02, 2021 5:18 pm Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
Flagship Select if you have $5 M: https://investor.vanguard.com/investing ... s/flagship
RadAudit
Posts: 4387
Joined: Mon May 26, 2008 10:20 am
Location: Second star on the right and straight on 'til morning

Re: What benefit does reaching Flagship status give me?

Post by RadAudit »

zaplunken wrote: Mon Aug 02, 2021 4:52 pm Is attaining Flagship status giving me something
Well, you do have $1m.
FI is the best revenge. LBYM. Invest the rest. Stay the course. Die anyway. - PS: The cavalry isn't coming, kids. You are on your own.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: What benefit does reaching Flagship status give me?

Post by anon_investor »

02nz wrote: Mon Aug 02, 2021 5:06 pm I think other than access to certain closed funds (PRIMECAP being one example), there's not much.
That and the 25 free trades which can be used on mutual funds that have a commission. Stuff I personally have no use for...
Da5id
Posts: 5066
Joined: Fri Feb 26, 2016 7:20 am

Re: What benefit does reaching Flagship status give me?

Post by Da5id »

It may be subjective or wrong, but I feel like I get better/faster service when I call the flagship number. But I agree with the posts above that it is probably not much. I apparently get to keep my direct messages, so there is that.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: What benefit does reaching Flagship status give me?

Post by anon_investor »

Da5id wrote: Mon Aug 02, 2021 6:07 pm It may be subjective or wrong, but I feel like I get better/faster service when I call the flagship number. But I agree with the posts above that it is probably not much. I apparently get to keep my direct messages, so there is that.
No more Vanguard coffee mugs apparently...
Da5id
Posts: 5066
Joined: Fri Feb 26, 2016 7:20 am

Re: What benefit does reaching Flagship status give me?

Post by Da5id »

anon_investor wrote: Mon Aug 02, 2021 6:08 pm
Da5id wrote: Mon Aug 02, 2021 6:07 pm It may be subjective or wrong, but I feel like I get better/faster service when I call the flagship number. But I agree with the posts above that it is probably not much. I apparently get to keep my direct messages, so there is that.
No more Vanguard coffee mugs apparently...
I honestly don't need that. I don't need much, I was peeved about the messaging thing because that was my preferred way to contact them. Vanguard's website is a bit crufty, but it is OK and I know how to use it. I have a Fidelity office near me, but my bank does medallion guarantees and I'm not sure I need to see my brokerage in person (haven't felt the need in 30+ years at Vanguard). Still, the grass could be greener, if Vanguard does something to irritate me I'm open to moving.
Broken Man 1999
Posts: 8626
Joined: Wed Apr 08, 2015 11:31 am
Location: West coast of Florida, near Champa Bay !

Re: What benefit does reaching Flagship status give me?

Post by Broken Man 1999 »

You are one of 60,000, according to this story from 2017:

https://www.inquirer.com/philly/blogs/i ... ients.html

So, yay, you are one of 60,000!

I'm sure the numbers have grown a bit since 2017.

The required amount should be updated, as a million bucks has suffered a loss of buying power since the original requirements were put into effect.

IOW, a million bucks just isn't what it used to be.

So, the benefits aren't what they used to, and they weren't much to talk about years ago. I did score 25 free trades, but I didn't even use that many, so, not much there.

Anyhoo, you are now part of an elite group of 60,000 plus members!

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
User avatar
Topic Author
zaplunken
Posts: 1368
Joined: Tue Jul 01, 2008 9:07 am

Re: What benefit does reaching Flagship status give me?

Post by zaplunken »

Thanks. Your replies are what I thought I might be told! :sharebeer

This makes me laugh
As a Flagship client, you'll have exclusive resources available to you, including Vanguard professionals who can help you meet your investment and wealth management needs.
It seems to me that getting to $1M means I pretty much have it figured out by now! :D

I was concerned about the total holdings falling below $1M and losing it but it doesn't seem like it really makes much of a difference! It seems like markets go up and markets go down.

Thanks for the links to other posts, I'll look at those. :beer
backpacker61
Posts: 1613
Joined: Wed May 20, 2020 6:36 am

Re: What benefit does reaching Flagship status give me?

Post by backpacker61 »

Flagship clients get free outgoing wire transfers. That has been useful to me on at least one occasion. Although it's only $10 for non-Flagship clients.
“Now shall I walk or shall I ride? | 'Ride,' Pleasure said; | 'Walk,' Joy replied.” | | ― W.H. Davies
stan1
Posts: 14246
Joined: Mon Oct 08, 2007 4:35 pm

Re: What benefit does reaching Flagship status give me?

Post by stan1 »

zaplunken wrote: Mon Aug 02, 2021 6:20 pm I was concerned about the total holdings falling below $1M and losing it but it doesn't seem like it really makes much of a difference! It seems like markets go up and markets go down.
If they follow past precedent, you'll keep it if balance drops due to market fluctuations. If you withdraw a lot of money they may revoke status. Of course they can change anything they want at any time.
User avatar
Sage16
Posts: 277
Joined: Sun Mar 27, 2016 11:06 pm

Re: What benefit does reaching Flagship status give me?

Post by Sage16 »

Million dollar portfolios at Vanguard are a dime a dozen now days, so they no longer feel you are as special as they once did and they cut back the perks for a mere Flagship status person. Congratulations for hitting the milestone and gaining the personal satisfaction of getting there but limited new account benefits come with it.
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.
User avatar
gwe67
Posts: 1364
Joined: Mon Dec 23, 2013 8:52 pm

Re: What benefit does reaching Flagship status give me?

Post by gwe67 »

The only useful benefit is that you have a million dollars.
VTI 48%, VXUS 12%, BND 40%
bradinsky
Posts: 2299
Joined: Sat Jul 21, 2018 6:32 am
Location: Ohio

Re: What benefit does reaching Flagship status give me?

Post by bradinsky »

You get (2) attaboys. Keep up the great work!
backpacker61
Posts: 1613
Joined: Wed May 20, 2020 6:36 am

Re: What benefit does reaching Flagship status give me?

Post by backpacker61 »

We joke about it in this forum, but it takes most of us a lot of persistence and delayed gratification to reach the Flagship level. Congratulations!
“Now shall I walk or shall I ride? | 'Ride,' Pleasure said; | 'Walk,' Joy replied.” | | ― W.H. Davies
User avatar
rob
Posts: 5248
Joined: Mon Feb 19, 2007 5:49 pm
Location: Here

Re: What benefit does reaching Flagship status give me?

Post by rob »

A nice virtual badge that you've made it..... Years ago there were some benefits but now... nada.
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien
User avatar
Topic Author
zaplunken
Posts: 1368
Joined: Tue Jul 01, 2008 9:07 am

Re: What benefit does reaching Flagship status give me?

Post by zaplunken »

Again, thanks for the congrats. I actually hit $1M a while ago but $1/3M is in my 401k. I like the Stable Value fund so I have no reason to finish rolling over the 401k to Vanguard. There are some funny replies here, I chuckled more than once! :D
Elysium
Posts: 4120
Joined: Mon Apr 02, 2007 6:22 pm

Re: What benefit does reaching Flagship status give me?

Post by Elysium »

zaplunken wrote: Mon Aug 02, 2021 4:52 pm In June I reached Flagship status. :D I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.
Just making sure, all of your assets totaling $1M+ is in Vanguard funds or ETFs, and does not include any non-vanguard funds or ETFs. The balance needed for flagship cannot include other funds even if they were held at Vanguard.
User avatar
Topic Author
zaplunken
Posts: 1368
Joined: Tue Jul 01, 2008 9:07 am

Re: What benefit does reaching Flagship status give me?

Post by zaplunken »

Elysium wrote: Mon Aug 02, 2021 6:58 pm
zaplunken wrote: Mon Aug 02, 2021 4:52 pm In June I reached Flagship status. :D I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.
Just making sure, all of your assets totaling $1M+ is in Vanguard funds or ETFs, and does not include any non-vanguard funds or ETFs. The balance needed for flagship cannot include other funds even if they were held at Vanguard.
I understand that, I have over $1M at Vanguard, that was just reached in June of this year.
little_star
Posts: 673
Joined: Tue Jun 16, 2020 5:08 pm

Re: What benefit does reaching Flagship status give me?

Post by little_star »

I would be curious to learn if you are upgraded at the timeline they told you. I have crossed the threshold twice: once, briefly, at the beginning of 2020 and again in October 2020. Although I have been continuously above the threshold since October 2020, I have yet to have my account status changed. I have not asked them about this, since there is almost no change in benefits (none that I care about, at least). I had been excited to cross the threshold back in early 2020, since I had planned to take advantage of their CFP consultation once I achieved the status. However, they removed that benefit in their effort to recruit everyone to PAS. I have no need for PAS (nor, really, for a CFP consultation), so have not made the effort to contact them about the very very very very slow recognition of my change in status. I guess if I am still listed as Voyager Select as I approach the next threshold leevl I might be annoyed enough to reach out. In the meantime, I just self-congratulate myself for having sufficient investments to be self-sufficient.

Also, as an aside, I do find it somewhat hilarious to read their current descriptions of the benefits at each level. They are basically the same, but worded slightly differently, with the same "benefits" listed in a different order. Back when there were actual different benefits at the different levels it made sense to list these separately. Now that they are basically the same, I view it as a marketing miss.
User avatar
Topic Author
zaplunken
Posts: 1368
Joined: Tue Jul 01, 2008 9:07 am

Re: What benefit does reaching Flagship status give me?

Post by zaplunken »

I moved about $326k to Vanguard when I retired in 2007. In September they gave me a free consultation and a 2nd free one 3 weeks later. Not even 1/3 of a million, now a Flagship member doesn't get a free consult?
livesoft
Posts: 86080
Joined: Thu Mar 01, 2007 7:00 pm

Re: What benefit does reaching Flagship status give me?

Post by livesoft »

Don't forget the criteria is not simply $1M at Vanguard. It is at least $1M of Vanguard products at Vanguard.
Wiki This signature message sponsored by sscritic: Learn to fish.
little_star
Posts: 673
Joined: Tue Jun 16, 2020 5:08 pm

Re: What benefit does reaching Flagship status give me?

Post by little_star »

livesoft wrote: Mon Aug 02, 2021 7:26 pm Don't forget the criteria is not simply $1M at Vanguard. It is at least $1M of Vanguard products at Vanguard.
If this is a response to my post, I only have Vanguard mutual funds. I exceeded $1M in combined IRA and taxable brokerage accounts in October 2020. I exceeded $1M in the taxable brokerage account alone in November 2020. Still Voyager Select as of today (August 2021). Again, I have not contacted them about this, as I am somewhat curious how long it will take for their computers to finally flag my account. Contacting them would ruin the experiment! I would have less patience if I actually saw a benefit to the account status change.
User avatar
Tubes
Posts: 1882
Joined: Wed Apr 22, 2020 6:33 am

Re: What benefit does reaching Flagship status give me?

Post by Tubes »

It used to matter, but doesn't anymore. I miss those CFP checkups, for instance.
nalor511
Posts: 5062
Joined: Mon Jul 27, 2015 1:00 am

Re: What benefit does reaching Flagship status give me?

Post by nalor511 »

DidOurBest wrote: Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?

Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
Yes at fidelity you will actually get some perks, like free turbo tax premier, free wire (VG has this too) and dedicated rep. And a $2500 bonus if you arrange it before you transfer in.
usagi
Posts: 461
Joined: Wed Jun 05, 2019 1:08 am

Re: What benefit does reaching Flagship status give me?

Post by usagi »

DidOurBest wrote: Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?

Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
FIdo has Private Client and or an assigned rep. You get faster to rapid service in the call queue and a whole lot of free services if you ask the correct questions. I am shocked at how great the service is. The assigned CFP are graded on retention so they will pile on the services. Mine is a VP, not sure how common that title is among the assigned reps. I know he has an actual staff of specialists he engages depending on the issue.

I have yet to use it as I still do paper and pencil tax returns but they offer free turbo something or other my kids use for their taxes.
usagi
Posts: 461
Joined: Wed Jun 05, 2019 1:08 am

Re: What benefit does reaching Flagship status give me?

Post by usagi »

I suspect once you are Flagship it entitles you to twice as many solicitations for PAS when compared to your non-Flagship brethren.
water2357
Posts: 654
Joined: Sat Sep 12, 2020 9:24 am

Re: What benefit does reaching Flagship status give me?

Post by water2357 »

Do Fidelity and Schwab require a certain amount invested with them to obtain better benefits and if so, what does the money have to be invested in? As mentioned at Vanguard, to count, the investments must be in Vanguard mutual funds or Vanguard ETFs.
nalor511
Posts: 5062
Joined: Mon Jul 27, 2015 1:00 am

Re: What benefit does reaching Flagship status give me?

Post by nalor511 »

water2357 wrote: Tue Aug 03, 2021 12:51 am Do Fidelity and Schwab require a certain amount invested with them to obtain better benefits and if so, what does the money have to be invested in? As mentioned at Vanguard, to count, the investments must be in Vanguard mutual funds or Vanguard ETFs.
Schwab I know you can do it with $100k, not sure about less. Fidelity I've heard $500k
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: What benefit does reaching Flagship status give me?

Post by beyou »

Da5id wrote: Mon Aug 02, 2021 6:07 pm It may be subjective or wrong, but I feel like I get better/faster service when I call the flagship number. But I agree with the posts above that it is probably not much. I apparently get to keep my direct messages, so there is that.
I waited on hold forever and was hung up on.
Tried again, promised a call back, never got it.
So no, Flagship does not ensure good phone support.
User avatar
Tubes
Posts: 1882
Joined: Wed Apr 22, 2020 6:33 am

Re: What benefit does reaching Flagship status give me?

Post by Tubes »

It seems, however, that any 401k money at Fidelity doesn't count towards your overall number. Too bad. I'd apparently have to convert out of my 401k into an IRA which I really don't want to do at this time.
User avatar
SmileyFace
Posts: 9186
Joined: Wed Feb 19, 2014 9:11 am

Re: What benefit does reaching Flagship status give me?

Post by SmileyFace »

usagi wrote: Mon Aug 02, 2021 11:36 pm
DidOurBest wrote: Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?

Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
FIdo has Private Client and or an assigned rep. You get faster to rapid service in the call queue and a whole lot of free services if you ask the correct questions. I am shocked at how great the service is. The assigned CFP are graded on retention so they will pile on the services. Mine is a VP, not sure how common that title is among the assigned reps. I know he has an actual staff of specialists he engages depending on the issue.

I have yet to use it as I still do paper and pencil tax returns but they offer free turbo something or other my kids use for their taxes.
Fidelity assinged me a named CFP before my account reached $1M (close to $500K as I recall). He is great - can call anytime or schedule a specific time to chat to assure he will be available. If I let him know the topic ahead of time he will bring others onto the call knowledgeable in the specific topics if he isn't an expert on them. All I seem to get from Vanguard with a similar balance are offers to pay for PAS. This is one of the reasons all new money is now getting invested at Fidelity.
Da5id
Posts: 5066
Joined: Fri Feb 26, 2016 7:20 am

Re: What benefit does reaching Flagship status give me?

Post by Da5id »

beyou wrote: Tue Aug 03, 2021 1:02 am
Da5id wrote: Mon Aug 02, 2021 6:07 pm It may be subjective or wrong, but I feel like I get better/faster service when I call the flagship number. But I agree with the posts above that it is probably not much. I apparently get to keep my direct messages, so there is that.
I waited on hold forever and was hung up on.
Tried again, promised a call back, never got it.
So no, Flagship does not ensure good phone support.
Huh, that is unfortunate. I've had lots of interactions in the past year and all have been fast and good. Guess I've been lucky.
User avatar
Wiggums
Posts: 7051
Joined: Thu Jan 31, 2019 7:02 am

Re: What benefit does reaching Flagship status give me?

Post by Wiggums »

nalor511 wrote: Mon Aug 02, 2021 9:11 pm
DidOurBest wrote: Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?

Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
Yes at fidelity you will actually get some perks, like free turbo tax premier, free wire (VG has this too) and dedicated rep. And a $2500 bonus if you arrange it before you transfer in.
I asked Fidelity about a bonus last month if I moved a 401k with 1.3M to them and I was told that there was no bonus.
"I started with nothing and I still have most of it left."
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: What benefit does reaching Flagship status give me?

Post by beyou »

Da5id wrote: Tue Aug 03, 2021 6:51 am
beyou wrote: Tue Aug 03, 2021 1:02 am
Da5id wrote: Mon Aug 02, 2021 6:07 pm It may be subjective or wrong, but I feel like I get better/faster service when I call the flagship number. But I agree with the posts above that it is probably not much. I apparently get to keep my direct messages, so there is that.
I waited on hold forever and was hung up on.
Tried again, promised a call back, never got it.
So no, Flagship does not ensure good phone support.
Huh, that is unfortunate. I've had lots of interactions in the past year and all have been fast and good. Guess I've been lucky.
That was back in January 2021 (this year). At the time, I resorted to secure messaging, to which they did respond, though it took a few days. Lately secure messaging responses seem to be 1-2 days, which is fine for most needs. But waiting on hold or waiting for call backs for long periods is just unacceptable. We can’t always sit there on hold. Often can’t answer if someone returns a call at an inconvenient time (assuming they call back which Vanguard did not in Jan). If they answer in a few mins, fine. Secure messaging in a day or so, fine. But neither has been reliably so this year. It was fine in the past, but I can’t live in the past, much as we try.
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: What benefit does reaching Flagship status give me?

Post by beyou »

livesoft wrote: Mon Aug 02, 2021 7:26 pm Don't forget the criteria is not simply $1M at Vanguard. It is at least $1M of Vanguard products at Vanguard.
Academic distinction. If I didn’t mainly use Vanguard funds, would not use Vanguard as broker.

That said, clearly a legacy policy. I mean, they are forcing people to move from their Vanguard fund-only platform where you can only buy their funds, to a brokerage platform where you can buy other products, yet exclude those products from any tiering ? They should modify the rule OR keep the fund-only platform if that’s the result they seek. Inconsistent.
Jack FFR1846
Posts: 18503
Joined: Tue Dec 31, 2013 6:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: What benefit does reaching Flagship status give me?

Post by Jack FFR1846 »

I have been a Fidelity Private Client for longer than I have paid attention to my investments. The benefits (if you can call them that) are as follows.

1: You get a Private Client rep. What this means is that when you call Fidelity, the first thing they ask is "Do you want me to transfer you to your Private Client rep?". Your answer should be no. Then ask your question. Fidelity front line people are extremely good and will get done what's needed. If you decide to say yes, you'll be transferred and then dumped into their voicemail. How that's a benefit, I don't know.

2: Whenever you get a new Private Client rep, you will get a phone call from them. They will introduce themselves and you'll immediately forget who they are because they are really of no value. When they ask how often you want a phone call to "check up", be honest and say "never".

3: You get a free Turbo Tax every year. This is the only real benefit if you use turbo tax (I don't).

4: On your landing page, in the upper right corner, there will be a tag saying "Private Client" and a picture and name of your rep, so you will know what the name and face is of the person you are ignoring.

Although all of the above, besides free TT sounds like burdens rather than benefits, they exceed what Vanguard offers. While Fidelity doesn't have a cool tall ship moniker, they can look out their window and see the US Constitution, an actual tall ship. That's gotta be worth something, right?
Bogle: Smart Beta is stupid
MBB_Boy
Posts: 899
Joined: Sat May 12, 2018 4:09 pm

Re: What benefit does reaching Flagship status give me?

Post by MBB_Boy »

Tubes wrote: Mon Aug 02, 2021 7:52 pm It used to matter, but doesn't anymore. I miss those CFP checkups, for instance.
SoFi will give you those free, if you really value it
User avatar
MahoningValley
Posts: 189
Joined: Sat Dec 01, 2007 11:38 am
Location: South Florida

Re: What benefit does reaching Flagship status give me?

Post by MahoningValley »

backpacker61 wrote: Mon Aug 02, 2021 6:47 pm We joke about it in this forum, but it takes most of us a lot of persistence and delayed gratification to reach the Flagship level. Congratulations!
👍👍
JAusten
Posts: 63
Joined: Thu May 06, 2021 4:50 pm
Location: Tuscaloosa, AL

Re: What benefit does reaching Flagship status give me?

Post by JAusten »

I also miss the CFP checkups! This helped me so very much and of course, now I pay for a PAS but not sure how long I'll keep this service.
neverpanic
Posts: 1023
Joined: Sun May 10, 2020 12:26 am

Re: What benefit does reaching Flagship status give me?

Post by neverpanic »

$2M - or rather, $2.5M - is the new $1M.

One function of the "status" is to convince you to feel good about continuing your relationship with the company.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
User avatar
Topic Author
zaplunken
Posts: 1368
Joined: Tue Jul 01, 2008 9:07 am

Re: What benefit does reaching Flagship status give me?

Post by zaplunken »

beyou wrote: Tue Aug 03, 2021 7:20 am
Da5id wrote: Tue Aug 03, 2021 6:51 am
beyou wrote: Tue Aug 03, 2021 1:02 am
Da5id wrote: Mon Aug 02, 2021 6:07 pm It may be subjective or wrong, but I feel like I get better/faster service when I call the flagship number. But I agree with the posts above that it is probably not much. I apparently get to keep my direct messages, so there is that.
I waited on hold forever and was hung up on.
Tried again, promised a call back, never got it.
So no, Flagship does not ensure good phone support.
Huh, that is unfortunate. I've had lots of interactions in the past year and all have been fast and good. Guess I've been lucky.
That was back in January 2021 (this year). At the time, I resorted to secure messaging, to which they did respond, though it took a few days. Lately secure messaging responses seem to be 1-2 days, which is fine for most needs. But waiting on hold or waiting for call backs for long periods is just unacceptable. We can’t always sit there on hold. Often can’t answer if someone returns a call at an inconvenient time (assuming they call back which Vanguard did not in Jan). If they answer in a few mins, fine. Secure messaging in a day or so, fine. But neither has been reliably so this year. It was fine in the past, but I can’t live in the past, much as we try.
Don't they give you an option for a call back? I called today and was given that option but they said the wait time was 2-3 minutes so I just stayed on the line. Customer service is spotty, the 1st woman who was trying to help me I just hung up and called back. If you disappear for the 2nd time and it's been 3-4 minutes I'm trying another rep. The 2nd woman was very knowledgeable and there was no wait time to speak with her.
nalor511
Posts: 5062
Joined: Mon Jul 27, 2015 1:00 am

Re: What benefit does reaching Flagship status give me?

Post by nalor511 »

Wiggums wrote: Tue Aug 03, 2021 6:59 am
nalor511 wrote: Mon Aug 02, 2021 9:11 pm
DidOurBest wrote: Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?

Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
Yes at fidelity you will actually get some perks, like free turbo tax premier, free wire (VG has this too) and dedicated rep. And a $2500 bonus if you arrange it before you transfer in.
I asked Fidelity about a bonus last month if I moved a 401k with 1.3M to them and I was told that there was no bonus.
You have to escalate this to "private client services" which is the $1mm level, to get any bonus at fidelity. 401k likely does not qualify, but if you roll it to IRA it does
Post Reply