Fidelity Private client group

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Grayb88
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Fidelity Private client group

Post by Grayb88 »

Can you cancel out of using the Fidelity Private Client group at any time?
HomeStretch
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Re: Fidelity Private client group

Post by HomeStretch »

Welcome to the forum!

I suppose you could call Fidelity and request that you be removed from Private Client Group (PCG). Or reduce your account balances to <$1 million.

What don’t you like about PCG? There is no fee but it has very few benefits - special phone #, an assigned advisor if you want one. maybe free ATM/wires, free or discounted Turbo Tax software.
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

As mentioned above, you certainly can reduce the amounts you hold at Fidelity (which will take you out of PCG status.)
FWIW, I got PCG status after rolling over a 401k to a Fidelity IRA, the only thing that changed for me was having the PCG logo show up on my statements and having the special phone number made available to me. I never bothered to have a personal advisor assigned. They did try to contact me several times to schedule an appointment until I replied letting them know I wasn't interested. They let me know the option was available to me in the future if I changed my mind. Nothing since. I would be interested in "Free Turbotax", but that was never offered, still only get the $20 discount that everyone can get.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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Artful Dodger
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Re: Fidelity Private client group

Post by Artful Dodger »

Grayb88 wrote: Mon Sep 20, 2021 4:55 am Can you cancel out of using the Fidelity Private Client group at any time?
Just curious. Why would you want to?
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Grayb88
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Re: Fidelity Private client group

Post by Grayb88 »

What I don’t like is the fee, and the performance doesn’t justify the fee at this point.
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Leif
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Re: Fidelity Private client group

Post by Leif »

What fee? I've been in PCG for many years and I've never seen a fee.

Perhaps you are talking about some advisor service? PCG is not an advisor service. Call them and ask about it.
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Grayb88
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Re: Fidelity Private client group

Post by Grayb88 »

Yes it’s an Advisor fee, and PCG. I am going to cancel the Advisor service and stay in PCG.
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SeanFL
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Re: Fidelity Private client group

Post by SeanFL »

Did you sign up to be managed? If not, call and ask what the fee is for and when it started.

There's only a fee if you agreed to have someone at Fidelity manage your portfolio. Otherwise, they give you Private Client Group status to reward you for having a high level of assets. Similar to Vanguard Flagship. Vanguard will offer you portfolio management for .3% and you're welcome to not sign up.
Investor with Vanguard for over 30 years | Father of Four
protagonist
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Re: Fidelity Private client group

Post by protagonist »

Whereas there are few advantages to PCG, every once in awhile I have had an issue that needed to be solved at Fidelity, and speaking to a rep in my PCG has gotten me more personalized and more rapid resolution. I don't perceive any downsides.
marcopolo
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Re: Fidelity Private client group

Post by marcopolo »

For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
Once in a while you get shown the light, in the strangest of places if you look at it right.
mervinj7
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Re: Fidelity Private client group

Post by mervinj7 »

marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
I'm assuming that Vanguard has similar higher quality customer service for it's flagship customers. Otherwise, it wouldn't be a fair comparison.
marcopolo
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Re: Fidelity Private client group

Post by marcopolo »

mervinj7 wrote: Mon Sep 20, 2021 2:09 pm
marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
I'm assuming that Vanguard has similar higher quality customer service for it's flagship customers. Otherwise, it wouldn't be a fair comparison.
Having read samplings of some of those threads, it does not appear that having Flagship level really helps the situation much.
Once in a while you get shown the light, in the strangest of places if you look at it right.
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fetch5482
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Re: Fidelity Private client group

Post by fetch5482 »

How does one know if they have a Private Client Group status?
I recently transferred my account from Vanguard to Fidelity. When I login to my Fidelity account I see "Fidelity Premium Services" next to my advisors name near the top-right corner. For Private Client Group, does it say "Fidelity Private Client Group Services"?
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

gas_balloon wrote: Wed Jan 12, 2022 9:28 pm How does one know if they have a Private Client Group status?
I recently transferred my account from Vanguard to Fidelity. When I login to my Fidelity account I see "Fidelity Premium Services" next to my advisors name near the top-right corner. For Private Client Group, does it say "Fidelity Private Client Group Services"?
Yes...
I have it set so that when I login it goes straight to the 'cash management' section that doesn't show any of that, but on the main accounts or portfolio page you see a logo that says that. The monthly statements also change to say it at the top next to the logo.
I don't have an advisor assigned, so I don't see any name, but from what people describe I would expect to see that in the same area where yours says "premium".
Image

Other than having the page display that, I haven't seen any benefit of interest to me from having that "status"... If anything it's annoying that it shows up on statements.
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fetch5482
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Re: Fidelity Private client group

Post by fetch5482 »

JoMoney wrote: Wed Jan 12, 2022 9:38 pm
gas_balloon wrote: Wed Jan 12, 2022 9:28 pm How does one know if they have a Private Client Group status?
I recently transferred my account from Vanguard to Fidelity. When I login to my Fidelity account I see "Fidelity Premium Services" next to my advisors name near the top-right corner. For Private Client Group, does it say "Fidelity Private Client Group Services"?
Yes...
I have it set so that when I login it goes straight to the 'cash management' section that doesn't show any of that, but on the main accounts or portfolio page you see a logo that says that. The monthly statements also change to say it at the top next to the logo.
I don't have an advisor assigned, so I don't see any name, but from what people describe I would expect to see that in the same area where yours says "premium".
Image

Other than having the page display that, I haven't seen any benefit of interest to me from having that "status"... If anything it's annoying that it shows up on statements.
Great, thanks. yeah that shows as premium for me. I am largely with you on the benefits not being very high, however with a private client group status, you can apply to purchase pre-IPO (no guarantees on whether you will get it though, especially with high-demand pre-IPO companies like SpaceX), which I think is a sound benefit for my small play-money account I set aside that helps me stay a 98% boglehead.
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

gas_balloon wrote: Wed Jan 12, 2022 9:49 pm...
Great, thanks. yeah that shows as premium for me. I am largely with you on the benefits not being very high, however with a private client group status, you can apply to purchase pre-IPO (no guarantees on whether you will get it though, especially with high-demand pre-IPO companies like SpaceX), which I think is a sound benefit for my small play-money account I set aside...
Might be something to call and ask about if it's something that interest you.
Doesn't sound like something I'd consider a 'benefit' ...
I have to apply for the privilege of them selling me stuff (that I consider of dubious investment quality to begin with) :annoyed :confused No thanks.

There's a lot of hype to sell IPO's to begin with. That's what investment bankers get paid to do. Making it seem like like it's somehow special or limited to buy it strikes me as marketing tricks.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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fetch5482
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Re: Fidelity Private client group

Post by fetch5482 »

JoMoney wrote: Wed Jan 12, 2022 9:59 pm
gas_balloon wrote: Wed Jan 12, 2022 9:49 pm...
Great, thanks. yeah that shows as premium for me. I am largely with you on the benefits not being very high, however with a private client group status, you can apply to purchase pre-IPO (no guarantees on whether you will get it though, especially with high-demand pre-IPO companies like SpaceX), which I think is a sound benefit for my small play-money account I set aside...
Might be something to call and ask about if it's something that interest you.
Doesn't sound like something I'd consider a 'benefit' ...
I have to apply for the privilege of them selling me stuff (that I consider of dubious investment quality to begin with) :annoyed :confused No thanks.

There's a lot of hype to sell IPO's to begin with. That's what investment bankers get paid to do. Making it seem like like it's somehow special or limited to buy it strikes me as marketing tricks.
True - I am sure I will reach the same enlightened state some day. Right now keeping that 2% play money helps me not let FOMO drive irrational behavior with the other 98% of my portfolio.. so its fine with me. I messaged my representative to check on private client group.
The funny thing is Fidelity does not advertise these benefits anywhere - in fact their website makes no mention of these tiers existing at all. Another free benefit with private client group is the free TurboTax (again the exact criteria is not publicized anywhere, but most people I know from PCG get it). That benefit is great, but its worth $55 annually, so I will not lose sleep over not getting it.
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

gas_balloon wrote: Wed Jan 12, 2022 10:08 pm...
True - I am sure I will reach the same enlightened state some day. Right now keeping that 2% play money helps me not let FOMO drive irrational behavior with the other 98% of my portfolio.. so its fine with me. I messaged my representative to check on private client group.
The funny thing is Fidelity does not advertise these benefits anywhere - in fact their website makes no mention of these tiers existing at all. Another free benefit with private client group is the free TurboTax (again the exact criteria is not publicized anywhere, but most people I know from PCG get it). That benefit is great, but its worth $55 annually, so I will not lose sleep over not getting it.
"Free" TurboTax would be a great benefit. I've never gotten it, if you read threads on here you'll find lots of PCG people that don't get it, and some that do that aren't PCG. I have seen criteria that spells it out for getting it free if you're a 'Active Trader VIP' , but there are also people that claim they don't trade at all, hold traditional Boglehead style portfolios, and are given the free TT :annoyed
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
nalor511
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Re: Fidelity Private client group

Post by nalor511 »

JoMoney wrote: Wed Jan 12, 2022 10:34 pm
gas_balloon wrote: Wed Jan 12, 2022 10:08 pm...
True - I am sure I will reach the same enlightened state some day. Right now keeping that 2% play money helps me not let FOMO drive irrational behavior with the other 98% of my portfolio.. so its fine with me. I messaged my representative to check on private client group.
The funny thing is Fidelity does not advertise these benefits anywhere - in fact their website makes no mention of these tiers existing at all. Another free benefit with private client group is the free TurboTax (again the exact criteria is not publicized anywhere, but most people I know from PCG get it). That benefit is great, but its worth $55 annually, so I will not lose sleep over not getting it.
"Free" TurboTax would be a great benefit. I've never gotten it, if you read threads on here you'll find lots of PCG people that don't get it, and some that do that aren't PCG. I have seen criteria that spells it out for getting it free if you're a 'Active Trader VIP' , but there are also people that claim they don't trade at all, hold traditional Boglehead style portfolios, and are given the free TT :annoyed
A long thread, yes, I personally think it might be margin
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Re: Fidelity Private client group

Post by anon_investor »

marcopolo wrote: Mon Sep 20, 2021 2:16 pm
mervinj7 wrote: Mon Sep 20, 2021 2:09 pm
marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
I'm assuming that Vanguard has similar higher quality customer service for it's flagship customers. Otherwise, it wouldn't be a fair comparison.
Having read samplings of some of those threads, it does not appear that having Flagship level really helps the situation much.
I can confirm that Flagship does NOT offer better service at Vanguard. $50 at Fidelity got me better service than Flagship at Vanguard...
sidwin516
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Re: Fidelity Private client group

Post by sidwin516 »

I heard $450k investable is the min. They don’t count 401k either. I like having them run my Monte Carlo simulations. I like having them take a look once a year to make sure my numbers are good. I haven’t paid them anything nor plan to while I’m alive. I buy enough of their eft and they have been insightful about pro rata issues and discounted funds I might want to consider. Can’t have enough information is my take.
NerdJock
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Re: Fidelity Private client group

Post by NerdJock »

I'm in NH and when I had an account at schwab once or twice I went to their office in Manchester.
I was amazed that they had an office.
I did my business and left quickly when I could feel the sharks circling.
mike66
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Re: Fidelity Private client group

Post by mike66 »

Why would you not want to use this. I have found them very useful. Whenever I have an issue I call the Private Client Group number and the advisor assigned to me takes care of the issue immediately. For example, a few years ago I contributed late in Dec to an empty Traditional IRA account in order to convert to a backdoor Roth.
The conversion was taking several days to clear so I called and they made the conversion within minutes. There is no fee and I do not use the advisory service
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Re: Fidelity Private client group

Post by Gadget »

sidwin516 wrote: Thu Jan 13, 2022 4:13 am I heard $450k investable is the min. They don’t count 401k either. I like having them run my Monte Carlo simulations. I like having them take a look once a year to make sure my numbers are good. I haven’t paid them anything nor plan to while I’m alive. I buy enough of their eft and they have been insightful about pro rata issues and discounted funds I might want to consider. Can’t have enough information is my take.
Maybe that's the minimum to get it, but I have more than that in both a Joint taxable and separately in a personal Roth IRA. And I don't have free TT...
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Re: Fidelity Private client group

Post by nedsaid »

Grayb88 wrote: Mon Sep 20, 2021 4:55 am Can you cancel out of using the Fidelity Private Client group at any time?
I am reminded of the Groucho Marx quote that he wouldn't join any club that would have him as a member.
A fool and his money are good for business.
DenaliBandit
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Re: Fidelity Private client group

Post by DenaliBandit »

marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
You obviously have a better advisor than mine. Maybe my advisor was hired from Vanguard because my advisor doesn't call me back, doesn't respond to messages, doesn't seem to know I exist. Several years ago I had a great advisor. He was prompt, he was responsive, in general, he was very much on top of things. Like almost anyone he would make a mistake sometimes but he promptly fixed the mistake. He was promoted to a higher position, probably because he was so dedicated to doing his job correctly. If I had to list a benefit from being in the PCG right now I would say I see no benefits to being in the group. I prefer buying my own Turbotax because I know having my own CD on my own computer is secure. I don't use any of the other benefits. I actually get better service if I call Fidelity's general number than I do by calling my advisor. I haven't tried calling the PCG number because I thought they would just transfer me to my advisor.

I've been with Fidelity since 1995. I'm thinking about transferring my holdings to another firm because Fidelity seems to constantly be screwing things up. I had some wash sales in 2020. I sold all of the stock with the wash sale in 2021. Fidelity didn't add the basis of the wash sales from 2020 to the stock sold in 2021. A week ago I asked my advisor to look into it. I haven't heard from him so I don't know if he didn't do anything or if a correction is being worked on. On another stock I sold in 2021 the stock had paid some dividends as non-dividend distributions over the years. Fidelity always discounts the basis of the stock accordingly. Since I've reached the point where I don't trust Fidelity's tax people I thought I would compare the basis of the stock that was discounted by the Non-dividend distributions with the actual amount of the non-dividend distributions. As it turns out the discounts applied to my stock is about 1.2 times the amount of the non-dividend distributions. For every dollar in non-dividend distributions the basis of my stock was reduced by close to $1.2. So I need to go back to Fidelity and try to get that fixed also. You would not believe all of the errors Fidelity has made in my account over the last 4 years even if I told you. Sorry I'm dragging this on but I am totally frustrated with Fidelity and all of their mistakes.
Last edited by DenaliBandit on Sat Mar 26, 2022 5:45 pm, edited 1 time in total.
marcopolo
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Re: Fidelity Private client group

Post by marcopolo »

DenaliBandit wrote: Sat Mar 26, 2022 5:42 pm
marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
You obviously have a better advisor than mine. Maybe my advisor was hired from Vanguard because my advisor doesn't call me back, doesn't respond to messages, doesn't seem to know I exist. Several years ago I had a great advisor. He was prompt, he was responsive, in general, he was very much on top of things. Like almost anyone he would make a mistake sometimes but he promptly fixed the mistake. He was promoted to a higher position, probably because he was so dedicated to doing his job correctly. If I had to list a benefit from being in the PCG right now I would say I see no benefits to being in the group. I prefer buying my own Turbotax because I know having my own CD on my own computer is secure. I don't use any of the other benefits. I actually get better service if I call Fidelity's general number than I do by calling my advisor. I haven't tried calling the PCG number because I thought they would just transfer me to my advisor.

I've been with Fidelity since 1995. I'm thinking about transferring my holdings to another firm because Fidelity seems to constantly be screwing things up. I had some wash sales in 2020. I sold all of the stock with the wash sale in 2021. Fidelity didn't add the basis of the wash sales from 2020 to the stock sold in 2021. A week ago I asked my advisor to look into it. I haven't heard from him so I don't know if he didn't do anything or if a correction is being worked on. On another stock I sold in 2021 the stock had paid some dividends as non-dividend distributions over the years. Fidelity always discounts the basis of the stock accordingly. Since I've reached the point where I don't trust Fidelity's tax people I thought I would compare the basis of the stock that was discounted by the Non-dividend distributions with the actual amount of the non-dividend distributions. As it turns out the discounts applied to my stock is about 1.2 times the amount of the non-dividend distributions. For every dollar in non-dividend distributions the basis of my stock was reduced by close to $1.2. So I need to go back to Fidelity and try to get that fixed also. You would not believe all of the errors Fidelity has made in my account over the last 4 years even if I told you. Sorry I'm dragging this on but I am totally frustrated with Fidelity and all of their mistakes.
If you are unhappy with the service you are receiving, you should definitely investigate alternatives. There are lots of brokerage firms out there, hopefully one of them will better suit your needs.

To address a few things you raised:

1) Just like any other service, your experience will depend a lot on the person you are dealing with. Perhaps ask to be assigned to a different rep?

2) Even though the link take you to the online version, the free turbo tax offer from Fidelity is good for the desktop version as well. That is what i use.

3) The PCG number does not connect you to the advisor, they have their own numbers. It connects you to a group of representatives that seem to be better trained. In my experience, there is little or no wait time, and they are very knowledgeable.

4) While certainly possible, it seem unlikely that Fidelity is computing the impact of your distribution on Cost basis incorrectly. This is almost certainly an automated process, and many people would have been screaming up in arms if it was a wide spread problem. I would double check the calculations.

5) If they really are making a lot of mistakes like this, you should definitely consider other firms. It is counter to what i have experienced. I am not sure what would account for the difference, but we do have a pretty simple portfolio.

Good luck to you.
Once in a while you get shown the light, in the strangest of places if you look at it right.
hap_ca
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Re: Fidelity Private client group

Post by hap_ca »

Discount brokerages lose money on boglehead customers regardless of account size. I don’t see what these companies gain by providing special treatment to larger accounts unless you pay a fee. Vanguard might actually be leading the industry here by slowly reducing benefits and pushing customers to PAS
yobery
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Re: Fidelity Private client group

Post by yobery »

Ask for a new advisor
DenaliBandit
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Re: Fidelity Private client group

Post by DenaliBandit »

marcopolo wrote: Sat Mar 26, 2022 6:24 pm
DenaliBandit wrote: Sat Mar 26, 2022 5:42 pm
marcopolo wrote: Mon Sep 20, 2021 12:22 pm For those saying there is not much benefit to PCG, have you seen any of the threads about the long hold times, no call back, days to respond to emails, etc at Vanguard?
When I call the PCG customer service line, I almost always get immediate answer, and at most a couple minutes wait. And the reps do seem better trained.
The free turbo tax is also nice...
You obviously have a better advisor than mine. Maybe my advisor was hired from Vanguard because my advisor doesn't call me back, doesn't respond to messages, doesn't seem to know I exist. Several years ago I had a great advisor. He was prompt, he was responsive, in general, he was very much on top of things. Like almost anyone he would make a mistake sometimes but he promptly fixed the mistake. He was promoted to a higher position, probably because he was so dedicated to doing his job correctly. If I had to list a benefit from being in the PCG right now I would say I see no benefits to being in the group. I prefer buying my own Turbotax because I know having my own CD on my own computer is secure. I don't use any of the other benefits. I actually get better service if I call Fidelity's general number than I do by calling my advisor. I haven't tried calling the PCG number because I thought they would just transfer me to my advisor.

I've been with Fidelity since 1995. I'm thinking about transferring my holdings to another firm because Fidelity seems to constantly be screwing things up. I had some wash sales in 2020. I sold all of the stock with the wash sale in 2021. Fidelity didn't add the basis of the wash sales from 2020 to the stock sold in 2021. A week ago I asked my advisor to look into it. I haven't heard from him so I don't know if he didn't do anything or if a correction is being worked on. On another stock I sold in 2021 the stock had paid some dividends as non-dividend distributions over the years. Fidelity always discounts the basis of the stock accordingly. Since I've reached the point where I don't trust Fidelity's tax people I thought I would compare the basis of the stock that was discounted by the Non-dividend distributions with the actual amount of the non-dividend distributions. As it turns out the discounts applied to my stock is about 1.2 times the amount of the non-dividend distributions. For every dollar in non-dividend distributions the basis of my stock was reduced by close to $1.2. So I need to go back to Fidelity and try to get that fixed also. You would not believe all of the errors Fidelity has made in my account over the last 4 years even if I told you. Sorry I'm dragging this on but I am totally frustrated with Fidelity and all of their mistakes.
If you are unhappy with the service you are receiving, you should definitely investigate alternatives. There are lots of brokerage firms out there, hopefully one of them will better suit your needs.

To address a few things you raised:

1) Just like any other service, your experience will depend a lot on the person you are dealing with. Perhaps ask to be assigned to a different rep?

2) Even though the link take you to the online version, the free turbo tax offer from Fidelity is good for the desktop version as well. That is what i use.

3) The PCG number does not connect you to the advisor, they have their own numbers. It connects you to a group of representatives that seem to be better trained. In my experience, there is little or no wait time, and they are very knowledgeable.

4) While certainly possible, it seem unlikely that Fidelity is computing the impact of your distribution on Cost basis incorrectly. This is almost certainly an automated process, and many people would have been screaming up in arms if it was a wide spread problem. I would double check the calculations.

5) If they really are making a lot of mistakes like this, you should definitely consider other firms. It is counter to what i have experienced. I am not sure what would account for the difference, but we do have a pretty simple portfolio.

Good luck to you.
Thank you for your comments. I am in fact considering moving my account after 25 years with Fidelity. I don't ask a lot of my advisor. We talk maybe 4 or 5 times a year. But when he voluntarily tells me he is going to do something for me, I think he should do it. He's done that twice now. Sometimes I ask him a question and never hear from him.

I feel more secure just buying my Turbotax. The old saying: "Just because I'm paranoid doesn't mean they are not out to get me."

I know my advisor has his own number. I didn't know we could just call up the PCG number. I assumed they would want to transfer me to my advisor.

Granted, I know it seems unlikely that Fidelity would calculate cost basis incorrectly, but I had a sufficiently large amount of wash sales in one CEF for it to easily show up on the basis of the remaining shares. Every month I put all of my purchases, sales, dividend reinvestment data on an Excel spreadsheet. It allows me to track everything about that stock/fund quickly and easily and it's all in one place on an external hard drive. After entering the information on the spreadsheet I doublecheck all of the numbers on the spreadsheet to verify accuracy. After I determined that Fidelity apparently did not add the wash sales to the basis I went back and triple-checked my spreadsheet numbers using the monthly statements and confirmation statements. The triple check again verified my numbers were accurate.

I even went one step further. I have a friend in New York that developed a computer program that calculates wash sales and follows the wash sales. The program was developed for institutional customers but she said she would be happy to run my numbers for me. She also said Fidelity did not add the disallowed losses to the basis of my remaining shares. So, yes, there is a chance I'm wrong but I doubt her program is wrong. By the way, her son is a CPA for a large firm in New York. He helped her develop the program and he uses the program at his firm. I've always done my own taxes, even before the advent of tax software programs. What I'm saying is I'm fairly knowledgeable about taxes. Would I bet money that I'm right and Fidelity is wrong? Considering I doublechecked and triplechecked my numbers and had an outside firm run my numbers, Absolutely!

The non-dividend distribution issue I mentioned above is also in a CEF. This is a situation where the basis of the shares sold has been reduced by more than the total of the non-dividend distributions. Since it is a return of capital I would expect the basis of the shares to be reduced by the same amount as the non-dividend distribution. That wasn't the case.

There have been other things happen in my account that were clearly a mistake made by Fidelity. Again with a CEF. I'm not going to go into detail about the mistakes made in my account but these were things I could not have done. They had to have been done by Fidelity. I have not found any mistakes in the mutual fund portion of my portfolio, but mutual funds have always been Fidelity's strong point and they have some good funds. I do a lot of short term trading. I enjoy it and generally do very well at it. I have moved all of my short term trading to Ameritrade and am quite happy with the way they handle it.

The problem is there are a multitude of things I like about Fidelity. But I find they are prone to make mistakes. I have no assurance that moving to another firm will be any better. No brokerage firm is 100% and Fidelity has better reviews than most. I might move my account and find myself in a worse situation.

My account might be more complex. I have mutual funds, muni bonds, ETFs, CEFs, MLPs, REITs, stocks, and annuities. Most of the problems I've encountered at Fidelity have been in CEFs. And the problems have all been since 2019. I had no problems with Fidelity prior to that.
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JazzTime
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Re: Fidelity Private client group

Post by JazzTime »

DenaliBandit wrote: Sun Mar 27, 2022 4:15 am The problem is there are a multitude of things I like about Fidelity. But I find they are prone to make mistakes. I have no assurance that moving to another firm will be any better. No brokerage firm is 100% and Fidelity has better reviews than most. I might move my account and find myself in a worse situation.

My account might be more complex. I have mutual funds, muni bonds, ETFs, CEFs, MLPs, REITs, stocks, and annuities. Most of the problems I've encountered at Fidelity have been in CEFs. And the problems have all been since 2019. I had no problems with Fidelity prior to that.
[OT comments removed by admin LadyGeek]

That said, it looks like you have done considerable research double-checking all your numbers. That's great. Let me suggest something. Write a private message on the Fidelity message page providing a clear and concise detailed example of one of your cost basis issues, including all your numbers and backup. Then ask Fidelity to research the issue and get back to you. You can ask that they escalate the matter up to management level. Fidelity will certainly respond to your message and you can engage with them. If they are right, perhaps they can convince you. If they have made a mistake, they will correct the mistake (hopefully). Bear in mind, I suggest writing about ONE clearly presented issue with backup evidence. Don't muddy the water by tossing in every picayune complaint you have over 25 years. That will only insure your ONE worthwhile complaint does not get the attention it deserves. If the first issue gets resolved, you can then move on to a second issue.

I've always found Fidelity will respond to private messages. However, you may not be happy with the first response so continue to press them to escalate the matter and provide a detailed explanation. I did that when I wanted Fidelity to change the cost basis of shares in my Roth account to reflect the cost and date those shares were transferred from my t-IRA (via conversion). Unfortunately, I couldn't get Fidelity to budge so I just left it as is. So now my Roth shows some shares with a purchase date in 2012, even though my Roth did not exist in 2012.
The difficulty with jazz is there are too many notes. (Borrowed from Emperor's critique in Amadeus)
arf30
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Re: Fidelity Private client group

Post by arf30 »

I've got the "Private Client Group" verbiage in the top right when I log in, next to the name of an advisor whose office calls once a year and gets my voicemail. I assume they're more financial salespeople for upselling managed products and wouldn't trust them to actually handle anything complex with my accounts. I haven't seen an option on the website for opting out, and the advisor's office is 2 hours from where I live (despite having a local fidelity office).
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anon_investor
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Re: Fidelity Private client group

Post by anon_investor »

arf30 wrote: Sun Mar 27, 2022 11:23 am I've got the "Private Client Group" verbiage in the top right when I log in, next to the name of an advisor whose office calls once a year and gets my voicemail. I assume they're more financial salespeople for upselling managed products and wouldn't trust them to actually handle anything complex with my accounts. I haven't seen an option on the website for opting out, and the advisor's office is 2 hours from where I live (despite having a local fidelity office).
Do you get free Turbo Tax annually? I hear that is the benefit of PCG with an assigned "advisor".
jimcoomer
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Re: Fidelity Private client group

Post by jimcoomer »

We have Fidelity Private client group and we receive the Turbo Tax Premier online for free for the past 4 years--it's worth about $90 for each one of us (as we each also e-file CA state taxes)--it's definitely one of the best "free" perks for a brokerage account (the other one for us is T. Rowe Price free annual Morningstar Premium membership--which we learned from this forum after doing a web search and took advantage of starting in year 2017).
PaulieLilly
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Re: Fidelity Private client group

Post by PaulieLilly »

At some point I was assigned Fidelity Private Client Group status and I've been happy with it. I have a simple BH portfolio with no Fidelity funds. The 800 number always gets a knowledgeable rep in fast order. I get their free TurboTax despite minimal trades, no margin activity and basically no fees period.
arf30
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Re: Fidelity Private client group

Post by arf30 »

anon_investor wrote: Sun Mar 27, 2022 11:48 am Do you get free Turbo Tax annually? I hear that is the benefit of PCG with an assigned "advisor".
Yes, but it's the web version of TurboTax so I don't use it.
motiv8ed
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Re: Fidelity Private client group

Post by motiv8ed »

arf30 wrote: Sun Mar 27, 2022 12:06 pm
anon_investor wrote: Sun Mar 27, 2022 11:48 am Do you get free Turbo Tax annually? I hear that is the benefit of PCG with an assigned "advisor".
Yes, but it's the web version of TurboTax so I don't use it.
As a PCG client, you can get the downloadable version for free. I do. Got the Premium version this year and just eFiled yesterday. Worked perfectly.

No need to just use the online version. When you log into TurboTax via the link Fidelity provides, you just have to click around their website to find the d/l version.


motiv8ed
abner kravitz
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Re: Fidelity Private client group

Post by abner kravitz »

Private Client status does not get you free TurboTax automatically. I didn’t get it this year after getting it for many years, and my assets are significantly higher than ever with them. I probably could have fought and got it, but since the $29 HR Block was good enough, I moved on.

As far as I am concerned, PCG status is meaningless.
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JoMoney
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Re: Fidelity Private client group

Post by JoMoney »

abner kravitz wrote: Sun Mar 27, 2022 12:46 pm Private Client status does not get you free TurboTax automatically. I didn’t get it this year after getting it for many years, and my assets are significantly higher than ever with them. I probably could have fought and got it, but since the $29 HR Block was good enough, I moved on.

As far as I am concerned, PCG status is meaningless.
That's been my experience. If they did give me "Free" TurboTax that would be a valuable benefit, but they don't :( and the mystery of how one qualifies for that perk goes on.
I did have a reason to call customer service the other day, and despite calling in on the regular number, after putting in my account information it seems that they re-routed me to PCG, I say that because it was answered with no hold time and the greeting by the person that answered was thanking me for calling the Fidelity PCG or something to that effect. Getting through without a lengthy hold is nice, but free TurboTax would be great. I think I should respond to any survey's saying that. :D
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fetch5482
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Re: Fidelity Private client group

Post by fetch5482 »

JoMoney wrote: Sun Mar 27, 2022 1:50 pm If they did give me "Free" TurboTax that would be a valuable benefit, but they don't :( and the mystery of how one qualifies for that perk goes on.
I became PCG in February this year (2022). Immediately after my status turned to PCG, my assigned rep's office called me and told me that I can access TurboTax 2021 from my account now. I'm not sure what the criteria is, but it happened within couple days of me becoming PCG.

My understanding is that it is discretionary for the rep to give TT to their PCG or higher tier clients. If the rep feels there is a zero chance you'll ever take their paid service they don't have any incentive to give you TT. I have never told my rep that I'll be perpetually self managing my account, but each time I met them I tell that for now I'm comfortable with how my investments are going, and will consider it in future if anything changes or if my time becomes more precious to outsource the portfolio management.
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
M.Lee
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Re: Fidelity Private client group

Post by M.Lee »

After reading this thread, I checked my Fidelity home page. I hardly ever go to the site because I use the Active Trader Pro application. Anyway, mine used to say Private Client but now it says Active Trader. ??? Any idea why it changed.
Last edited by M.Lee on Mon Mar 28, 2022 9:28 am, edited 1 time in total.
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LadyGeek
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Re: Fidelity Private client group

Post by LadyGeek »

I removed an off-topic post. As a reminder, see: General Etiquette
At all times we must conduct ourselves in a respectful manner to other posters. Attacks on individuals, insults, name calling, trolling, baiting or other attempts to sow dissension are not acceptable.
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Leif
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Re: Fidelity Private client group

Post by Leif »

I've been in Fidelity's PCG for many years. I use to have an advisor, but he was removed for some reason a few years ago. I was never informed, just saw the change on the home page. I was removed from PCG several years before that, but I complained and they reinstated me.

I have a sister in law that is not PCG and does have an advisor. I help her with investing, so I know her portfolio is passive like mine. So I don't understand it. But, it doesn't bother me. When I call with a question I get prompt and good service. Perhaps it is a local decision based on the number of available local advisors and the client's profile.
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