Fidelity Institutional Wealth Services

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Feb 23, 2010 2:58 pm

Anybody have any experience with Fidelity Inst. Wealth Services? Platform, how the transition was, support etc....?

Feb 23, 2010 3:23 pm

I don't know anything about FIWS , but I do like your handle.

Feb 23, 2010 3:34 pm

Floorlord - It depends.  If you have less than $100MM, you will get treated like dirt.  Less than $200MM, you'll get a little attention.  More than that, and they will be all over your.

AdviserChannel is the platform and it is not great.  It's ok, but not great.  However, WealthCentral is supposed to be pretty cool.  My guess is, that with you transferring, you'll be one of the first to get on the new platform.  No reason to set you up on AdviserChannel since you'd be off in a few months.

Transition was great.  I moved from Jones.  They were really helpful for the first 90 days.  This was before they wanted $100MM under management and your first born son. 

I still like it.  I know the system.  It's easy.  My clients like being associated with Fidelity.  Etc.


Feb 24, 2010 7:58 am

I echo the comments by Moraen about the whole AUM situation.  I've heard also they are very concerned about Average Account Size as well.  Again, they want to focus on a certain size AUM and average account size.  Just ask them -- I'm sure they'll be upfront about it all.

 
I've heard so-so comments also about AdvisorChannel.  WealthCentral I've not heard anything at all -- probably too new for any real feedback yet on this discussion board.
 
I suggest to you to call the custoidans (both big and small), do a technology demo and see which one you are most comfortable with and best of luck in your search! 
Feb 24, 2010 8:49 am

Agreed. I have been getting the impression they really want RIA offices - not solo practitioners. I guess there are enough reps going RIA they get to be choosy.

As Moraen said the tech is a little old school.

I would suggest (unless you are at the 200 Mil AUM mark) to go with a smaller custodian, who will give you the time of day. If you are a new RIA you will have lots of questions.

I used to think I needed a big name custodian when I left the wirehouses. I think I have had only one client/prospect even bring up the custodian issue. Clients don't know how this stuff works. My clients think I keep all the money in my desk drawer.


Feb 25, 2010 10:18 am

I use Fidelity and came from a wirehouse. I guess it depends on the type of FA you are. I have seen guys that whine to the manager about pretty much everything, they would not be a good fit - no one to whine to.



My transition was very smooth. Not much different than changing b/d's. The transition staff at Fidelity was awesome. Once everything was set up I was transitioned to a service team. It works well for me.



I don't know why some question the technology. I was w/ ML and MS in previous life and the tech is just as robust as there for trading and account management. If your talking about research and client reporting, then you have to purchase third party software and/or licenses for those.



Asset minimum is 10 mil at Fidelity though you need to be around 25 mil to get their attention and over 50 mil to be above average.

Feb 25, 2010 11:51 am
rial happy:

I use Fidelity and came from a wirehouse. I guess it depends on the type of FA you are. I have seen guys that whine to the manager about pretty much everything, they would not be a good fit - no one to whine to.



My transition was very smooth. Not much different than changing b/d's. The transition staff at Fidelity was awesome. Once everything was set up I was transitioned to a service team. It works well for me.



I don't know why some question the technology. I was w/ ML and MS in previous life and the tech is just as robust as there for trading and account management. If your talking about research and client reporting, then you have to purchase third party software and/or licenses for those.



Asset minimum is 10 mil at Fidelity though you need to be around 25 mil to get their attention and over 50 mil to be above average.



I don't know when you transitioned, but if it was in this past year, that isn't the case anymore.  Like I said, when I transitioned it was as you said.  But now, I 'm pretty sure they won't take anybody with less than $25 mil.

Jun 17, 2010 12:39 pm

[quote=Moraen]Floorlord - It depends.  If you have less than $100MM, you will get treated like dirt.  Less than $200MM, you'll get a little attention.  More than that, and they will be all over your.

AdviserChannel is the platform and it is not great.  It's ok, but not great.  However, WealthCentral is supposed to be pretty cool.  My guess is, that with you transferring, you'll be one of the first to get on the new platform.  No reason to set you up on AdviserChannel since you'd be off in a few months.

Transition was great.  I moved from Jones.  They were really helpful for the first 90 days.  This was before they wanted $100MM under management and your first born son. 

I still like it.  I know the system.  It's easy.  My clients like being associated with Fidelity.  Etc.

HI Morean, long time since I have been here, years.  Anyway glad to see you are at Fidelity.

Do you know about the Investor Center Account Executive positions they are recruiting for??

[/quote]