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By Terry Savage on November 22, 2020 | Financial Planning / Retirement

I asked the question this morning on the money show about the husband/wife team which was right in your wheelhouse! We are in the private client group at Fidelity Investments and we like our personal advisor (no added cost). I assume Fido makes money off the securities held in our accounts and from my 403b which offers nice GICS paying 3%. Fido also got paid on my purchase of a QLAC from NY Life (recommended by the advisor). Do you have any feelings or red flags about Fido? Thanks, James

Terry Says

There are many ways Fidelity works with advisors, and I don’t know exactly your relationship with them. So do this: Ask your advisor how much you paid in fees this year — both direct fees for money management and “indirect” fees to the mutual funds you own. Also ask how much money the advisor received from selling you the QLAC initially.
The 403(b) plan is a separate story, and you are fortunate to have GICs inside it — so don’t roll that money out into any other type of plan.

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