Fidelity Wealth Advisor Solutions
My Fidelity rep has pitched this wealth management program that he says will protect my funds in a downturn in the market but if an upturn I would not get all the gains. I am obviously concerned as I am 72 and no longer work so I certainly want to protect my money. Do you think this is a scam or something that I should sign up for. Thanks in advance for your response.
Terry Says
No. I don’t. Many “advisors” who work through Fidelity (and not FOR Fidelity) use the sterling Fidelity name to sell products that make THEM rich, not you! this sounds like an equity-linked annuity. Buried inside it is a huge commission for he “advisor” – and long-term restrictions for you on getting your money out, as well as a limited pool of money from which you can ultimately withdraw on their terms! (I wrote a whole chapter on this in the latest edition of The Savage Truth on Money.)
I don’t know the total of your assets, or how you got to this “advisor” but I suggest you find another person to help. Find a FIDUCIARY FEE-ONLY advisor by going to Wealthramp.com.
Those fiduciary advisors will do an entire plan for you — including figuring out your withdrawal needs, your need for future medical costs, etc. And you can trust them! They have no motive to sell you anything for commissions, since they don’t charge them!
