This Is a Relationship Business. That Will Never Change

By Mongkolchon @ Adobe Stock

So, what do you do if you’re stuck in a big box finance house where you’re the product they’re selling to? Times have changed at the likes of Vanguard and BlackRock. You know my favored relationship with Fidelity through the years from here, here, and here. I’m a big proponent of consolidating assets with Fidelity. I love their reporting, their website, their customer service, and the fact that I know who we’re dealing with.

And it’s not hard at all. If you have Vanguard funds like Wellington and Wellesley, you can transfer them in-kind (as is without selling) to Fidelity. And you won’t miss a beat. Understand Vanguard outsources the management of both funds to The Wellington Group based in Boston, MA.

But here’s the thrust for action. You can’t afford to be treated like just a loyalty card number. You need to be intimately known by the person handling your life’s savings. He needs to know you. This is a relationship business. That will never change.

What Vanguard and BlackRock are missing here as victims of their own size, is that founder Jack Bogle and Richard C. Young, through his Intelligence Report, shepherded their flock of investors in the door because they were trusted advisors—not because they were the biggest, or because they offered a loyalty card.

The problem now with the big-box grocery store style relationship you get from the big three money managers (State Street) is that the departments don’t know you. They only know loyalty card numbers. They only know someone needs cupcakes, a bag of salad, and hamburger meat. Then, you need to read the prospectuses on everything to know if what you’re getting is good for you. And you thought you were retired. And don’t even get me started on the self-checkout.

Action Line: You worked your whole life to have the retirement you deserve. You deserve better than being treated by your loyalty card number. It’s time to push back. “Cleanup on aisle six.” When you want personal service, let’s talk. In the meantime, click here to subscribe to my free monthly Survive & Thrive letter.

Originally posted on Your Survival Guy.