Behind the hype: Fidelity Turn Here investment program

Our Comment by J. David Lewis – It is interesting that  my scan of online news this morning brought two articles that seem worthy of sharing through our blog.  Both address issues of “easy” ways to accomplish financial planning.  Here is one from Consumer Reports:

“The real deal – Fidelity admits that some of the information Turn Here presents is drawn from its existing online content, but it says it has made the information more user-friendly. We found little to differentiate it from recommendations made by companies like Schwab, T. Rowe Price, and Vanguard.

 And Turn Heres advice does coax you toward Fidelity products. For example, a tutorial on “Ways to save more” has links to Fidelity credit cards and annuities. Click on college savings advice, and youll find a link to Fidelity-managed 529 plans.

You can purchase financial products from other companies through Fidelity, but you may be charged a hefty fee to do so. While transaction fees may be waived for purchasing investments from some companies, others—like Vanguard or T. Rowe Price—may cost you $75.”

The bottom line – Many mutual fund companies link their financial advice with proprietary products. And if you don’t have time to shop around for the best deal for each of your investments, Fidelity is one of the few companies that offers a wide range of inexpensive investments with decent performance.

Or you could turn to a fee-only financial planner, who could set up a personalized portfolio of investments for you. Planners charge a flat fee for their advice or charge based on a percentage of assets under management; they don’t accept commissions on the products they sell. You can get referrals from the National Association of Personal Financial Advisors, at www.napfa.org.”

Read the full article via Behind the hype: Fidelity Turn Here investment program.

J. David Lewis founded Resource Advisory Services in 1985.  National Association of Personal Financial Advisors (NAPFA) was formed only a few years before. Lewis became a NAPFA-Registered Financial Advisor in 1986.  He is a passionate advocate for fiduciary, fee-only financial planning and has been associated with financial services since childhood in a banking family.  Contact him using david.lewis@resourceadv.com.

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