If you have not done so, use a retirement calculator to figure how much the Fidelity would cost you over your expected lifetime. With this calculator you can compare different percentage investment fees Compare Investment Fees.
Active Mutual Funds and ETFs on average underperform lower cost Index Funds. Why would choosing individual stocks in a Separately Managed Accounts net of fees outperform low cost Index Funds/ETFs?
I have periodically done tax loss harvesting. Tax loss harvesting is unlikely to produce tax saving that approach the cost of the Fidelity service.
What has worked for me has been the occasional use an hourly financial advisor.
SMA is to keep the portfolio balanced with your risk strategy, ie mix of stocks, bonds, etc, with the ups and downs of the market. So they would buy and sell to keep you at about 70% US large cap for example. Also for the tax loss harvesting, offset gains and losses to minimize taxes.
The .79 fee is deducted quarterly but the amount is about .2 per quarter.
I’m wondering if it comes down to how active one wants to manage their money vs paying a fee?
The bottom line seems to be that some people enjoy the ego boost that they feel when saying to friends and family: “I talked to my personal financial advisor today and he said …blah blah blah…” Whether or not the advisor does any financial good for you is beside the point. If you like the feeling, go for it. I will continue to pass it up under the old KISS adage, “Keep it Simple, Stupid”.