Pros: Salesmen are very polite
Cons: Salesmen don't follow up with your account and you'll probably get lost in the shuffle.
In early May 2012 I signed up for a Fidelity Managed account. The salesman was nice and seemed informative but it went downhill from there. I wanted to transfer money from a credit union CD to the managed account. I was under the impression that it would not take long to do this. However, a few days later the salesman called and left a message at work that it would be transferred by the 15th. I assumed 5/15/12. It turned out he said 6/15/12. (Had I known from the start it would take this long I would have withdrawn the money in person and mailed it to Fidelity and had my money moved in a few days.) However, six weeks later no one contacted me so I went online and checked my account to find that my money was sitting in a Money Market fund with a interest rate of 0.01% and had never been invested as promised. Needless to say, I wasn't happy. It's now been almost seven weeks (June 21, 2012) with my money not invested so I want to pull it out and now they have the audacity to want to charge me $50 for closing the account! I've had to explain this story to Fidelity representatives several times. Now I have been on hold for almost forty minutes waiting to talk to someone about having the $50 fee waived.
My advice is to use a local financial advisor instead of Fidelity Managed accounts. Find someone you can talk to in person. Check with your local bank. They often have financial services. Just don't use Fidelity.