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Need help, my financial advisor is retiring
Posted on 2/5/16 at 8:42 pm
Posted on 2/5/16 at 8:42 pm
I have an IRA, rolled over from a previous 401k, with about $150k in it. My financial advisor is retiring and wants me to leave it with his new partner, who I don't know. I have been considering transferring it to a vanguard account before this news. But, I'm new to this. It hasn't done well over the last 5 years, I thought maybe just stick it in a target date fund and save on fees? Any advice? How complicated is it? Anything I need to know?
Posted on 2/5/16 at 8:53 pm to tigerlife00
quote:
It hasn't done well over the last 5 years
How shitty was this guy? That's almost impossible.
This post was edited on 2/5/16 at 8:54 pm
Posted on 2/5/16 at 9:07 pm to Teddy Ruxpin
I based that off of comparing it to my current 401k, which I manage through fidelity and have no idea what I'm doing.
Posted on 2/5/16 at 9:45 pm to tigerlife00
quote:
I based that off of comparing it to my current 401k, which I manage through fidelity and have no idea what I'm doing.
I'm not saying you shouldn't use Vanguard, but before you do, read up on their website and such.
Posted on 2/6/16 at 1:53 pm to tigerlife00
What are your financial goals? Does this guy know them? Understand them? Is he capable of helping you achieve them?
Posted on 2/23/16 at 7:48 am to tigerlife00
quote:If your portfolio hasn't done well over the past 5 years compared to your other money and your financial adviser is suggesting you leave it with his partner who you don't know, I'd definitely recommend you leave your money where it is.....
My financial advisor is retiring and wants me to leave it with his new partner, who I don't know. I have been considering transferring it to a vanguard account before this news. But, I'm new to this. It hasn't done well over the last 5 years,
Posted on 2/23/16 at 1:55 pm to tigerlife00
Yes, go to Vanguard and buy target retirement date funds. I don't understand why this isn't the default advice for people who don't know what they're doing.
It's really hard to beat index funds with super low expense ratios. If you let an individual manage your money, you're just going to pay them more than you'd pay Vanguard to get you a lower return than Vanguard index funds would have.
edit: Looks like a financial advisor voted me down
It's really hard to beat index funds with super low expense ratios. If you let an individual manage your money, you're just going to pay them more than you'd pay Vanguard to get you a lower return than Vanguard index funds would have.
edit: Looks like a financial advisor voted me down
This post was edited on 2/23/16 at 2:02 pm
Posted on 2/24/16 at 1:01 am to tigerlife00
Over the last 5 years, the S&P 500 has returned over 60%...
That's without any kind of active management. While I'm not advising anyone not to have a financial adviser, you should at least understand the performance of the general market to compare with.
If you don't understand what you're doing take a look at the following. Tons of info for the new investor even if you aren't into the low cost index fund philosophy.
https://www.bogleheads.org/wiki/Getting_started
If that's too much info for you and you don't care to get into the details then a target date fund could be a good option. Just make sure the fees of the fund are reasonable.
That's without any kind of active management. While I'm not advising anyone not to have a financial adviser, you should at least understand the performance of the general market to compare with.
If you don't understand what you're doing take a look at the following. Tons of info for the new investor even if you aren't into the low cost index fund philosophy.
https://www.bogleheads.org/wiki/Getting_started
If that's too much info for you and you don't care to get into the details then a target date fund could be a good option. Just make sure the fees of the fund are reasonable.
Posted on 2/24/16 at 4:55 am to Hog on the Hill
quote:
Yes, go to Vanguard and buy target retirement date funds. I don't understand why this isn't the default advice for people who don't know what they're doing.
It is.
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