Mandocello

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An ACATS transfer of shares to another broker is super simple. If there is a Schwab office nearby, consider using them instead of Vanguard so parents are more comfortable with in person customer service if needed. You could have them go in and they'll help them with the transfer paperwork. The big issue is gonna be getting out of the numerous mutual funds if they're held in a taxable brokerage. Selling and reallocating will trigger capital gains. If it's all on retirement accounts reallocation can be done without tax consequences. Have the new brokerage initiate the transfer not EJ so they don't have to deal with the grad sell from their advisor to stay w EJ. Unless you want to go with them and berate him for the ridiculous portfolio and exploiting your folks. Eta: transferring the annuity is a whole different matter and may be a pain in the arse from what I'm reading.

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I had a brief look at the EJ portfolio yesterday, - it consists of something like


47 different mutual funds (brokerage account)

3 IRA

2 annuities

1 money market account of some kind


I really have no idea what kind of mess this is on a scale from 1 to 10?

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An ACATS transfer of shares to another broker is super simple. If there is a Schwab office nearby, consider using them instead of Vanguard so parents are more comfortable with in person customer service if needed. You could have them go in and they'll help them with the transfer paperwork. The big issue is gonna be getting out of the numerous mutual funds if they're held in a taxable brokerage. Selling and reallocating will trigger capital gains. If it's all on retirement accounts reallocation can be done without tax consequences. Have the new brokerage initiate the transfer not EJ so they don't have to deal with the grad sell from their advisor to stay w EJ. Unless you want to go with them and berate him for the ridiculous portfolio and exploiting your folks.

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Forgive me if it's a silly question, but if they walk into a Schwab for that in person peace of mind, does that mean they're automatically with a new advisor (and stuck with a 1% or higher fee), just for getting help with transferring everything over?

One of my parents is finally seeing the light and will be saying sayonara to Edward Jones, thanks be to God.

They are not necessarily confident about moving everything to Vanguard, Fidelity, etc. and self managing one simple ETF, since they have no experience with doing this (I've tried to assure them it's super easy to self manage).

So, they're happy to make an appointment with a fiduciary and pay for a few hours of their time to see what's involved with moving everything over from Edward Jones.

That being said, is the fiduciary legally required to say that you're better off self managing with having only x amount of money to invest, or will they be saying something like, "Well, that's a personal decision" and try to get them to come on board with their financial planning team (where they'll lose badly with the 1% or more annual fee)?

Any advice is greatly appreciated!

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There is a five-year look back period that makes it very dangerous to start making asset transfers for elderly patients who may need Medicaid to pay in the future.

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Does this mean that if a parent creates a trust/will, etc., their assets remain untouchable as long as they do not move into one of these places until 5 years after it's created?

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The English countryside is majestic. However, many of the cities there are extremely depressing. They remind me of Rust Belt cities here whose heyday was 50 years ago. I tell people all the time do the London tourist stuff for maybe a day and then get the hell out and dive into the countryside. The Peak District, the Yorkshire Dales, the Lake District, the Cotswolds, the Shropshire Hills, the Malvern Hills, Dartmoor and Cornwall are all places that are absolutely stunning and filled with much friendlier people than you'd expect. The folks in Yorkshire are the friendliest people I've ever experienced on vacation.

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Dorset is awe inspiring as well.

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Which movie car do you dream of owning most?

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Ramrod's 1979 Jeep that he drove in Vice Squad.

This one ought to resonate with just about anyone in Louisiana.

I'd probably go with the basketball regional final loss to Indiana in 1987.

It would have been quite something to see LSU at the Final Four in the Dome, and they were playing great basketball all through the tournament (until the last 5 minutes of that game).

Probably a show at The Varsity in the fall of 1991 with Corrosion Of Conformity/Prong/Bullet Lavolta.

Prong were playing a great set, and about halfway through, a guy near the front turned around and stood with his back to the band for the rest of the set. There was an exchange of some kind between Tommy Victor and the guy right before this, but it didn't seem too heated.

As soon as Prong finished and left the stage, Tommy Victor walked out of those kitchen doors to the side of the stage, walked right up to the guy, punched him and returned to the backstage area. He always came across as not being especially stable.

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Where in Baytown did this show happen? I can't imagine any place in Baytown being big enough for that kind of show.

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It was at Raceway Park - and yes, the traffic was miserable!