"Moving is definitely doable. Your first step is to initiate a direct rollover from your current advisor's custodial firm to wherever you decide to open your new accounts. Then determine if you want to maintain the same allocation that you had. If so, and the old account was populated with passive investments (index funds), you are ready to go. If you owned funds or assets that you do not want to keep, you will need to factor in taxes, if it is a taxable account. Keep an eye on the fees for the replacement funds and don't forget to rebalance on a periodic basis."
"I'm all in on anything that encourages you to save your money and get a jump start on retirement, and that includes where you bank and saving-friendly apps. That said, some lean into saving and investing with gamification and gambling, which makes me a bit queasy."
"One percent is standard on accounts up to about $2,000,000. But, if this person isn't doing anything but managing your money, then I would encourage you to keep looking for someone who offers comprehensive financial planning. Also, I am often dubious of advisors who promise doing better as part of their pitches."
Saving-friendly apps can encourage saving and jump-start retirement, but gamification and gambling features warrant caution. Moving an account to self-manage is doable by initiating a direct rollover to a new custodian, deciding whether to keep the same allocation, and addressing tax consequences for taxable assets. Passive investments simplify transfer, but replacement-fund fees and periodic rebalancing matter. A one-percent advisory fee is common for portfolios up to about $2 million, yet clients should prefer advisors offering comprehensive financial planning. Skepticism is warranted toward advisors who promise outperformance as part of their sales pitch.
Read at www.mercurynews.com
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