Smilinggirl
Dryer sheet aficionado
I've had my IRAs in target funds at Vanguard for years. That seemed like the safest choice since I don't have a grasp on how or what to invest in on my own, but the returns are really small. I talked with one of the Vanguard advisors a year or so ago since I was thinking it would be worth paying someone to help me, but she actually sounded like she knew less than I do, which is really bad for someone in charge of other people's money.
I talked with someone from Fidelity last week, but he left me feeling confused and didn't seem too enthusiastic or patient with my questions. Also, the closest office is hours away, so it would essentially be all online as well and I'd probably still just go with target funds.
Today I met with an advisor at Schwab. He reviewed the robo advising (SIP), the managed portfolio and Thomas Partners (TPI). He indicated he thought TPI would be best for me. There's a .90 fee for dividend growth or .80 for a balanced income plan for less than 500k. I'm thinking that even after paying his fee, I'd still probably be better off since a real person would be managing my money, yet I'd still be able to monitor things on the web site and have input if/when I wanted it. He seemed pretty confident he can get me better returns that the target funds I've got now, which I believe.
I like that it's a real office near home with a real person I can talk with. He's owned the franchise for years and seems willing to be actively involved in managing my account. Additionally, he will give me a 700$ bonus for transferring the funds from Vanguard and he offers monthly classes on a variety of topics related to finances and retirement. I would probably also transfer most of my emergency fund from my bank since I could get a better rate with Schwab's money market, and he said he would help me set up a brokerage account and show me how to purchase individual stocks and monitor them as well. I'm really interested in that since I'd like to learn to be more active in decisions regarding my financial future and that seems like a good starting point. I'd even like to teach my grandkids eventually so they are encouraged to be active in their financial future early in life (unlike grandma).
Keeping in mind that I truly have very little understanding of how/what to do on my own, please tell me what you think. Are there any big red flags that I might not be seeing? Thank you for any input you can offer.
I talked with someone from Fidelity last week, but he left me feeling confused and didn't seem too enthusiastic or patient with my questions. Also, the closest office is hours away, so it would essentially be all online as well and I'd probably still just go with target funds.
Today I met with an advisor at Schwab. He reviewed the robo advising (SIP), the managed portfolio and Thomas Partners (TPI). He indicated he thought TPI would be best for me. There's a .90 fee for dividend growth or .80 for a balanced income plan for less than 500k. I'm thinking that even after paying his fee, I'd still probably be better off since a real person would be managing my money, yet I'd still be able to monitor things on the web site and have input if/when I wanted it. He seemed pretty confident he can get me better returns that the target funds I've got now, which I believe.
I like that it's a real office near home with a real person I can talk with. He's owned the franchise for years and seems willing to be actively involved in managing my account. Additionally, he will give me a 700$ bonus for transferring the funds from Vanguard and he offers monthly classes on a variety of topics related to finances and retirement. I would probably also transfer most of my emergency fund from my bank since I could get a better rate with Schwab's money market, and he said he would help me set up a brokerage account and show me how to purchase individual stocks and monitor them as well. I'm really interested in that since I'd like to learn to be more active in decisions regarding my financial future and that seems like a good starting point. I'd even like to teach my grandkids eventually so they are encouraged to be active in their financial future early in life (unlike grandma).
Keeping in mind that I truly have very little understanding of how/what to do on my own, please tell me what you think. Are there any big red flags that I might not be seeing? Thank you for any input you can offer.