DH and I have nearly $900k with 4 different money mangers through SmithBarney. We're not happy with how much they're making, how much the portfolio churns, the unbelievable fees, the taxes, etc. We'd like to get to a point where our money is in index funds preferably not with SB.
I'd appreciate your advice on how to do this. Sell it all at once, pay the $7,000 in taxes it would trigger (still cheaper than one year of fees)? Then what? Buy $900k of index funds at once? Or sell it over time? How much time? Selling over time is also limited b/c once a money manager has less than $100k you have to liquidate the account of that manager.
Any advice on how to get out of the structure we set up when we didn't know any better?
I'd appreciate your advice on how to do this. Sell it all at once, pay the $7,000 in taxes it would trigger (still cheaper than one year of fees)? Then what? Buy $900k of index funds at once? Or sell it over time? How much time? Selling over time is also limited b/c once a money manager has less than $100k you have to liquidate the account of that manager.
Any advice on how to get out of the structure we set up when we didn't know any better?