When I retired I went with a FA who had been doing well for my wife who retired in 2008. I thought I would try it for a year and now it has been three. Due to poor performance and egregiously high fees (1.5% - 2.00%) the FA firm is taking 1/3 of what my nest egg is producing. I worked 31 years for accumulating my nest egg and I want my money working for ME not my FA. I intend to go with Fidelity and DIY.
What gives me pause is this is my life's savings. Is there any concern with asking Fidelity to do this transaction? Are there any safeguards to follow? - in writing from Fidelity beforehand?, legal representation?, be there in person when the transaction is done? There is a brick-and-mortar Fidelity office close to my home. As I have known this FA for five years I don't want to give them a chance to talk me out of it. They know I am very unhappy and want to meet with me. I want to use Fidelity to make a clean break.
Maybe I am worrying about nothing here but would like to hear from others that have broken free and if the process went smoothly. I assume Fidelity is doing these type transactions all the time. Just would like some real feedback.
TIA
What gives me pause is this is my life's savings. Is there any concern with asking Fidelity to do this transaction? Are there any safeguards to follow? - in writing from Fidelity beforehand?, legal representation?, be there in person when the transaction is done? There is a brick-and-mortar Fidelity office close to my home. As I have known this FA for five years I don't want to give them a chance to talk me out of it. They know I am very unhappy and want to meet with me. I want to use Fidelity to make a clean break.
Maybe I am worrying about nothing here but would like to hear from others that have broken free and if the process went smoothly. I assume Fidelity is doing these type transactions all the time. Just would like some real feedback.
TIA