I'm trying to get my mom out of a big old brokerage managed account and into Fidelity. We're in a bit of a rush in order to avoid the quarterly management fees. So if the OP can avoid quarterly fees by acting with some alacrity it might be worth while.
Is this a case where an investment advisor is a good idea?
- Thread starter hesperus
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urn2bfree
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Again, we have no idea if the dad's account was well managed...it managed well enough, but if the Advisor was skimming 1%+ for years it could be hundreds of thousands lower than it might have been - no matter how big it is, we just do not know enough here to encourage anyone to stick with an expensive advisor. Hedge funds make a lot of money for their clients as well, but the cost is unnecessarily high.
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OP
OP
hesperus
Full time employment: Posting here.
From my understanding, and from talking to him, he built it over the years by doing it himself, while working with his broker(s) in choosing positions. His brokers were mainly old style stock pickers. In other words, a commission based style. I don't think he ever had it under a wrap fee. He wouldn't go for that expense.
I couldn't say how a passive index style would have worked, since there really weren't many at that time for him to work with, and his trading slowed in his last few years. He liked good quality stocks, with dividends, and MLP's, which is why the portfolio is pretty heavy with large caps and energy right now. He was always in the market, reading, talking, watching the market shows. I know he did pretty well, given the other half of the estate went to my brother, and of course a hefty percentage to the IRS.
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Brat
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He was a smart guy.
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