Hi - I need some advice.
I am early 40's years old, spouse early 50's years old. 1 school age child. Spouse is retired. I work part time.
Our net worth is currently 2.8 million. I don't want to get into specifics of why for the odd asset allocation but I am looking to move it to more passively managed funds to take more responsibility of our money, simplify, reduce fees, and minimize tax implications. We do not currently need this money / have alternate income source.
78 % in a single actively managed mutual fund. ( taxable)
6 % with financial adviser in multiple funds / assets (taxable)
6 % with financial adviser in high expense mutual funds ( retirement accounts)
3 % with retirement fund at Fidelity through work.
The rest of the money is in cash / annuity / 529. Annuity & 529 are with financial adviser.
My questions are:
- I initially liked Vanguard. Have read about "hidden fees." How did you decide between Vanguard vs Fidelity vs Schwab?
- Does Vanguard have hidden fees?
- When / how do I sell / move / buy taxable mutual funds to Vanguard / Schwab for tax efficiency?
- I will potentially be moving $ 1.5 million - should this be done slowly over time? I have an accountant helping me with this but interested in advice.
- This is personal choice but -- thoughts on breaking clean with financial adviser vs slowly removing money over time. How do you "break up" with adviser?
- I have taken quizzes, read bogleheads and have general idea for asset allocation. But how do you decide which funds to actually pick?
Thank you
I am early 40's years old, spouse early 50's years old. 1 school age child. Spouse is retired. I work part time.
Our net worth is currently 2.8 million. I don't want to get into specifics of why for the odd asset allocation but I am looking to move it to more passively managed funds to take more responsibility of our money, simplify, reduce fees, and minimize tax implications. We do not currently need this money / have alternate income source.
78 % in a single actively managed mutual fund. ( taxable)
6 % with financial adviser in multiple funds / assets (taxable)
6 % with financial adviser in high expense mutual funds ( retirement accounts)
3 % with retirement fund at Fidelity through work.
The rest of the money is in cash / annuity / 529. Annuity & 529 are with financial adviser.
My questions are:
- I initially liked Vanguard. Have read about "hidden fees." How did you decide between Vanguard vs Fidelity vs Schwab?
- Does Vanguard have hidden fees?
- When / how do I sell / move / buy taxable mutual funds to Vanguard / Schwab for tax efficiency?
- I will potentially be moving $ 1.5 million - should this be done slowly over time? I have an accountant helping me with this but interested in advice.
- This is personal choice but -- thoughts on breaking clean with financial adviser vs slowly removing money over time. How do you "break up" with adviser?
- I have taken quizzes, read bogleheads and have general idea for asset allocation. But how do you decide which funds to actually pick?
Thank you