Hi folks,
I've posted here a few times before but haven't really explained my situation.
I'm 57, my wife is 55 and we are planning on working until I reach 59. I work in the energy business and had most of my savings in company stock (yep, dumb, hind site is perfect). I really had things lined out until Enron went down in 2001. When they went down, all energy companies were judged as villians, hince the downfall of the energy sector.
After my company stock headed up, I sold out when it reached an acceptable level. (I sold out too soon, it has doubled since then). Anyway, I wound up going with a financial advisor and I established a bond ladder. The ladder comes due in 2007 through 2010. I pay the financial guy .7% annually. I have $500,000 there of which $150,000 is in mutual funds. My wife and I have another $300,000 in company 401k's.
I want to get away from my financial guy and move funds to Vangaurd. I made sure when I made the contract that there aren't any gotchas with the investment firm. My $350,000 in bonds (returning about 4.5%) would give me about $342,000 if I sold out now.
So the long and short of this is I'm pondering if I should gradually phase the financial advisor out or just sell the bonds and go elsewhere. Anyone here been through a similiar experience?
Thanks for your comments and help.
I've posted here a few times before but haven't really explained my situation.
I'm 57, my wife is 55 and we are planning on working until I reach 59. I work in the energy business and had most of my savings in company stock (yep, dumb, hind site is perfect). I really had things lined out until Enron went down in 2001. When they went down, all energy companies were judged as villians, hince the downfall of the energy sector.
After my company stock headed up, I sold out when it reached an acceptable level. (I sold out too soon, it has doubled since then). Anyway, I wound up going with a financial advisor and I established a bond ladder. The ladder comes due in 2007 through 2010. I pay the financial guy .7% annually. I have $500,000 there of which $150,000 is in mutual funds. My wife and I have another $300,000 in company 401k's.
I want to get away from my financial guy and move funds to Vangaurd. I made sure when I made the contract that there aren't any gotchas with the investment firm. My $350,000 in bonds (returning about 4.5%) would give me about $342,000 if I sold out now.
So the long and short of this is I'm pondering if I should gradually phase the financial advisor out or just sell the bonds and go elsewhere. Anyone here been through a similiar experience?
Thanks for your comments and help.