- Joined
- Sep 10, 2006
- Messages
- 4,071
Hi all,
I know, I know, it's messy to get involved with finances and family However, I am willing to take the risk since I love my bro so much, AND I also know he's not going to hold my feet to the fire if my advice goes sour (he's reading this, so hey bro - that's my disclaimer!)
My brother asked me to take a look at some of his funds, and I quickly discovered that all of his funds either have a front load or deferred load. They all also have expense ratios well above 1%.
From everything I have read here, it sounds like his broker is killing him with these fees. I spoke to him about it, and he was p*ssed with his broker to begin with for ignoring him, and said that this seals the deal. So he's looking at getting his money out of there, and per my recommendation, going with a low cost brokerage like Vanguard or something similar.
The funds are all within IRA's and simpleIRA's, and I believe one is in one of those college funds for his son. Well, I'm in over my head on this one, as I have no experience with load funds and getting out of them. Can someone give us some direction as to what he needs to look at first - fees/penalties, etc., etc.? Should he able to just transfer the funds to an IRA at say Vanguard (choosing similar funds with no loads and low fees of course!)? What else should we be looking at?
I know, I know, it's messy to get involved with finances and family However, I am willing to take the risk since I love my bro so much, AND I also know he's not going to hold my feet to the fire if my advice goes sour (he's reading this, so hey bro - that's my disclaimer!)
My brother asked me to take a look at some of his funds, and I quickly discovered that all of his funds either have a front load or deferred load. They all also have expense ratios well above 1%.
From everything I have read here, it sounds like his broker is killing him with these fees. I spoke to him about it, and he was p*ssed with his broker to begin with for ignoring him, and said that this seals the deal. So he's looking at getting his money out of there, and per my recommendation, going with a low cost brokerage like Vanguard or something similar.
The funds are all within IRA's and simpleIRA's, and I believe one is in one of those college funds for his son. Well, I'm in over my head on this one, as I have no experience with load funds and getting out of them. Can someone give us some direction as to what he needs to look at first - fees/penalties, etc., etc.? Should he able to just transfer the funds to an IRA at say Vanguard (choosing similar funds with no loads and low fees of course!)? What else should we be looking at?