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Old 11-19-2019, 11:35 AM   #141
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For vanguard folks, are you buying vanguard funds in accounts held with schwab, etrade, et al or are your accounts with vanguard? I have accounts with Schwab (IRA and a taxable), american funds (sepIRA, inherited IRA), etrade (company ESOP). I'm wondering how best to consolidate. I'm stuck with etrade for work account
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Old 11-19-2019, 11:47 AM   #142
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Originally Posted by SeanPizzle View Post
For vanguard folks, are you buying vanguard funds in accounts held with schwab, etrade, et al or are your accounts with vanguard? I have accounts with Schwab (IRA and a taxable), american funds (sepIRA, inherited IRA), etrade (company ESOP). I'm wondering how best to consolidate. I'm stuck with etrade for work account
We have almost everything at Schwab. I do have one small experiment with DFA funds running with an FA who agreed to a 50bps fee; it is at Fidelity. But I was able to add that external account to my Schwab accounts summary page, so it really doesn't matter a lot that it is somewhere else. I don't trade, so just viewing is completely adequate.
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Old 11-19-2019, 12:09 PM   #143
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Originally Posted by SeanPizzle View Post
For vanguard folks, are you buying vanguard funds in accounts held with schwab, etrade, et al or are your accounts with vanguard? I have accounts with Schwab (IRA and a taxable), american funds (sepIRA, inherited IRA), etrade (company ESOP). I'm wondering how best to consolidate. I'm stuck with etrade for work account
Fidelity is our primary account provider, and we do hold Vanguard funds there.
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Old 11-19-2019, 12:15 PM   #144
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I've never felt the need to hire someone to do what I can do myself for free. And at 1.3%?!?? To put that in another context, at retirement, a widely regarded safe WR would go from 4% if self-managing to 2.7% if paying 1.3% to someone else. That's crazy. And in the accumulation phase (where I'm at), it's even more dire, as that's a loss of compounded growth.

The only way that having an FA that charges a wealth tax makes sense IMO is if their advice is causing you to appreciably tuck away more money than you otherwise would. I would gladly go back in time and have 18 year old me pay someone 1.3% if it meant I were putting money toward retirement. Unfortunately I didn't start saving until my mid-20s, and didn't really buckle down and start saving heavily until my early to mid 30s. Of course, if I could go back in time, I'd invest heavily in Apple and make some well-timed sports bets in Vegas, and I'd already be retired.

completely agree.

If one had to pay an FA 1.3% and were only withdrawing 2% then they are really withdrawing 3.3 % and therefore would have given the FA almost 40% of what they had to withdraw. How crazy is that! Yet that is what many people do.
So as an example someone needs 40k a year. They take out 2% of their 2 million. Then they give $26,000 to their FA. Then repeat that every year.
I can't imagine mot people (at least on this board) can't figure out simple AA and withdrawal plans.
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Old 11-19-2019, 12:45 PM   #145
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Originally Posted by SeanPizzle View Post
For vanguard folks, are you buying vanguard funds in accounts held with schwab, etrade, et al or are your accounts with vanguard? I have accounts with Schwab (IRA and a taxable), american funds (sepIRA, inherited IRA), etrade (company ESOP). I'm wondering how best to consolidate. I'm stuck with etrade for work account
I am using a balanced asset allocation of Vanguard mutual funds, their total stock market index, a couple of bond mutual funds, and their money market fund.
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Old 11-19-2019, 12:52 PM   #146
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I flat out suck at investing, that's why I hire it.
But there's really no reason I can think of for anyone to suck at investing these days. Decide on an AA, buy a Total Market Fund/ETF,and a Total Bond Fund/ETF, and take a nap.

Yeah, I know, your "guy" has been beating the market after fees. That's nice, but based on a preponderance of evidence here and in published studies, the odds of a poster here finding a market beating FA is extremely slim.

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Old 11-19-2019, 01:01 PM   #147
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We pay about 2% aumm because you really DO get what you pay for, broker invites us over for nice steak dinner annually on his yacht.
Broker really likes me since he took out a life insurance policy on me.(just kidding)

Discount brokers self managed mostly index funds and bond funds. Done well (no yacht)
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Old 11-19-2019, 02:19 PM   #148
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I manage DW and my investments with no input from any adviser.
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Old 11-19-2019, 02:59 PM   #149
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Even if you are now retired, you still have a 20, 30+ investing horizon.

1% over 20, 30 years may be $200k, $400k, $500k and up depending on portfolio size.

1% is 25% of your 4% withdrawal. Steeeeep cost. Do it yourself.
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Old 11-19-2019, 03:15 PM   #150
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My Paternal grandparents AND my Maternal grandparents were devastated when their banks locked their doors, froze all accounts and foreclosed on all mortgages.

They made it through the Depression by owning rental houses, with no mortgages on them.

My grandparents would climb out of their graves if I ever used an FA.
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Old 11-19-2019, 06:31 PM   #151
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Have never had a FA. We do have a CPA to do our taxes. Every year I say "This year we'll do them ourselves!" and then something happens to shake my confidence.
Funny you say this. I originally did all my own taxes by hand. As my career developed and my financial situation became more complicated I turned my taxes over to a CPA. Shortly after retirement I did them in parallel with the CPA using software and came out to the penny, so took them over again myself. Now I'm considering going back to a CPA to make sure my wife has someone to help her when I'm no longer able. Hopefully that'll be awhile.

I have an innate distrust for financial advisors and so have always handled my own investments. This will not change but I have simplified them as far as possible both for my benefit and for my wife's. They're now to the point that it should be a simple process for a CPA to give one or both of us guidance on where to withdraw the desired amount of funds from.
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Old 11-19-2019, 06:58 PM   #152
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My wife would have a very hard time figuring out the mess of my trading across 8 different accounts. The Robinhood account alone has around 250 trades.

This is what you call marriage security!
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Old 11-19-2019, 07:13 PM   #153
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Old 11-19-2019, 08:35 PM   #154
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Self-managed for our entire adult career and now retirement. Currently 50 Y.O. and retired just over 8 years ago.

We've read a number of books on subjects related to finances/investing, talk to lots of people with like interests, met with an FA three times to see if they would do anything different - but have never paid anyone to manage our finances. Our investing assets at held at Fidelity and they finally stopped calling us to "sell" us on their investing program.
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Old 11-20-2019, 12:34 AM   #155
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Does anyone use TD Ameritrade when managing the retirement? All i have seen on this topic is Fedelity.
Yep.
We have TD Ameritrade, Schwab, Merrill-Edge.

Money scattered all over .
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Old 11-20-2019, 12:40 AM   #156
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Funny you say this. I originally did all my own taxes by hand. As my career developed and my financial situation became more complicated I turned my taxes over to a CPA. Shortly after retirement I did them in parallel with the CPA using software and came out to the penny, so took them over again myself. Now I'm considering going back to a CPA to make sure my wife has someone to help her when I'm no longer able. Hopefully that'll be awhile.

I have an innate distrust for financial advisors and so have always handled my own investments. This will not change but I have simplified them as far as possible both for my benefit and for my wife's. They're now to the point that it should be a simple process for a CPA to give one or both of us guidance on where to withdraw the desired amount of funds from.
I did my own taxes since I was 18 until about 4 years ago (age 37). It was a busy time in my life, my taxes were a bit more complicated this year, and I was running out of time, so I hired a CPA. I found out I was missing out on a few minor tax credits that more than covered the cost of the CPA. Since then I've just paid to have my taxes done. So much easier too!
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Old 11-20-2019, 12:45 AM   #157
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Funny you say this. I originally did all my own taxes by hand. As my career developed and my financial situation became more complicated I turned my taxes over to a CPA. Shortly after retirement I did them in parallel with the CPA using software and came out to the penny, so took them over again myself. Now I'm considering going back to a CPA to make sure my wife has someone to help her when I'm no longer able. Hopefully that'll be awhile.

....
Why not have your wife do the taxes , while you watch or help... a couple of years of that and she will be a whiz at doing them.
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Old 11-20-2019, 02:27 AM   #158
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Why not have your wife do the taxes , while you watch or help... a couple of years of that and she will be a whiz at doing them.
Some spouses or partners just don't want anything to do with managing investments including taxes.
My DGF is in this category unfortunately.
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Old 11-20-2019, 05:34 AM   #159
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Mostly self managed.

But I've seen enough cases of people losing the plot as they get older so I've put enough money with an external manager to at least cover my daughters' remaining school fees, university and a bit more.
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Old 11-20-2019, 12:27 PM   #160
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I always figured the key to my success was that I had an adviser at 22 who was terrible, all front loaded, etc and so when my results were not what I expected I started teaching myself, switched, still got bad advice and started receiving notifications for class action law suits against all the funds he suggested, and so at 30 I stopped and have done it myself ever since.
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