I recently made up my mind to leave my financial advisor and take care of my family's investments myself.
The main reason for leaving my broker is to reduce my costs ~ advisor fees & actively managed mutual fund fees ~ and take control of my investments.
Currently my wife and I have several retirement accounts ~ one 401k, one 403b, one SIMPLE, two ROTHS, and one taxable account.
I now look at all the accounts as one portfolio so after breaking down all the funds in these accounts I see that I need to make changes in my allocations.
I want to sell most or all the stocks he bought me and exchange them for ETF's in my taxable account to cut costs, increase tax efficiency and diversification and optimize my asset allocation.
To a lesser extent, I believe I have too many actively managed funds in my retirement accounts.
I need help in deciding if I should just fire sale all my actively managed funds (retirement accts) and individual stocks (taxable acct), essentially wiping my slate clean to invest in low cost index or ETF's in my accounts. Or do I keep my actively managed funds in my retirement accounts and only make changes in my taxable account with ETF's in order to get the AA I am looking for.
I would appreciate any suggestions
The main reason for leaving my broker is to reduce my costs ~ advisor fees & actively managed mutual fund fees ~ and take control of my investments.
Currently my wife and I have several retirement accounts ~ one 401k, one 403b, one SIMPLE, two ROTHS, and one taxable account.
I now look at all the accounts as one portfolio so after breaking down all the funds in these accounts I see that I need to make changes in my allocations.
I want to sell most or all the stocks he bought me and exchange them for ETF's in my taxable account to cut costs, increase tax efficiency and diversification and optimize my asset allocation.
To a lesser extent, I believe I have too many actively managed funds in my retirement accounts.
I need help in deciding if I should just fire sale all my actively managed funds (retirement accts) and individual stocks (taxable acct), essentially wiping my slate clean to invest in low cost index or ETF's in my accounts. Or do I keep my actively managed funds in my retirement accounts and only make changes in my taxable account with ETF's in order to get the AA I am looking for.
I would appreciate any suggestions