(Thanks in advance for your patience with my elementary question.)
I would like to ask for feedback to see if the "strategy" (loosely defined) that is forming in my head sounds reasonable for DH and I.
We hired a FA 1 yr ago and are $10K poorer for it. ($8K because market conditions and $2K in fees.) I don't blame him entirely but mostly as he knew we are noobs and would transfer tens of thousands without even a word to us what he was doing...I thought communication was lacking but perhaps this is normal or just his way of doing things.
We now want to terminate his services and met with an Edward Jones consulant/FA/broker last week. I am disgusted with the "Load" concept, and I am disgusted that he would get kickbacks (this info I read on another site and assume it is correct, it makes sense). Thus his "advice" could not be trusted. I think he got excited because we are in the six figures which also bothered me.
So enter USAA whom I have used for checking, savings, auto loans, insurance for decades. At first the fact they are no-load, with no-commission-agents, was very appealing. However further research on the web taught me to avoid USAA for brokerage services.
We are inexperienced but want flexibility so that as we learn we can test the waters with new investments (stocks, whatever else). (I think during the learning phase we should stick to MF.) Based on what I am reading it sounds like Fidelity or Vanguard is the best solution to fit our needs due to low transaction costs, variety of fund options and depth of online services.
Any insight, suggestions, criticisms, pearls of wisdom? Does it sound like we are going in the right direction?
I would like to ask for feedback to see if the "strategy" (loosely defined) that is forming in my head sounds reasonable for DH and I.
We hired a FA 1 yr ago and are $10K poorer for it. ($8K because market conditions and $2K in fees.) I don't blame him entirely but mostly as he knew we are noobs and would transfer tens of thousands without even a word to us what he was doing...I thought communication was lacking but perhaps this is normal or just his way of doing things.
We now want to terminate his services and met with an Edward Jones consulant/FA/broker last week. I am disgusted with the "Load" concept, and I am disgusted that he would get kickbacks (this info I read on another site and assume it is correct, it makes sense). Thus his "advice" could not be trusted. I think he got excited because we are in the six figures which also bothered me.
So enter USAA whom I have used for checking, savings, auto loans, insurance for decades. At first the fact they are no-load, with no-commission-agents, was very appealing. However further research on the web taught me to avoid USAA for brokerage services.
We are inexperienced but want flexibility so that as we learn we can test the waters with new investments (stocks, whatever else). (I think during the learning phase we should stick to MF.) Based on what I am reading it sounds like Fidelity or Vanguard is the best solution to fit our needs due to low transaction costs, variety of fund options and depth of online services.
Any insight, suggestions, criticisms, pearls of wisdom? Does it sound like we are going in the right direction?