explanade
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- Joined
- May 10, 2008
- Messages
- 7,478
My father has about $2 million being managed by a Fidelity private clients group, about $300k of that is IRA and rest taxable. He's been taking RMDs.
I've told him he's paying through the nose but he's expressed happiness because the account has gone up (though probably not necessarily outperforming the market) the past couple of years. He also apparently likes dropping into the local Fidelity branch, pocketing some K cups.
But he's been paying .8% maintenance so I pointed out he's paying a lot for the service, told him about VG.
So now finally he's interested in getting away from them but the question now is, how to do so without getting hit by massive cap gains.
He could probably transfer the IRA funds and get them into a VG fund without tax hit?
But his taxable funds are probably in some kind of proprietary funds so he wouldn't be able to transfer them to another institution without selling shares?
I've told him he's paying through the nose but he's expressed happiness because the account has gone up (though probably not necessarily outperforming the market) the past couple of years. He also apparently likes dropping into the local Fidelity branch, pocketing some K cups.
But he's been paying .8% maintenance so I pointed out he's paying a lot for the service, told him about VG.
So now finally he's interested in getting away from them but the question now is, how to do so without getting hit by massive cap gains.
He could probably transfer the IRA funds and get them into a VG fund without tax hit?
But his taxable funds are probably in some kind of proprietary funds so he wouldn't be able to transfer them to another institution without selling shares?