IRA control

[OldShooter]

He is pitching an annuity because sales commissions are huge. If you think you want an annuity there are many discussions here about them, pro and con, and about costs which can vary quite a bit. Fido will definitely not be the best place to shop annuities.

There is a legal issue with "suitability" -- advisors' minimum responsibility is to recommend "suitable" investments to clients. (A low bar BTW.) The form describing your assets may be a CYA for the salesperson, the house, or the company. All are at risk if what they sell you is not suitable. The form is probably not sinister but don't provide it if you are uncomfortable.

IMO your best scenario is to move the IRA to Schwab. Fido and this FA are going to try to keep you, which may involve the kind of unhappiness ("shady") you seem to be experiencing. Schwab, OTOH, will be very welcoming of a new customer and people at Schwab get spiffs for bringing in new assets, so they will be doubly helpful. (If the situation were reversed I would probably recommend a move from Schwab to Fido for the same reasons.) Don't forget to ask about bonus cash for moving your assets.

Portfolios up, down, or sideways are irrelevant to working the problem you have. Don't even look at this.

 

[cloud9nd]

This guy is a private firm small business deal.

I think I'll talk to Schwab.

I just want to preserve the IRA and make some interest before drawing.

Side question is, what happens when the IRA is being drawn from once it is matured from a CD or annuity? Meaning what do I do with it if I want to keep it stable and out of market risk?

Thanks

 

[braumeister]

Side question is, what happens when the IRA is being drawn from once it is matured from a CD or annuity? Meaning what do I do with it if I want to keep it stable and out of market risk?

Terminology seems to be wandering around a bit, as far as I can tell.
Remember that the A in IRA is for "Account" and it's just like any other kind of account in that you can have almost anything in it. Stocks, bonds, funds, CDs, etc.

And your "he needs to fill a form on other allocated assets and their liquidity" completely goes over my head. No idea what that means, and I'm not sure you do either.

Definitely get help from either Schwab or Fidelity.

 

[pb4uski]

If there is a Schwab office near you go in and bring the paperwork, recent account statement for the IRA, etc with you. Someone will sit down with you and set up a new IRA with Schwab and secondly, advise on the best ways to move the IRA from the FA to Schwab.

 

[OldShooter]

This guy is a private firm small business deal.

I think I'll talk to Schwab.

Small firms often use Schwab or Fido as custodians of client assets. That's a little different than FAs who actually work for the firms. Your account statement should be coming from the custodian. It also means that the custodian is better motivated to help you, regardless of who it is. So you can shop.

I just want to preserve the IRA and make some interest before drawing.

Side question is, what happens when the IRA is being drawn from once it is matured from a CD or annuity? Meaning what do I do with it if I want to keep it stable and out of market risk? ...

Many threads here for you to study. Everyone's needs are different. You could use a money market fund or a Treasury ladder or a CD ladder, just to name some safe options. Without knowing your financial situation it is impossible for SGOTI to make any worthwhile recommendations but I hope you have some kind of equity position in your overall portfolio. Take your time, study, and choose.

 

[PaunchyPirate]

Deleted. I didn’t see page 2 in time.

 

[Chuckanut]

It felt shady. That makes no sense to me. It's like saying you're up at the casino after starting from 100k and hitting 50, but now are at 75k.

I don't know what to do here.

Actually, that is what the market indexes have done over the past 2-3 years. IIRC, the S&P hit a high in 2022 fell about 20% and has been inching it's way back to the high, but is not there yet. It's not necessarily shady. It's the market. Lately, it has been popping up a bit. It's up almost 2% today. 4% in the last five days. Tomorrow? I don't know. You have to accept the ups and downs of the market as a whole. It's reality. You don't have to blindly accept that your FA is doing what is right for you. That is a whole different ball game.

 

[cloud9nd]

Updating with more questions....

I called Fidelity as mentioned here and had no luck with this switching IRA over.

Then, speaking to advisor he says there's paperwork to roll into a CD and needs to write down other funds not in his control.

I'm at a loss here.

I just want to move this IRA away from the advisor and park it in a CD or annuity.

How can I do this without withdrawal penalties and without the advisor involved anymore

Need a 3 yr+ plan.

Any help is appreciated.

Okay, I'm going to try this again to move my IRA accounts to fidelity etc type place away from a private firm that has cost me 13k over 2 years in direct fees and my accounts just got back up to 2021 level.

This seems like it should be simple but called fidelity and the agents seemed lost

I've moved my account once from a different private co. To this one and I'm done with these guys.

What am I looking at here?

I just want my IRA out of their hands and not pay fees, I believe had we left them at our old jobs they'd have been better off

Any thoughts are appreciated! Id like this done this month of possible. Or asap

 

[pb4uski]

Is there a Fidelity office near you? If so, take your December IRA statement with you and tell them that you want to set up an IRA and have all the assets in your current IRA transferred to Fidelity.

Or worst case you instruct your current IRA provider to liquidate all assets and issue a check to you, ideally to "Fidelity FBO cloud9nd" and then take it to Fidelity (or mail it to them) and deposit it to your new Fidelity IRA.

FBO is for the benefit of.

 

[cloud9nd]

Is there a Fidelity office near you? If so, take your December IRA statement with you and tell them that you want to set up an IRA and have all the assets in your current IRA transferred to Fidelity.

Or worst case you instruct your current IRA provider to liquidate all assets and issue a check to you, ideally to "Fidelity FBO cloud9nd" and then take it to Fidelity (or mail it to them) and deposit it to your new Fidelity IRA.

FBO is for the benefit of.

Thank you for the help on this.

I was able to get in touch with a great rep and the ball is rolling with fidelity.