The only issue with moving a large amount in a taxable account is possible tax consequences.
There's one reasonable possibility here, although it's unreasonable that he wouldn't tell you, that there is a minimum amount for investment. I know one company that has a $2m minimum. Less than that and you don't get "full service" it's possible that he is part of that full service. I know the management of this company and they feel that clients under 2m don't cover costs.
So in your case maybe the minimum is 1m and your non 401k assets are close or under that?
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Then why have the account for so long when it was not that large
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I think you are reaching.Possibly because the initial understanding with the firm was to take 401k under management as well. What say you OP?
How much are you paying a year to have them manage your money?
In addition to any management fee, what are the fund expense fees for your investment with this fee?.........
In addition to any management fee, what are the fund expense fees for your investment with this fee? You may have done well with the firm, but could be doing even better on your own or with a lower cost advisor.
If you have over 1 million with Vanguard you are a Flagship member and get free suggestions from a financial advisor - no sales stuff.
Fire the bum!
The meeting went as usual for the first 15 minutes and then he told us if we didn't put my husband's 401K into an account with his company he would no longer be our financial advisor.
I believe this is financial blackmail and my first instinct is to leave but we have really liked the ease of someone looking over our finances and doing a decent job of it. We like him and have felt comfortable dealing with him.
NBS54 - Please don't blame yourself. This is not your fault at all. This guy was thrilled to manage your 1 million dollar account...He just got greedy. Try not to worry. This will all be behind you before you know it.
Interesting. I probably wouldn't do this until I turn 59.5. Govt 457b is probably the most ER friendly tax deferred plan available. Heck, even when I turn 59.5, there's a good chance I still won't rollover funds from 457 to IRA. Of course, aside from ERISA protection, it probably helps that we have both a stable value fund and VIIIX in our 457 plan, not to mention a brokerage option that gives me access to Vanguard funds and ETFs.When I transferred my 457 funds (similar to 401k) to an IRA at Vanguard it was easy.
The reason I moved the funds was that Vanguard's fees were significantly lower than Fidelity's, at least on the 457 account.
The hardest part is simply overcoming the inertia to do it.
Interesting. I probably wouldn't do this until I turn 59.5. Govt 457b is probably the most ER friendly tax deferred plan available.