Help Me Break Free From Raymond James

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TSWNY
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Help Me Break Free From Raymond James

Post by TSWNY » Sun Mar 13, 2016 10:52 pm

Emergency Funds: 6 months worth
Debt: Only a mortgage. $181,000 at 3.875% (20 year loan with 15.5 years left)
Tax Filing Status: Married filing jointly (1 child, 1 on the way)
Tax Rate: 28% Federal, 6.65% NY State
State of Residence: New York
Age: 36m/28f

Current Retirement Assets:
457 (His): $139,000. 90% TRRDX / 10% FFFFX - Max annual contribution ($18,000)
403B (Hers) $36,000. About to change advisors. Only a limited number of options. $10,000 contribution per year, increasing $1,000 per year
529 Plan: $8,000. Contributing $5,000 per year

Taxable Account: Raymond James $123,000. Contributing $15,000 - $20,000 per year
Holdings in this fund:
BGRIX
MADVX
SAGYX
SOPYX
DCCIX
EBSPX
AEGFX
SVAIX
FLVIX
GTDYX
IYMIX
OAKIX
PTTPX
PIFZX
RYPRX
TGBAX
CFSIX
HIEMX
WMCIX

This is an actively managed account that we are paying 1.25% in fees and the expense ratios are all between .69-1.05%. I've been lurking on Bogleheads for a few weeks now and I'm getting the sense that I'm paying way way too much in fees and expenses. My advisor is a nice lady and she seems to be doing right by us (so it seems), but I started looking into Vanguard since so many people here seem to recommend it. I like the sound of the Vanguard Advisor, especially at .30% compared to the 1.25% I'm paying now and the much lower expense ratios. Has my advisor been killing me with fees and expenses with the funds she has me in? What happens when I move from Raymond James to Vanguard (i.e. tax wise). I'm going to call Vanguard on Monday and speak with an advisor. I would love to do it all on my own, but I looked at the list of Mutual Funds available and there were 127.....How do I even begin to choose the right one?

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David Jay
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Re: Help Me Break Free From Raymond James

Post by David Jay » Mon Mar 14, 2016 2:53 am

1. Yes, your advisor has been "killing you" with fees and commissions.
2. They have given you a complicated portfolio to scare you into thinking you can't do this by yourself. 19 funds in a 123,000 portfolio is nuts. You will get equal or better performance from a single TargetRetirement or LifeStrategy fund.
3. Because this is a taxable account, you should move all the funds to Vanguard with an "in-kind" transfer (Vanguard will help you with this, they love to move money from other places to Vanguard!). That moves all of your funds to Vanguard without selling them and incurring tax liability. After you move to Vanguard you can select which funds to sell and when to minimize your tax burden (hint, you sell everything with losses or small gains right away and get that money into low cost Vanguard funds).
4. If you pay Vanguard for the Personal Advisor Service, it will cost you 0.3% and they will help you select new, low cost funds. It's a great way to start. You can drop the PAS in a year or two if you decide that we (the BH forum) can help you do it yourself
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Mon Mar 14, 2016 9:57 am

Awesome, thanks! I'm a little nervous moving because I feel like I'm getting a certain level of security by having someone like Raymond James in charge. But I've done some rough calculations and figure I'm going to pay about $70-80K in fees there, so obviously that is an issue. I'm going to call Vanguard and get the ball rolling!

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Re: Help Me Break Free From Raymond James

Post by Jack FFR1846 » Mon Mar 14, 2016 10:10 am

19 funds? That's about 16 too many. This is classic financial advisor behavior to confuse and frighten their clients. "How on earth could I possibly manage all these accounts?" you might think. Easy. Move in-kind to Vanguard and then put them into a 3-fund portfolio. Enjoy your extra 2% savings.
Bogle: Smart Beta is stupid

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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Mon Mar 14, 2016 10:24 am

That's exactly how I feel....How could I possibly manage an account like that? The more and more I read around here the more sense it all makes to me. I like my advisor, on a personal level, but now that I'm starting to see the big picture on the fees I'm just getting mad. Thanks again!

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Re: Help Me Break Free From Raymond James

Post by Jack FFR1846 » Mon Mar 14, 2016 10:33 am

You're paying (about) $2460 in fees.
By comparison, I have a 2 comma portfolio and pay a total of $900 per year.

Between my wife and I, we have all of our investment in the 3 fund plus savings bonds. This is across several providers. Mostly Vanguard and Fidelity. All are index funds (Advantage or Admiral) with 401ks and 403bs thrown in along with Roths and traditional and rollover IRAs. Excel is my friend and I know at all times what my asset allocation is. I can't think of a single thing that an advisor can do to help.
Bogle: Smart Beta is stupid

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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Mon Mar 14, 2016 10:44 am

$2460 a year in fees is too much and with the amount I deposit each year that will climb quickly. I have a 457 Plan that is slightly larger and I only pay about $200 a year in fees. It's time to ditch Raymond James.

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Toons
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Re: Help Me Break Free From Raymond James

Post by Toons » Mon Mar 14, 2016 10:45 am

My advisor is a nice lady
That is great to hear,,,,but
It has no bearing on the money that is being funneled away from you.

I suggest you contact Vanguard for their assistance in a transfer of assets.
Not difficult at all :happy
You can even initiate the process on line
https://investor.vanguard.com/account-transfer/
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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in_reality
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Re: Help Me Break Free From Raymond James

Post by in_reality » Mon Mar 14, 2016 10:46 am

You haven't even figured in tax costs yet. Those mutual funds will have a yearly capital gains distribution that will be taxes.

Vanguard mutual funds that have an ETF share class typically don't have yearly capital gains distributions (some bond funds might have a small one).

More $$ for you.

radiowave
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Re: Help Me Break Free From Raymond James

Post by radiowave » Mon Mar 14, 2016 10:47 am

Awesome, thanks! I'm a little nervous moving because I feel like I'm getting a certain level of security by having someone like Raymond James in charge.
What makes you believe RJ has your best interests in mind?

A friendly recommendation, do all the transfers on the Vanguard side, don't interact with the Raymond James "friendly lady" unless you absolutely have to, or else she will likely try to convince you to stay.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page

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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Mon Mar 14, 2016 10:51 am

I guess I believed that they had my best interests in mind because I watched too many Raymond James commercials and they had me convinced that they would take care of me. My broker is a nice lady too, she manages my parents money, along with several other retirees from my fathers company. It really just boils down to personal responsibility on my part and not being as educated as I should have been. I'm fixing that now with the help of this community though.

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oldcomputerguy
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Re: Help Me Break Free From Raymond James

Post by oldcomputerguy » Mon Mar 14, 2016 4:31 pm

I had a bit of difficulty with a Raymond James Roth account that I owned some years back. Turns out the money I had been putting into it sat in core and was never invested. (In fairness this was probably due to my own ignorance.) The problem came when I realized this and tried to invest the cash in something more productive than the holding account; I had no online access to invest this money. (I could see the cash balance but couldn't invest it.) Long story short, after filling out the forms that the Raymond James rep told me would grant me access to invest this money, I still couldn't invest it online; when I asked why, I was told that Raymond James does not allow online investing. I ended up pulling the funds from the account (which were all original contributions made more than five years ago), and moving them to Fidelity to a new Roth.

While it's entirely possible that this was all resulting from a massive miscommunication and my own ignorance, I didn't like being told that I would be allowed to invest upon finishing extra paperwork, only then to be told that I would never be given online access to invest.
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

KiloRomeo
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Re: Help Me Break Free From Raymond James

Post by KiloRomeo » Mon Mar 14, 2016 5:22 pm

They aren't all bad. My Raymond James "advisor" recommends Vanguard funds too. Granted, my advisor is also a close friend and he also puts his $$ in Vanguard funds too.

That's not what his firm preaches to normal clients though!

delamer
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Re: Help Me Break Free From Raymond James

Post by delamer » Mon Mar 14, 2016 6:14 pm

All good advice above about switching to Vanguard. You can find information in the Bogleheads wiki about asset allocation. Since this is a taxable account, is it intended for something other than retirement? That could make a diiference in your preferred allocation.

BTW, if you are depositing money into Raymond James using some kind of automatic funds transfer, you should cancel it right away.
Last edited by delamer on Mon Mar 14, 2016 6:53 pm, edited 1 time in total.

CedarWaxWing
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Re: Help Me Break Free From Raymond James

Post by CedarWaxWing » Mon Mar 14, 2016 6:48 pm

"My advisor is a nice lady and she seems to be doing right by us (so it seems), "

A pickpocket is always very nice and polite while her hand is in your pocket....

Nice is a facade if they are not treating you fairly... and not acting as a fiduciary.

M

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blueblock
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Re: Help Me Break Free From Raymond James

Post by blueblock » Mon Mar 14, 2016 7:16 pm

TSWNY wrote:I'm a little nervous moving because I feel like I'm getting a certain level of security by having someone like Raymond James in charge. But I've done some rough calculations and figure I'm going to pay about $70-80K in fees there, so obviously that is an issue. I'm going to call Vanguard and get the ball rolling!
Good for you. That's exactly what you should do.

You're not getting "a certain level of security," you're getting unnecessarily complicated and costly advice that takes earnings out of your pocket.

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beyou
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Re: Help Me Break Free From Raymond James

Post by beyou » Tue Mar 15, 2016 5:12 pm

The quickest and cheapest way to "break free" is to read this :

https://investor.vanguard.com/mutual-fu ... etirement/#/

These are very similar to your (his) retirement funds, which are highly diversified investments,
all-in-one solution. Vanguard has same as Fidelity, or at least very close.

I don't understand why you have two funds in your (his) retirement account
Both are 2040 retirement funds, why not combine together to a single fund ?
Simplify your investments.

jane1
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Re: Help Me Break Free From Raymond James

Post by jane1 » Tue Mar 15, 2016 5:42 pm

Make sure you have the Cost Basis (for taxable account) calculated for each Raymond James investment before you move to Vanguard. Once you close your account at RJ they will not be helpful.

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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Tue Mar 15, 2016 10:42 pm

jane1 wrote:Make sure you have the Cost Basis (for taxable account) calculated for each Raymond James investment before you move to Vanguard. Once you close your account at RJ they will not be helpful.

Sorry, what exactly does that mean? Is this something the Vanguard Personal Advisor can help me with?

Drovor
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Re: Help Me Break Free From Raymond James

Post by Drovor » Wed Mar 16, 2016 12:39 am

smartinwate wrote:I had a bit of difficulty with a Raymond James Roth account that I owned some years back. Turns out the money I had been putting into it sat in core and was never invested. (In fairness this was probably due to my own ignorance.) The problem came when I realized this and tried to invest the cash in something more productive than the holding account; I had no online access to invest this money. (I could see the cash balance but couldn't invest it.) Long story short, after filling out the forms that the Raymond James rep told me would grant me access to invest this money, I still couldn't invest it online; when I asked why, I was told that Raymond James does not allow online investing. I ended up pulling the funds from the account (which were all original contributions made more than five years ago), and moving them to Fidelity to a new Roth.
Similar issue happened with me with Morgan Stanley. Sure it was also my fault but I was young and thought my advisor was managing the funds or atleast thought they would give me a call. I did receive that call but it was years later when another advisor took over the account. I'm happily managing my own funds through Vanguard now.

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Misenplace
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Re: Help Me Break Free From Raymond James

Post by Misenplace » Wed Mar 16, 2016 1:18 am

Hi TSWNY,
Cost Basis Is the amount it cost you to buy those mutual funds. It is essentially all the money you used to purchase all the shares you have. Jane is warning you to make sure you collect that information from Raymond James before you ditch them, because they will not be so helpful after you move your assets from them. Vanguard can't really help you on this- you need to do it before leaving Raymond James. Perhaps ask them to provide you the number for each of your funds?

For example, say you bought 100 shares of a fund for 1000. It is now worth 1300. Your cost basis is 1000. When you sell for 1300, you get back your original 1000, and you pay capital gains taxes on the $300 profit. Capital gains are usually better to have than ordinary income because they are taxed at a lower rate.

It gets more complicated if you have elected to 'reinvest dividends.' In that case you need to look up each year what dividends you have declared and paid taxes on that were reinvested to buy more shares and add those reinvested dividends to your basis. For example, say you paid 1000 for 100 shares, and every year for 5 years you had $20 of dividends (total 100) that you reinvested (and were taxed on) to buy 10 more shares total. Now you have 1010 shares that are worth 1300, your cost basis is the original $1000 plus the reinvested dividend total of $100=$1100. If you sell for $1300, you pay capital gains on only $200.

Hope this helps. Vanguard personal advisory services at only 0.3%- much better than you have now.
Misenplace

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Re: Help Me Break Free From Raymond James

Post by mptfan » Wed Mar 16, 2016 4:25 am

TSWNY wrote:I guess I believed that they had my best interests in mind because I watched too many Raymond James commercials and they had me convinced that they would take care of me.
Stop and think for a moment. Do you know how much it costs for a national ad campaign? To produce a commercial? To pay for the advertising agency? To pay for all the TV media time? Let me give you a hint...it is not cheap. And who do you think is paying for all of that?

Have you seen any TV ads for Vanguard lately?

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walletless
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Re: Help Me Break Free From Raymond James

Post by walletless » Thu Mar 17, 2016 1:54 am

Guess who shows up on this list?
Top 10 Financial Advisor Firms With Highest Misconduct Rate

That's right.... Raymond James.

Go with VPAS or even betterment or wealthfront... and save the money. But better yet, use the 3-fund portfolio, target-date fund, or LifeStrategy fund that others on this thread have recommended.

SleepKing
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Re: Help Me Break Free From Raymond James

Post by SleepKing » Thu Mar 17, 2016 8:16 am

You can do this. We left RJ within the past year. Similar to you, very nice advisor and a litany of high expense funds. Of course, these were billed as 'best in class' and 'expertly managed', etc.... When we called for the breakup (you dont have to do this) he literally said something like 'well, i hope you use vanguard'.

Since the move weve saved over $1000 in fees.

your thoughts of using vanguard asvisor services are fine. You can use their help to get established, then either decide you want to learn more and DIY....or enjoy their support and keep using them. Nothing qrong qith either way, whatever lets you and family sleep best at night.

Sleepy

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Re: Help Me Break Free From Raymond James

Post by JW-Retired » Thu Mar 17, 2016 9:28 am

TSWNY wrote:This is an actively managed account that we are paying 1.25% in fees and the expense ratios are all between .69-1.05%.
Investment costs of 2% is sheer madness. What are you waiting for?

There is an old retirement study** that shows removing (an inflation adjusted) 4%/year from a portfolio has historically been a safe amount to draw out without much fear of running out of money. It's kind of an obsolete rule of thumb now that bond returns are so low, and many folks here think a lower rate is safer. Age 70 required minimum distributions (RMDs) from IRA's and other tax deferred accounts start a bit below 4% and are increased a little every year.

Anyway, if 4%/year is a useful measure of what can be safely drawn out, you must realize that makes the safe amount you can personally draw to be only 2%. Raymond James management and their funds keeps the other 2%. Madness! :oops:
JW
** https://en.wikipedia.org/wiki/Trinity_study
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Re: Help Me Break Free From Raymond James

Post by carolinaman » Fri Mar 18, 2016 9:28 am

You are approaching this correctly. Using Vanguard will dramatically reduce your fund and adviser costs and will also get you into very good low cost funds. Just quote Donald Trump to your adviser, but in a nice way. Best wishes.

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Re: Help Me Break Free From Raymond James

Post by carolinaman » Fri Mar 18, 2016 9:29 am

carolinaman wrote:You are approaching this correctly. Using Vanguard will dramatically reduce your fund and adviser costs and will also get you into very good low cost funds. Vanguard can help you transfer everything in a straightforward manner.

Just quote Donald Trump to your adviser, but in a nice way. Best wishes.

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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Fri Mar 18, 2016 10:31 am

I did it!!! I set up my Vanguard account this morning and now I'm just waiting for the funds to transfer from Raymond James to Vanguard. Does anyone know if I'm going to get hit with any kind of fees or penalties for transferring out of Raymond James? I was a little naive to all the fees and expenses that I was paying, so I wouldn't be surprised if they tried to squeeze me one last time out the door.

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Re: Help Me Break Free From Raymond James

Post by JW-Retired » Fri Mar 18, 2016 10:46 am

TSWNY wrote:I did it!!! I set up my Vanguard account this morning and now I'm just waiting for the funds to transfer from Raymond James to Vanguard. Does anyone know if I'm going to get hit with any kind of fees or penalties for transferring out of Raymond James? I was a little naive to all the fees and expenses that I was paying, so I wouldn't be surprised if they tried to squeeze me one last time out the door.
Good for you! :beer

There will probably be some kind of typical account closure fee like $50 or $100. Hopefully it won't be per fund. :shock:

Whatever it is it's definitely worth it.
JW
ps addition:
http://www.raymondjames.com/services_an ... ount_maint
..............
Retirement account termination fee.............................$100
Last edited by JW-Retired on Fri Mar 18, 2016 10:52 am, edited 1 time in total.
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David Jay
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Re: Help Me Break Free From Raymond James

Post by David Jay » Fri Mar 18, 2016 10:47 am

TSWNY wrote:I did it!!! I set up my Vanguard account this morning and now I'm just waiting for the funds to transfer from Raymond James to Vanguard. Does anyone know if I'm going to get hit with any kind of fees or penalties for transferring out of Raymond James? I was a little naive to all the fees and expenses that I was paying, so I wouldn't be surprised if they tried to squeeze me one last time out the door.
There will be an account closure fee - Probably $50 - $100 (I moved from Schwab (not RJ) and it was $50).
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

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Re: Help Me Break Free From Raymond James

Post by radiowave » Fri Mar 18, 2016 11:05 am

by TSWNY » Fri Mar 18, 2016 10:31 am

I did it!!! I set up my Vanguard account this morning and now I'm just waiting for the funds to transfer from Raymond James to Vanguard. Does anyone know if I'm going to get hit with any kind of fees or penalties for transferring out of Raymond James? I was a little naive to all the fees and expenses that I was paying, so I wouldn't be surprised if they tried to squeeze me one last time out the door.
Congratulations, hope it goes smoothly for you. Vanguard is a good company to work with. I don't know about RJ, but I got hit with fees with my Edward Jones transfers last year and likely RJ will do so. Unfortunately Vanguard won't reimburse them. You will more than make up for the difference in a couple months.
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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Fri Mar 18, 2016 11:12 am

All of the 19 funds that I currently hold at Raymond James are going to be moved over to Vanguard. I would like to get rid of them and scale down, probably a simple 3 fund portfolio. Will Vanguard Personal Advisor help me figure out how/when to sell what I have to minimize my tax liability? This is where my head starts to feel like it's going to explode and where I feel like I'm in over my head. I thought I had a decent working knowledge of things, but once I started reading about things like this I found out I'm way behind. I just want a fresh start and want to do it with as little pain as possible.

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Re: Help Me Break Free From Raymond James

Post by radiowave » Fri Mar 18, 2016 11:32 am

First, you probably want to move the 19 funds over to Vanguard then begin to exchange them to meet your asset allocation for your personal investment plan. It seems like you have read the wiki, but basically, you want to put your equity, e.g. VTSAX Total US Stock Market in your taxable brokerage account and Roth IRA, Total Bond in tax deferred ,e,g. Rollover IRA and International in taxable brokerage account. So if you chose a 60/40 stock/bond asset allocation, you would fill up your taxable/Roth IRA with VTSAX (if that is what you are thinking), VTIAX Total International in taxable broker account, and VBTLX Total Bond in your tax deferred accounts based on your total $$. Note, the 60% stock includes both domestic and foreign, e.g. if you want 20% international and had $100K to divide up, then $40K VTSAX, $20K VTIAX and $40K VBTLX.

Once you get the above sorted out, you exchange the RJ funds that come over and purchase the above mutual funds at Vanguard, it's pretty easy to do and forum members can walk you through this. Give this a shot and post your initial results. I think there was a post above, but to reiterate, in your taxable account, any sale of the RJ mutual funds will be a taxable event, e.g. you will have a capital gain or loss depending on the cost basis. So you may want to do a spreadsheet to estimate the impact of selling those funds (and of course tax implications as well)
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Re: Help Me Break Free From Raymond James

Post by radiowave » Fri Mar 18, 2016 11:36 am

One other thing, you'll get dinged for each account you close at RJ so if you have multiple accounts, see if you can consolidate any to decrease any account closure fees. Move the funds to Vanguard as trustee to trustee transfer, for example if you have a Traditional IRA, move that over in kind (essentially you move the entire account over intact). Do that for each account and that will mirrored at Vanguard, same funds if possible, then do your changes to your 3 fund portfolio at Vanguard. You want to avoid cashing out your funds at RJ and moving cash over to minimize any additional broker fees.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page

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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Fri Mar 18, 2016 11:58 am

All the funds are being transferred to Vanguard and then I'll work on selling them from the Vanguard account. I'm going to go with the Personal Advisor Service to help get me started. With that service though, will they help me choose what to sell and when to minimize my tax liability. I've come to accept that I will pay capital gains taxes, as it stands today I'm up about $5,500 in gains over all accounts. Some are in the red and some are in the black. Where I really need the help is getting out of the 19 funds I currently have and into 3-4 funds moving forward. I don't feel knowledgable enough to handle this on my own, it's not my profession, that's why I'm choosing to pay the .30% fee for the advisor.....I'm assuming that they will help guide my through this process??

I only have one taxable Raymond James account that I will be closing.

crit
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Re: Help Me Break Free From Raymond James

Post by crit » Fri Mar 18, 2016 1:12 pm

Other comments are helping you move (and get your cost basis -- that's important!).

I'll just comment on one thing I noticed about your initial posting. You've put away a lot of money in taxable but have not maxed contributions to her 403b, and I don't see any IRAs there. So you could be avoiding income taxes on an extra $19k yearly there ($8k more to 403, $11000 to two IRAs). In general, as you'll read on the wiki, you want to reduce your taxable income by maxing your tax-advantaged accounts (401, 403, IRAs: Roth if you can, backdoor Roth if your income is above the Roth contribution limit) before you start accumulating taxable savings (unless those savings are targeted for a down payment or car, but since you have a mortgage, I'll guess that's not the case).

Welcome to the light side!

I don't know whether the Vanguard PAS will help you determine what to sell (probably will, it's pretty straightforward) but once you get it transferred, if you post up your holdings along with their cost basis, people here will also help.

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TSWNY
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Re: Help Me Break Free From Raymond James

Post by TSWNY » Fri Mar 18, 2016 1:45 pm

Right now I'm maxing out my 457 and my wife is only at $11,000 this year for her 403B. She will eventually get that maxed out, but right now she's taking care of all the child expenses and I'm handling everything else. We probably should do a backdoor Roth though. I'll talk to the PAS about that.

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Re: Help Me Break Free From Raymond James

Post by jane1 » Sat Mar 19, 2016 1:37 am

Hope you found out how much RJ would charge for selling the funds vs. what vanguard charges in commission for selling these particular mutual funds. Since you have 19 funds it might be a lot.
Vanguard family of mutual funds can be bought and sold for no commission but that is not the case for non-vanguard family mutual funds.

If your total gain is ~$5000 on a portfolio of $120K, check if most of the gain is in 1-2 funds on a small part of the portfolio. Then you can sell most at a loss and immediately buy the vanguard funds.
If gain is mainly long-term, your tax hit will not be that much, and you can start with a "clean" portfolio sooner rather than dragging the process.

NOLA
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Joined: Sun Jul 10, 2011 1:23 pm

Re: Help Me Break Free From Raymond James

Post by NOLA » Sat Mar 19, 2016 1:51 am

Congrats and glad you are moving away from expensive advisor/company. Hope it goes well and please keep us updated(if you don't mind).

CincySkyline
Posts: 4
Joined: Thu Feb 13, 2020 10:05 pm

Re: Help Me Break Free From Raymond James

Post by CincySkyline » Thu Feb 13, 2020 10:09 pm

Folks, Can you buy Vanguard ETFs with money in your RJ Accounts?

ARoseByAnyOtherName
Posts: 579
Joined: Wed Apr 26, 2017 12:03 am

Re: Help Me Break Free From Raymond James

Post by ARoseByAnyOtherName » Fri Feb 14, 2020 7:30 am

CincySkyline wrote:
Thu Feb 13, 2020 10:09 pm
Folks, Can you buy Vanguard ETFs with money in your RJ Accounts?
Why would you do that? Presumably you would still be paying RJ’s fees which is the number one thing to get rid of.

Dottie57
Posts: 7741
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Help Me Break Free From Raymond James

Post by Dottie57 » Fri Feb 14, 2020 7:50 am

ARoseByAnyOtherName wrote:
Fri Feb 14, 2020 7:30 am
CincySkyline wrote:
Thu Feb 13, 2020 10:09 pm
Folks, Can you buy Vanguard ETFs with money in your RJ Accounts?
Why would you do that? Presumably you would still be paying RJ’s fees which is the number one thing to get rid of.
Agree. Why pay the wrap around fee for EJ brokerage. It is really easy to have the standard 3 ETF fund portfolio at Schwab or Fidelity. Don’t let anyone convince you that you aren’t smart enough to invest yourself. In fact don’t even talk to anyone at EJ - they are good at convincing you to stay - it is their livelihood

Topic Author
TSWNY
Posts: 140
Joined: Sun Mar 13, 2016 1:05 pm

Re: Help Me Break Free From Raymond James

Post by TSWNY » Fri Feb 14, 2020 7:56 am

I'm so glad this thread popped up. I can't believe how far we've come in the last four years. We are a couple good days of market performance away from joining the two comma club!

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RootSki
Posts: 426
Joined: Mon Feb 20, 2017 11:52 am

Re: Help Me Break Free From Raymond James

Post by RootSki » Fri Feb 14, 2020 8:48 am

I love these threads. Especially when the OP sticks around and reports back major successes! Congratulations :moneybag

student
Posts: 4486
Joined: Fri Apr 03, 2015 6:58 am

Re: Help Me Break Free From Raymond James

Post by student » Fri Feb 14, 2020 9:04 am

TSWNY wrote:
Fri Feb 14, 2020 7:56 am
I'm so glad this thread popped up. I can't believe how far we've come in the last four years. We are a couple good days of market performance away from joining the two comma club!
Congratulations.

gd
Posts: 1597
Joined: Sun Nov 15, 2009 8:35 am
Location: MA, USA

Re: Help Me Break Free From Raymond James

Post by gd » Fri Feb 14, 2020 9:07 am

CincySkyline wrote:
Thu Feb 13, 2020 10:09 pm
Folks, Can you buy Vanguard ETFs with money in your RJ Accounts?
You should start a new topic to ask this new question.

ARoseByAnyOtherName
Posts: 579
Joined: Wed Apr 26, 2017 12:03 am

Re: Help Me Break Free From Raymond James

Post by ARoseByAnyOtherName » Fri Feb 14, 2020 1:04 pm

TSWNY wrote:
Fri Feb 14, 2020 7:56 am
I'm so glad this thread popped up. I can't believe how far we've come in the last four years. We are a couple good days of market performance away from joining the two comma club!
Congratulations to you! :sharebeer

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Wiggums
Posts: 2740
Joined: Thu Jan 31, 2019 8:02 am

Re: Help Me Break Free From Raymond James

Post by Wiggums » Fri Feb 14, 2020 1:17 pm

TSWNY wrote:
Fri Mar 18, 2016 11:12 am
All of the 19 funds that I currently hold at Raymond James are going to be moved over to Vanguard. I would like to get rid of them and scale down, probably a simple 3 fund portfolio. Will Vanguard Personal Advisor help me figure out how/when to sell what I have to minimize my tax liability? This is where my head starts to feel like it's going to explode and where I feel like I'm in over my head. I thought I had a decent working knowledge of things, but once I started reading about things like this I found out I'm way behind. I just want a fresh start and want to do it with as little pain as possible.
Congratulations. I hold the three fund portfolio.

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