New Member Looking to Leave Raymond James

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ubelongoutside
Posts: 1
Joined: Thu Dec 06, 2018 10:28 am

New Member Looking to Leave Raymond James

Post by ubelongoutside » Thu Dec 06, 2018 10:48 am

Hi,

Brand new here, I've looked around a bit trying to find an answer to my quandary, but thought it best to just join and ask.

First a little background. Before being married I managed my own retirement and personal investments with a Fidelity account and did quite well, but this was back when everyone made money in the stock market (2003 - 2014). I got married, had a child, and changed jobs in 2014 and with all of this going on I was slacking on monitoring my investments. My wife was using a Raymond James (RJ) advisor, and so for the sake of making life easier I too transferred my IRA, and Roth IRA to him, and the wife and I opened a joint account with cash we had in savings accounts.

From 2015 to now we've seen the following returns:

9% my IRA
18.5% my Roth
14% wife's IRA
13% wife's Roth
9% Joint

These are actual returns, after fees etc. All except the joint cash account are aggressive investments. My Roth was changed over to a separately managed account in December 2016 most likely because I told the adviser I was pulling all our money as none of our accounts were performing very well at that point. He talked me into staying and showed some better performance the next year.

Now though I just feel as if my life has settled down enough that I want to take control again and I also am tired of all of the fees we pay at RJ only to keep getting invited to hosted events likely paid for with our commission, and oh by the way bring a friend so we can pitch them on RJ too...

Sorry for the long lead up to the question, but wanted to hopefully give a full picture.

My questions are as follows:
  • Vanguard seems to be the go to for self managing. Is it worth it to set up an account there, or just move everything back to Fidelity and manage there?
  • As far as moving everything, I feel timing is bad right now, should I try to wait and see how the market does, or just cut my losses and go now?
  • Should I go this alone, or should I enlist the help of either Vanguard's or Fidelity's support team to make this transition?
I'm sure there's more info that some of you will need to help me make a good decision, but I'm not exactly sure what info to provide. Please feel free to ask if there is more information to help me make the decisions.

Thanks,

Don

mhalley
Posts: 6306
Joined: Tue Nov 20, 2007 6:02 am

Re: New Member Looking to Leave Raymond James

Post by mhalley » Thu Dec 06, 2018 3:14 pm

Fidelity, Schwab, and Vanguard are all great places for low cost passive investing. Bogleheads lean toward Vanguard as they do not offer high fee options that the other brokerages do, so you can't be lead astray by getting involved with an advisor. The most you can pay at Vanguard is .3% for pas, where the other places can go above 1%, so if you developed alzheimers or died and your spouse had to take over finances you can't get taken to the cleaners.
If you are not changing your aa, there is no reason to wait to move. You have no idea what will happen in the 2 weeks you are out of the market, it could be good with more days like today, or bad if the markets stage a recovery. Another option is to move you account in kind and then pay the fees to sell, but then you are attempting to market time.
Certainly you can just go online and setup your accounts and move them from there, but if you run into problems either place will be happy to help with the transfer. I think Fidelity is offering some free trades if you decide to move in kind.
https://rewards.fidelity.com/offers/ATP500free

User avatar
greg24
Posts: 3298
Joined: Tue Feb 20, 2007 10:34 am

Re: New Member Looking to Leave Raymond James

Post by greg24 » Thu Dec 06, 2018 3:17 pm

Fidelity may offer you better customer support than Vanguard. I have all my funds at Vanguard.

Getting out of RJ is an excellent idea.

Ilikesparklers
Posts: 55
Joined: Wed Jan 10, 2018 12:27 pm

Re: New Member Looking to Leave Raymond James

Post by Ilikesparklers » Thu Dec 06, 2018 4:29 pm

ubelongoutside wrote:
Thu Dec 06, 2018 10:48 am

My questions are as follows:
  • Vanguard seems to be the go to for self managing. Is it worth it to set up an account there, or just move everything back to Fidelity and manage there?
  • As far as moving everything, I feel timing is bad right now, should I try to wait and see how the market does, or just cut my losses and go now?
  • Should I go this alone, or should I enlist the help of either Vanguard's or Fidelity's support team to make this transition?
You should find out if any of the brokerages are offering a bonus if you transfer funds to them. Some may also waive transfer/RJ closing fees. Vanguard generally doesn't offer any incentives.

I have a accounts at both Vanguard and Fidelity. Fidelity gave me a cash bonus and free trades when I moved funds from TRP to them. They also took care of the transfer very quickly. I find Fidelity much easier to work with than Vanguard. The one minor downside was that I had to start investing in the ETF versions of Vanguard mutual funds at Fidelity since Fidelity doesn't let you buy Vanguard mutual funds. I would have preferred to stay in Vanguard mutual funds.

You should make the move now. You can do an in-kind transfer and figure out when/if to sell later.

User avatar
ruralavalon
Posts: 14254
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: New Member Looking to Leave Raymond James

Post by ruralavalon » Thu Dec 06, 2018 4:30 pm

Welcome to the forum :) .

ubelongoutside wrote:
Thu Dec 06, 2018 10:48 am
Hi,

Brand new here, I've looked around a bit trying to find an answer to my quandary, but thought it best to just join and ask.

First a little background. Before being married I managed my own retirement and personal investments with a Fidelity account and did quite well, but this was back when everyone made money in the stock market (2003 - 2014). I got married, had a child, and changed jobs in 2014 and with all of this going on I was slacking on monitoring my investments. My wife was using a Raymond James (RJ) advisor, and so for the sake of making life easier I too transferred my IRA, and Roth IRA to him, and the wife and I opened a joint account with cash we had in savings accounts.

From 2015 to now we've seen the following returns:

9% my IRA
18.5% my Roth
14% wife's IRA
13% wife's Roth
9% Joint

These are actual returns, after fees etc. All except the joint cash account are aggressive investments. My Roth was changed over to a separately managed account in December 2016 most likely because I told the adviser I was pulling all our money as none of our accounts were performing very well at that point. He talked me into staying and showed some better performance the next year.

Now though I just feel as if my life has settled down enough that I want to take control again and I also am tired of all of the fees we pay at RJ only to keep getting invited to hosted events likely paid for with our commission, and oh by the way bring a friend so we can pitch them on RJ too...

Sorry for the long lead up to the question, but wanted to hopefully give a full picture.

My questions are as follows:
  • Vanguard seems to be the go to for self managing. Is it worth it to set up an account there, or just move everything back to Fidelity and manage there?
  • As far as moving everything, I feel timing is bad right now, should I try to wait and see how the market does, or just cut my losses and go now?
  • Should I go this alone, or should I enlist the help of either Vanguard's or Fidelity's support team to make this transition?
I'm sure there's more info that some of you will need to help me make a good decision, but I'm not exactly sure what info to provide. Please feel free to ask if there is more information to help me make the decisions.

Thanks,

Don
Moving out of Raymond James to a low cost provider like Vanguard or Fidelity is a good idea.

Now is as a good a time as any to do that. I would not delay, why pay high fees any longer?

Call the company you decide to transfer to, they will help with the transfer.

For funds and location of accounts I usually suggest
1) Vanguard,
2) Fidelity, or
3) Schwab
in that order of preference.

I prefer traditional mutual funds (rather than ETFs), and Vanguard has by far the largest selection of low expense traditional mutual funds offered anywhere. Both Vanguard and Fidelity have a larger selection of low expense index funds than does Schwab. We have all of our investing accounts at Vanguard, and use only Vanguard index funds.

All three offer a wide array of ETFS (Exchange Traded Funds).

I prefer the convenience of having all investing accounts at one place. For banking functions (checking account, debit card, credit cards) we use a bank with a branch near our home.

I like Vanguard's mutual structure, Vanguard is owned by the Vanguard funds, has no other shareholders, and so conflicts of interest with shareholders don't exist.

Both Fidelity and Schwab have local customer service offices in some cities, but Vanguard does not. None have a local office near me, so that was not a factor in my choice.

A local customer service office is important for some, but in my opinion not at all necessary. We have had no problems with the rare phone consultations that were necessary. I call Vanguard once per year at most, some years not at all, and always received prompt, accurate, professional advice and service.

Once a reasonable investing plan is set up, it requires almost no attention. Some people prefer the customer service at Fidelity or Schwab.

Schwab does not offer a total international stock index fund, both Vanguard and Fidelity do. Vanguard stock index funds are more tax-efficient, which is important if using a taxable account. Vanguard offers a larger selection of tax-exempt bond funds (including state specific funds) than either Schwab or Fidelity, which is important if using a taxable account and in a high tax bracket. Vanguard offers a small-cap value index fund, but Schwab and Fidelity do not, which is important if interested in value investing. Vanguard money market funds (including the sweep fund) pay a better return than funds at Fidelity or Schwab, which is important for investors who desire a significant cash allocation.

There is a lot of personal preference involved in selecting a firm for your accounts.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

jwkde
Posts: 89
Joined: Thu Feb 04, 2010 2:42 pm

Re: New Member Looking to Leave Raymond James

Post by jwkde » Thu Dec 06, 2018 6:20 pm

I moved from Raymond James to Fidelity earlier this year.

I initiated an Asset in Kind transfer at Fidelity - filled out all the papers online and uploaded copies of my last RJ statements. Took about 7 days for everything to come over intact including cost basis. Worked perfectly. Fidelity also reimbursed me for the account closing fee that RJ imposed.

As I was setting it up, Fidelity gave me 200 free trades to use over a 2 year period. Once I got everything moved over, I selectively sold some of the assets that RJ had held and replaced them with ETF/MF at Fidelity. Because I had the 200 free trades selling was commission free. Everything I bought had no commission.

I did this all keeping in mind my income tax situation for 2018. I still have more to do in 2019.

RJ also had me in bond funds in taxable accounts. I readjusted my 401K allocation to include more bonds and then sold the RJ bond funds and put that into equity funds.

Good luck

Broken Man 1999
Posts: 1573
Joined: Wed Apr 08, 2015 11:31 am

Re: New Member Looking to Leave Raymond James

Post by Broken Man 1999 » Thu Dec 06, 2018 6:27 pm

Thanks for paying some $$$ to the Tampa Bay Buccaneers for their playpen, Raymond James Stadium. Though the Buc's play abysmal football, the stadium is very nice. Unfortunately the taxpayers are also funding the Buc's playpen, as par for the course for sports teams. I don't think OP or the taxpayers are getting their money's worth.

At least OP has a much easier opportunity to leave Raymond James, the taxpayers have a harder time leaving.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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