Time to fire the financial assistant. Help me with the courage.

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lkar
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Time to fire the financial assistant. Help me with the courage.

Post by lkar » Fri May 10, 2019 2:03 pm

My mom died a couple of years ago. Her primary asset was an IRA.

She loved her guy. He's not your typical slick talking guy, but he's basically a handsome 40-something guy that is tapped in to the old lady market and appears to have made a good living out of it. There was no convincing her to move on.

I didn't really want to deal with it, because handling the whole thing was difficult and unpleasant and I figured I'd just get through it all and then take stock later. So, we re-titled the account, I gave him my general asset allocation, gave him a direct deposit to send my RMDs, and then stopped paying attention. It's not that much money, but it's certainly not nothing.

Anyway, now I'm focused and I have to fire the guy. He's a nice guy, but it's all such crap. It's churning away on moderate expense ratio funds and rebalancing constantly, probably pursuant to some bot algorithm. His company makes the fees about as non-transparent as possible, and I can't believe the statements they send are actually compliant with whatever regulations apply. It's all a bit slimy. That said, the fee could be much worse -- it was about 1.25 percent last year and the investments over the last two years actually did a bit better than my target fund held in my 401k.

But I'm really really dreading the conversation. He's a nice guy. He was really nice to my mother, and he called a lot and said fancy words pretending to know what the market was going to do and what it wasn't, and I'm sure for a lonely elderly lady it was worth the fee. If the fee had been properly disclosed she probably would have paid it gladly just to have the illusion she had a handsome young man on her side.

I don't need that. :0) What I need it to move the money and take control. But custodian to custodian transfers of inherited IRAs are apparently fraught with peril and so there is going to have to be some interaction and I'm just dreading it all.

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fortfun
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Re: Time to fire the financial assistant. Help me with the courage.

Post by fortfun » Fri May 10, 2019 2:09 pm

lkar wrote:
Fri May 10, 2019 2:03 pm
My mom died a couple of years ago. Her primary asset was an IRA.

She loved her guy. He's not your typical slick talking guy, but he's basically a handsome 40-something guy that is tapped in to the old lady market and appears to have made a good living out of it. There was no convincing her to move on.

I didn't really want to deal with it, because handling the whole thing was difficult and unpleasant and I figured I'd just get through it all and then take stock later. So, we re-titled the account, I gave him my general asset allocation, gave him a direct deposit to send my RMDs, and then stopped paying attention. It's not that much money, but it's certainly not nothing.

Anyway, now I'm focused and I have to fire the guy. He's a nice guy, but it's all such crap. It's churning away on moderate expense ratio funds and rebalancing constantly, probably pursuant to some bot algorithm. His company makes the fees about as non-transparent as possible, and I can't believe the statements they send are actually compliant with whatever regulations apply. It's all a bit slimy. That said, the fee could be much worse -- it was about 1.25 percent last year and the investments over the last two years actually did a bit better than my target fund held in my 401k.

But I'm really really dreading the conversation. He's a nice guy. He was really nice to my mother, and he called a lot and said fancy words pretending to know what the market was going to do and what it wasn't, and I'm sure for a lonely elderly lady it was worth the fee. If the fee had been properly disclosed she probably would have paid it gladly just to have the illusion she had a handsome young man on her side.

I don't need that. :0) What I need it to move the money and take control. But custodian to custodian transfers of inherited IRAs are apparently fraught with peril and so there is going to have to be some interaction and I'm just dreading it all.
You should be able to call Vanguard, stay on the line with them, and have Vanguard have the conversation. They did that for DW when she rolled over some old IRAs. Or, just do it yourself. Just don't back down/get talked out of it.

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Rob5TCP
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Rob5TCP » Fri May 10, 2019 2:14 pm

If you don't want to have the talk a polite email will do. Thank you for all you do for my Mother
but I am transferring my account to Vanguard. Your help in expediting this is appreciated.

Respectfully
XXX

Let Vanguard, or whomever you choose handle that transfer
(unless you have private equity or assets not easily transferred.

You don't want to get into a deep discussion about this - he, like any salesman, is well
versed in overcoming objections.

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BL
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Re: Time to fire the financial assistant. Help me with the courage.

Post by BL » Fri May 10, 2019 2:15 pm

The simplest way is to have the receiving brokerage initiate the transfer, after you have completed some paperwork. Print out a copy of all the funds and give them to receiving brokerage to see if there are any that can't be transferred and must be converted to cash before transferring. We don't know which place costs more to sell, but you might want to find out before you decide whether to transfer them as is or sell first. Once you have it set up, you could do a courtesy call or email to current "advisor", with thanks but my decision is made type of speech.

Bobby206
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Bobby206 » Fri May 10, 2019 2:19 pm

Rob5TCP wrote:
Fri May 10, 2019 2:14 pm
If you don't want to have the talk a polite email will do. Thank you for all you do for my Mother
but I am transferring my account to Vanguard. Your help in expediting this is appreciated.

Respectfully
XXX

Let Vanguard, or whomever you choose handle that transfer
(unless you have private equity or assets not easily transferred.

You don't want to get into a deep discussion about this - he, like any salesman, is well
versed in overcoming objections.
+1 on this. It's appropriate to acknowledge and thank him for his work. No big discussion needed. He won't be surprised as I believe a large number of clients leave after a death. Some people move money to Vanguard and others move the money to their person. Whatever. Ain't no big thing.

mptfan
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Re: Time to fire the financial assistant. Help me with the courage.

Post by mptfan » Fri May 10, 2019 2:19 pm

It sounds like you are descibing Edward Jones. Contact Vanguard (or wherever you want to transfer the funds) and let them initiate the transfer, no need to communicate with him anymore.

Cody6136
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Cody6136 » Fri May 10, 2019 2:22 pm

lkar wrote:
Fri May 10, 2019 2:03 pm
My mom died a couple of years ago. Her primary asset was an IRA.

She loved her guy. He's not your typical slick talking guy, but he's basically a handsome 40-something guy that is tapped in to the old lady market and appears to have made a good living out of it. There was no convincing her to move on.

I didn't really want to deal with it, because handling the whole thing was difficult and unpleasant and I figured I'd just get through it all and then take stock later. So, we re-titled the account, I gave him my general asset allocation, gave him a direct deposit to send my RMDs, and then stopped paying attention. It's not that much money, but it's certainly not nothing.

Anyway, now I'm focused and I have to fire the guy. He's a nice guy, but it's all such crap. It's churning away on moderate expense ratio funds and rebalancing constantly, probably pursuant to some bot algorithm. His company makes the fees about as non-transparent as possible, and I can't believe the statements they send are actually compliant with whatever regulations apply. It's all a bit slimy. That said, the fee could be much worse -- it was about 1.25 percent last year and the investments over the last two years actually did a bit better than my target fund held in my 401k.

But I'm really really dreading the conversation. He's a nice guy. He was really nice to my mother, and he called a lot and said fancy words pretending to know what the market was going to do and what it wasn't, and I'm sure for a lonely elderly lady it was worth the fee. If the fee had been properly disclosed she probably would have paid it gladly just to have the illusion she had a handsome young man on her side.

I don't need that. :0) What I need it to move the money and take control. But custodian to custodian transfers of inherited IRAs are apparently fraught with peril and so there is going to have to be some interaction and I'm just dreading it all.
Let ME be a lesson for you! Please check out the thread, What, If Anything, Do I owe this Guy?

Plenty of great responses to my (somewhat similar) predicament. Along with a bit of snark. Well, wait, even the snark was pretty great.

Plow Onward!

Topic Author
lkar
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Re: Time to fire the financial assistant. Help me with the courage.

Post by lkar » Fri May 10, 2019 2:25 pm

Ok, thanks everyone. I really appreciate it.

I like the idea of setting everything up first on the inbound account and then just having it be done institution to institution.

I do think I owe him a phone call though. It's a reasonably small shop -- not one of the biggies -- and she really did feel strongly about him.

Anyway, this is really helpful, so thank you all.

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DanMahowny
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Re: Time to fire the financial assistant. Help me with the courage.

Post by DanMahowny » Fri May 10, 2019 2:35 pm

I'll fire the guy. Seriously, I'll do it.

Let me know.
Funding secured

Topic Author
lkar
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Re: Time to fire the financial assistant. Help me with the courage.

Post by lkar » Fri May 10, 2019 2:39 pm

DanMahowny wrote:
Fri May 10, 2019 2:35 pm
I'll fire the guy. Seriously, I'll do it.

Let me know.
That's really hilarious! I should take you up on it.

Some roads you have to walk yourself. Seriously, I have a problem in this department. It's why I drive a 2001 Toyota. I can't take dealing with car buying. I'll do it. I'm going to do it. I just hate it.

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Phineas J. Whoopee
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Phineas J. Whoopee » Fri May 10, 2019 3:02 pm

The so-called adviser isn't there to help customers make money. The person is there to help their firm make money, and give h/er/im a lot of it. There is no reason to be reluctant about getting rid of the "adviser."

Salespeople are taught a technique called objection handling. They try to engineer a situation in which you are socially obligated to buy from them unless you can state an objection they can't handle, and they can handle all of them. They practice it.

The key is to avoid getting into the objection handling phase to begin with. Refuse to answer their questions. I, personally, can honestly say I used to teach objection handling. That usually causes them to back off. Otherwise I refuse to engage, and that's only if they have some leverage over me that prevents me from walking away, or hanging up, or deleting their email or whatever.

One time, when the leverage was delaying giving me my check, I got bored so I turned the tables and forced him to raise objections, which I handled. He never even noticed.

As others have posted, initiate the transaction with the receiving institution. The assistant never has to interact with you.

PJW

NancyABQ
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Re: Time to fire the financial assistant. Help me with the courage.

Post by NancyABQ » Fri May 10, 2019 3:39 pm

I transferred an Inherited IRA to Schwab and had no issues with it. The paperwork was all filed with Schwab, and it was a little bit more detailed than other types of transfers -- had to fill in paper forms instead of something online. But other than that it went smoothly. I did go to the local office to hand in the forms in person, but that was just because I knew inherited IRAs were a little bit fussy and I wanted to make sure I was doing it right. As it turned out, there was no need to have done it in person, but it made me feel better.

In this case it was from an advisor at Raymond James, and he was aware I was transferring it, but wasn't directly involved in any of the details of the transfer.

So, I'd say just go ahead and do it, but make sure the paperwork is right!

furnace
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Re: Time to fire the financial assistant. Help me with the courage.

Post by furnace » Fri May 10, 2019 4:06 pm

Get the 2nd handsome guy to fire the 1st handsome guy :oops:

dbr
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Re: Time to fire the financial assistant. Help me with the courage.

Post by dbr » Fri May 10, 2019 4:09 pm

lkar wrote:
Fri May 10, 2019 2:03 pm
That said, the fee could be much worse -- it was about 1.25 percent last year
No, it could be much better. That is a terrible fee. How you can be reluctant to get away from someone who is stealing your money at that rate is beyond me.

pkcrafter
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Re: Time to fire the financial assistant. Help me with the courage.

Post by pkcrafter » Fri May 10, 2019 4:12 pm

But custodian to custodian transfers of inherited IRAs are apparently fraught with peril and so there is going to have to be some interaction and I'm just dreading it all.
I don't think custodian to custodian transfers are fraught with peril. They go very smoothly if you do it correctly. The pitfalls have been covered above. The biggest one is transferring assets the new company does not handle, so make sure they do, or convert to cash.

The money in an IRA can be converted to cash and transferred. Most likely the assets in the non-IRA account(s) aren't tax-efficient anyway, so should be sold, but you need cost-basis information. Can you post the taxable account? Best choices for the new custodian are Schwab, Fidelity, or Vanguard.
Anyway, now I'm focused and I have to fire the guy. He's a nice guy, but it's all such crap. It's churning away on moderate expense ratio funds and rebalancing constantly, probably pursuant to some bot algorithm.
Don't think of it that way. You are not firing anyone, you are simply taking control of YOUR money.
His company makes the fees about as non-transparent as possible, and I can't believe the statements they send are actually compliant with whatever regulations apply. It's all a bit slimy.

You are really having reservations about self-managing after saying this?
That said, the fee could be much worse -- it was about 1.25 percent last year and the investments over the last two years actually did a bit better than my target fund held in my 401k.
1.25% is above average, plus the costs of frequent trading and higher fee funds. As far as performance goes, you have to understand the risk in the portfolio vs the TR fund.

Paul
Last edited by pkcrafter on Fri May 10, 2019 5:23 pm, edited 1 time in total.
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.

sarabayo
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Re: Time to fire the financial assistant. Help me with the courage.

Post by sarabayo » Fri May 10, 2019 4:20 pm

Cody6136 wrote:
Fri May 10, 2019 2:22 pm
Let ME be a lesson for you! Please check out the thread, What, If Anything, Do I owe this Guy?

Plenty of great responses to my (somewhat similar) predicament. Along with a bit of snark. Well, wait, even the snark was pretty great.

Plow Onward!
For the benefit of those reading, here is a link to the thread you mention: viewtopic.php?f=2&t=279487

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FIREchief
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Re: Time to fire the financial assistant. Help me with the courage.

Post by FIREchief » Fri May 10, 2019 4:46 pm

Fidelity has a dedicated transfer team and they do a really good job. Just tell them what it is and where it's at (i.e. file the proper forms) and they'll go get it in a very timely manner. VG once dragged their feet on some holdings I had and the Fido guys were all over 'em. Also, as you are likely aware, with an inherited IRA it has to be a direct transfer and the account has to be titled in accordance with IRS rules. I've not heard of a case where Fido screwed this up. 8-)
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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celia
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Re: Time to fire the financial assistant. Help me with the courage.

Post by celia » Fri May 10, 2019 5:18 pm

We've transferred Inherited IRAs to Vanguard without any problems. The next day was sell, sell, sell. With a clean slate, you can use the assets for what works best for you.

You should know, however, that if there are individual stocks and bonds in the account, there might be some holdings where stock dividends will be coming in at random times to catch up with the former holdings. This can last over a month. Just be aware of those stranglers finding the account late. On the final statement you get from the old broker, you will see dividend come in and immediately go out (to your new account).

You also need to know how much of this year's RMD has already been taken, so you can calculate the remainder.

epictetus
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Re: Time to fire the financial assistant. Help me with the courage.

Post by epictetus » Fri May 10, 2019 5:29 pm

probably hard to some extent b/c this is part of saying goodbye to your mom and what she wanted, how she did things.

the guy was paid by your mom to be nice to your mom.

you don't need/want to pay for that service.
Focus on what you can control

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lkar
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Re: Time to fire the financial assistant. Help me with the courage.

Post by lkar » Fri May 10, 2019 5:48 pm

Thanks all. Yeah, I know I have to do it. No doubt about that. And, yeah, I know that I've paid him probably close to $8k or so for very little. I get it. I just needed the courage.
epictetus wrote:
Fri May 10, 2019 5:29 pm
probably hard to some extent b/c this is part of saying goodbye to your mom and what she wanted, how she did things.

the guy was paid by your mom to be nice to your mom.

you don't need/want to pay for that service.
This is pretty much on the nose.

Mr.BB
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Mr.BB » Fri May 10, 2019 5:53 pm

If you really think he is "that nice", just wait until you remove the funds from him. You'll never hear from him again...a "real friend" !
I understand this is not your comfort zone, but remember he has been basically stealing from your mom and you for years! Think about that!
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

GrowthSeeker
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Re: Time to fire the financial assistant. Help me with the courage.

Post by GrowthSeeker » Fri May 10, 2019 6:03 pm

If you concert it to cash where it is, thee fees will probably be much higher than if you transfer in kind and sell stocks and funds at (eg) Vanguard
Just because you're paranoid doesn't mean they're NOT out to get you.

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Mlm
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Mlm » Fri May 10, 2019 6:16 pm

It took me almost two years to transfer my Inherited IRA to Vanguard. I wasn't getting ripped off but I knew I could do better. My Mothers advisor was a local friend of hers and helped me with the transfer into my name and the first RMD.

When I made the move I talked to Vanguard and they got everything transferred in-kind. From there I moved it into funds that suited my objectives.
I never contacted the old advisor about the transfer, I just let Vanguard handle it. Once it was done I felt pretty good knowing that I was protecting her legacy the best I could.

JediMisty
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Re: Time to fire the financial assistant. Help me with the courage.

Post by JediMisty » Fri May 10, 2019 6:33 pm

lkar wrote:
Fri May 10, 2019 2:03 pm
My mom died a couple of years ago. Her primary asset was an IRA.

She loved her guy. He's not your typical slick talking guy, but he's basically a handsome 40-something guy that is tapped in to the old lady market and appears to have made a good living out of it. There was no convincing her to move on.

I didn't really want to deal with it, because handling the whole thing was difficult and unpleasant and I figured I'd just get through it all and then take stock later. So, we re-titled the account, I gave him my general asset allocation, gave him a direct deposit to send my RMDs, and then stopped paying attention. It's not that much money, but it's certainly not nothing.

Anyway, now I'm focused and I have to fire the guy. He's a nice guy, but it's all such crap. It's churning away on moderate expense ratio funds and rebalancing constantly, probably pursuant to some bot algorithm. His company makes the fees about as non-transparent as possible, and I can't believe the statements they send are actually compliant with whatever regulations apply. It's all a bit slimy. That said, the fee could be much worse -- it was about 1.25 percent last year and the investments over the last two years actually did a bit better than my target fund held in my 401k.

But I'm really really dreading the conversation. He's a nice guy. He was really nice to my mother, and he called a lot and said fancy words pretending to know what the market was going to do and what it wasn't, and I'm sure for a lonely elderly lady it was worth the fee. If the fee had been properly disclosed she probably would have paid it gladly just to have the illusion she had a handsome young man on her side.

I don't need that. :0) What I need it to move the money and take control. But custodian to custodian transfers of inherited IRAs are apparently fraught with peril and so there is going to have to be some interaction and I'm just dreading it all.
My BF had a guy at Wells Fargo. The account was well diversified, but was in high load fees and had been churned. There were fees on top of the high commission funds. He was reluctant to move the funds because he went to high school with his guy. I'll tell you what I told him. If he was your friend, he would have put your investment into low fee funds and would have given you helpful information on your account - like that you should look into opening a Roth account, etc. He got paid for whatever value he was to your mom - even if it was to make her feel taken care of. You owe him nothing. While it's an awkward conversation, I believe you got this. After all, you reached out to folks who you KNEW would tell you to transfer your account, so you're ready to go.

bradinsky
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Re: Time to fire the financial assistant. Help me with the courage.

Post by bradinsky » Fri May 10, 2019 6:38 pm

Initiate the transfer through the receiving institution. Wait about 2 days, and then send him a really nice, complimentary email, thanking him for all he did for your mom. Really lay it on thick, but do not call him, and do not answer his calls. You owe him zero. Your mom paid him plenty over the years!

Brad

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Stinky
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Stinky » Fri May 10, 2019 6:47 pm

bradinsky wrote:
Fri May 10, 2019 6:38 pm
Initiate the transfer through the receiving institution. Wait about 2 days, and then send him a really nice, complimentary email, thanking him for all he did for your mom. Really lay it on thick, but do not call him, and do not answer his calls. You owe him zero. Your mom paid him plenty over the years!

Brad
+1

If you need to make yourself feel justified with this action, multiply the amount in the account times 1.25% (the fee you report). Then multiply that by however many years your mother used the "guy". Then multiply the result by 1.5 or 2.0, reflecting the higher fund fees she paid compared to what you will get after you roll it.

You'll get a shockingly high amount of "overcharges" that your mother paid. That should ease your mind in making the move.
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Re: Time to fire the financial assistant. Help me with the courage.

Post by abuss368 » Fri May 10, 2019 6:53 pm

lkar wrote:
Fri May 10, 2019 2:03 pm
My mom died a couple of years ago. Her primary asset was an IRA.

She loved her guy. He's not your typical slick talking guy, but he's basically a handsome 40-something guy that is tapped in to the old lady market and appears to have made a good living out of it. There was no convincing her to move on.

I didn't really want to deal with it, because handling the whole thing was difficult and unpleasant and I figured I'd just get through it all and then take stock later. So, we re-titled the account, I gave him my general asset allocation, gave him a direct deposit to send my RMDs, and then stopped paying attention. It's not that much money, but it's certainly not nothing.

Anyway, now I'm focused and I have to fire the guy. He's a nice guy, but it's all such crap. It's churning away on moderate expense ratio funds and rebalancing constantly, probably pursuant to some bot algorithm. His company makes the fees about as non-transparent as possible, and I can't believe the statements they send are actually compliant with whatever regulations apply. It's all a bit slimy. That said, the fee could be much worse -- it was about 1.25 percent last year and the investments over the last two years actually did a bit better than my target fund held in my 401k.

But I'm really really dreading the conversation. He's a nice guy. He was really nice to my mother, and he called a lot and said fancy words pretending to know what the market was going to do and what it wasn't, and I'm sure for a lonely elderly lady it was worth the fee. If the fee had been properly disclosed she probably would have paid it gladly just to have the illusion she had a handsome young man on her side.

I don't need that. :0) What I need it to move the money and take control. But custodian to custodian transfers of inherited IRAs are apparently fraught with peril and so there is going to have to be some interaction and I'm just dreading it all.
Welcome to the forum!

You can either take it head on and have the discussion with the advisor or you can indirectly make the move by contacting Vanguard and have them initiate the transfer. The later may help avoid being talked into staying or hostilities. You may still have a conversation but he will be over the initial surprise.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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lkar
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Re: Time to fire the financial assistant. Help me with the courage.

Post by lkar » Fri May 10, 2019 9:42 pm

Excellent. Thanks everyone. This has been really helpful.

random_walker_77
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Re: Time to fire the financial assistant. Help me with the courage.

Post by random_walker_77 » Fri May 10, 2019 10:44 pm

Set it up w/ your new brokerage. Have them get the ball rolling.

Then get ready to call the adviser. Prepare a script, but keep it short. 5 lines max. Before you call, set a timer on your phone (or microwave?) for 3 minutes. If it goes off and you're still on the phone. politely excuse yourself ("sorry, excuse me but I've got to go. Thank you, but *goodbye*")

trustquestioner
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Re: Time to fire the financial assistant. Help me with the courage.

Post by trustquestioner » Fri May 10, 2019 10:59 pm

I have to stop reading these threads, they make my blood boil.

“Nice guy.” Try “crook.”

DoTheMath
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Re: Time to fire the financial assistant. Help me with the courage.

Post by DoTheMath » Sat May 11, 2019 5:49 am

In these sorts of conversations I find it really useful to keep in mind that I do not need and should not try to convince the other person this is the right course of action. In short, I do not need to explain myself. Trying to do so only draws me in to discussions/arguments where I feel like I have to explain why I want to do something and they (of course) keep throwing up counterarguments. It makes it all that much more unpleasant and stressful. And it is totally unnecessary. You can be polite, friendly, but firm and and to the point. Refuse to be drawn into those sorts of discussions.

Which reminds me, I have to call the cable company this month.
“I am losing precious days. I am degenerating into a machine for making money. I am learning nothing in this trivial world of men. I must break away and get out into the mountains...” -- John Muir

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Wiggums
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Wiggums » Sat May 11, 2019 6:03 am

DoTheMath wrote:
Sat May 11, 2019 5:49 am

Which reminds me, I have to call the cable company this month.
:-)

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RickBoglehead
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Re: Time to fire the financial assistant. Help me with the courage.

Post by RickBoglehead » Sat May 11, 2019 6:26 am

lkar wrote:
Fri May 10, 2019 2:39 pm
DanMahowny wrote:
Fri May 10, 2019 2:35 pm
I'll fire the guy. Seriously, I'll do it.

Let me know.
That's really hilarious! I should take you up on it.

Some roads you have to walk yourself. Seriously, I have a problem in this department. It's why I drive a 2001 Toyota. I can't take dealing with car buying. I'll do it. I'm going to do it. I just hate it.
I suggest you consider finding a way to learn how to deal with these situations. Issues with negotiations can be remedied with a class. Issues with confrontation perhaps a counselor.

If you want to buy a car, there are fixed price options, for example Ford's X-Plan. A hair over invoice, $100 max paperwork fee, plus all rebates. Easy to get, if you don't know a Ford employee or retiree, joint the Experimental Aircraft Association, $40 (sometimes there are discounts if you use Google well). https://www.eaa.org/eaa/eaa-membership
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

GrowthSeeker
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Re: Time to fire the financial assistant. Help me with the courage.

Post by GrowthSeeker » Sat May 11, 2019 6:39 am

Here’s a fun project for the OP or anyone considering transferring out of a managed account. The math is especially easy if there have been no deposits or withdrawals for several years. Look at the December statements and calculate the annual percent change in account value for however many years and then compare that to the annual change for the S&P500, and also for Total Bond Market.
How did the managed account performance compare with either a 60/40 portfolio or whatever the same general stock/bond AA is in the managed account?
Just because you're paranoid doesn't mean they're NOT out to get you.

pennywise
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Re: Time to fire the financial assistant. Help me with the courage.

Post by pennywise » Sat May 11, 2019 7:20 am

lkar wrote:
Fri May 10, 2019 2:25 pm

I do think I owe him a phone call though. It's a reasonably small shop -- not one of the biggies -- and she really did feel strongly about him.
In the midst of the support for the actual decision, I think it is important to acknowledge that part of your feelings are probably tied in with your mother and her faith in this trusted advisor. It's important for you to honor her by thanking him for how he worked with her.

As others have said though, it is a business decision. I terminated an advisor relationship after an inheritance too and and it also took awhile. He had worked with a dear friend who had a terminal illness, and his financial management had in my friend's eyes helped allow him to live comfortably until his imminent death. I suppose I had a lingering vague sense that cutting him loose was part of letting go of my friend as well. In the end it wasn't nearly as tough as I'd feared it would be. I ended up sending a brief email after I had the Vanguard account ready and it was done.

Good luck in letting go of this remaining vestige of your mom, and in telling him thanks for his place in her life.

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jabberwockOG
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Re: Time to fire the financial assistant. Help me with the courage.

Post by jabberwockOG » Sat May 11, 2019 7:47 am

No need for stress, negative emotion, or angst for you in this type of business conversation unless you allow and/or facilitate it. The conversation requires being polite, professional, and objective/calm and nothing more than that. You are making a change, plain and simple, and you have your reasons for this decision, and you absolutely have no need and nothing to gain by explaining, describing, or justifying your reasons to the other party. The other party works for you, they are the employee, not the other way around. If they ask some version of why - answer simply by saying "Sorry but I have carefully considered my options, I am not going to discuss my reasoning, and my decision is final. " say nothing more and repeat as necessary.

elainet7
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Re: Time to fire the financial assistant. Help me with the courage.

Post by elainet7 » Wed May 15, 2019 11:43 am

I transferred from RJ to Vanguard with just a phone call. The era of advisors(AUM) is disappearing as Ric Ferri states

ohai
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Re: Time to fire the financial assistant. Help me with the courage.

Post by ohai » Wed May 15, 2019 11:46 am

OP, this is just like breaking up with someone you are dating. You know what is the right decision and just have to execute it. It's better to leave no room for negotiation. Set up your other accounts already and ask for a transfer. Don't give any hope that you will discuss it. Better to make this sort of action now then let it drag on. They will cry and stuff, but they just need to get over it.

Don't know why you had to repeatedly emphasize how handsome the guy is, but I suppose he must be very good looking then...

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lkar
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Re: Time to fire the financial assistant. Help me with the courage.

Post by lkar » Wed May 15, 2019 9:47 pm

ohai wrote:
Wed May 15, 2019 11:46 am
OP, this is just like breaking up with someone you are dating. You know what is the right decision and just have to execute it. It's better to leave no room for negotiation. Set up your other accounts already and ask for a transfer. Don't give any hope that you will discuss it. Better to make this sort of action now then let it drag on. They will cry and stuff, but they just need to get over it.

Don't know why you had to repeatedly emphasize how handsome the guy is, but I suppose he must be very good looking then...
Ha! I’ve actually never met him. That’s what my mom said. I was just explaining my theory on why my mother could never be convinced to do something different.

So I got the process started today. The Fidelity guy was very helpful in working through the transfer forms with me. But then two hours later I get a call from a guy in my local fidelity office trying to get me to come in to meet with him. I think I conveyed the leave me alone message.

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Stinky
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Stinky » Thu May 16, 2019 8:18 am

lkar wrote:
Wed May 15, 2019 9:47 pm
ohai wrote:
Wed May 15, 2019 11:46 am
OP, this is just like breaking up with someone you are dating. You know what is the right decision and just have to execute it. It's better to leave no room for negotiation. Set up your other accounts already and ask for a transfer. Don't give any hope that you will discuss it. Better to make this sort of action now then let it drag on. They will cry and stuff, but they just need to get over it.

Don't know why you had to repeatedly emphasize how handsome the guy is, but I suppose he must be very good looking then...
Ha! I’ve actually never met him. That’s what my mom said. I was just explaining my theory on why my mother could never be convinced to do something different.

So I got the process started today. The Fidelity guy was very helpful in working through the transfer forms with me. But then two hours later I get a call from a guy in my local fidelity office trying to get me to come in to meet with him. I think I conveyed the leave me alone message.
Congratulations on taking charge of your financial life.

Hopefully the local Fidelity office got the message.
It's a GREAT day to be alive - Travis Tritt

random_walker_77
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Re: Time to fire the financial assistant. Help me with the courage.

Post by random_walker_77 » Thu May 16, 2019 9:10 pm

Congrats. And if they call back in the future: "No thank you / I'm not interested. Please add me to your do-not-call list. Goodbye"

Sandi_k
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Re: Time to fire the financial assistant. Help me with the courage.

Post by Sandi_k » Sat May 18, 2019 12:49 pm

OP, when we have had to separate from advisors where there was a longer-term family connection, it always made us feel better to send a nice, hand-written "thank you" note, and enclose a gift card for $25-$50 on behalf of our elderly relative.

Not necessary, but it certainly made us feel that we had separated amicably, with no guilt. In fact, it's similar to what we've done with realtors, post-closing, and allows for a clean break, while acknowledging that our family member appreciated their service over the years.

If you were raised by a southern mama, that's just how you do it. ;)

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