Advisor Question

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Audman
Posts: 10
Joined: Wed Aug 04, 2021 4:07 pm

Advisor Question

Post by Audman »

I’m considering moving my portfolio from Morgan Stanley to a fee only advisor. My wife and are 70 and retired. We are interested in a low cost balanced portfolio but have short and long term gains in current taxable accts (4). In one Traditional IRA account we are with a separate manager holding individual Remic, Fannie bonds 50% and corporate and HY bonds.All in Morgan Stanley is charging too much for AUM.

Can someone help us understand how to best find someone to sort this out into a simpler AA? Any recommended advisors?
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JoeRetire
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Re: Advisor Question

Post by JoeRetire »

Just remember: it's not a lie if you believe it.
livesoft
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Joined: Thu Mar 01, 2007 8:00 pm

Re: Advisor Question

Post by livesoft »

Can you just tell Morgan Stanley right now that you do not want any advisor and stop paying Morgan Stanley while leaving your portfolio assets as-is at Morgan Stanley while researching what you will do eventually?
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123
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Joined: Fri Oct 12, 2012 3:55 pm

Re: Advisor Question

Post by 123 »

A previous thread with more detail about OP's holdings: viewtopic.php?f=1&t=355137&p=6156830#p6156830

While we have no information about the OP's expenses or lifestyle I would not be surprised to find out that the fees paid to financial advisers (including higher expense ratios and markups on investments held) collectively constitute the OP's largest annual expense.
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dbr
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Joined: Sun Mar 04, 2007 9:50 am

Re: Advisor Question

Post by dbr »

I do not know some of the available "service for fee" advisors well enough to risk standing behind a recommendation. It goes without saying that you want to avoid people who want you to pay an AUM year in and year out and people who want to sell you things you don't want. I think something like Vanguard PAS is honest and won't have you do things that are a bad idea but I am not so sure they can cover all the issues you have.

Probably an obvious option is to ask right here on this forum. But then you become responsible for sorting through the advice and deciding what to do. Forum advice can be excellent but can also be a little loosey-goosey and down the rabbit hole on some occasions. At least no one here is motivated by self interest and the cost is your time and energy.
livesoft
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Joined: Thu Mar 01, 2007 8:00 pm

Re: Advisor Question

Post by livesoft »

dbr wrote: Tue Sep 14, 2021 5:00 pm [...]
It goes without saying that you want to avoid people who want you to pay an AUM year in and year out and people who want to sell you things you don't want. I think something like Vanguard PAS is honest and won't have you do things that are a bad idea but I am not so sure they can cover all the issues you have.
[...]
But Vanguard PAS is an AUM advisor that you pay AUM year in and year out. I'm confused. ;)
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dbr
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Joined: Sun Mar 04, 2007 9:50 am

Re: Advisor Question

Post by dbr »

livesoft wrote: Tue Sep 14, 2021 5:05 pm
dbr wrote: Tue Sep 14, 2021 5:00 pm [...]
It goes without saying that you want to avoid people who want you to pay an AUM year in and year out and people who want to sell you things you don't want. I think something like Vanguard PAS is honest and won't have you do things that are a bad idea but I am not so sure they can cover all the issues you have.
[...]
But Vanguard PAS is an AUM advisor that you pay AUM year in and year out. I'm confused. ;)
Indeed, but the difference is between 0.3% and typically 1% and high cost investments. Not all ideas follow perfect rules of consistency. It is also reasonable to sign up for VPAS for planning and getting everything in place and then dropping VPAS after a couple of years. Vanguard should not complain if the result is getting the money at Vanguard and invested in their funds.
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