Ask Terry Questions Current Financial Advisor – Terminating Relationship

Current Financial Advisor – Terminating Relationship

By Terry Savage on November 29, 2023 | Financial Planning / Retirement

Hi, Terry. About 6 years ago, I consolidated my rolled over 401k and some IRAs became a client of a financial advisor firm. They are small boutique company and very professional. While I have received some personalized service and periodic advice, they are charging me 1.25% on my investments (including small amount of cash). They won’t negotiate the rate. I’m 58 year old widow and want to move this money somewhere else. It’s less than $500K. I have not added any money to the account and the returns have been mediocre. I’m thinking I may roll the money over into an investment at Fidelity or Nationwide since I don’t need the money and currently work. I know this is silly question because it’s my money, but I’m uncomfortable addressing the topic. I’m nervous about severing the relationship. Any advice?

Terry Says

It is not silly, and it’s your money, and that’s a lot to pay in fees. So yes go do it.
BUT, let’s make sure you’re not rolling out of the frying pan and into the fire!

May I suggest you have at least one meeting with a FEE-ONLY, FIDUCIARY financial advisor, carefully vetted by Pam Krueger who created Wealthramp.
Read this:

Have that meeting then write back to me before you do anything!

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