Differences in Investment advice and fees
I am trying to change financial advisors for my accounts at TD Ameritrade, but they are telling me I have to sell off all my ETFs and leave the TD Ameritrade Institutional firm and go to TD Ameritrade Retail and re-invest everything and start anew.
My understanding is that the Retail side had less account management and oversight. I don’t want less account oversight.
Is my assessment correct? How can I stay on the Institutional side?
Thanks
Terry Says
That doesn’t seem right. I’m thinking your financial advisor is trying to make a few more commissions off you before you switch away from him/her! So I guess you have been talking only to that advisor (who you want to dump) and NOT to TD Ameritrade itself.
Talk to them, explain your position. If you have any trouble getting them to switch your account to a completely different advisor, please send me an email to Terry@TerrySavage.com, with more specifics and your phone number so we can make a call together. I’m sure this can get sorted out.
Just another thought before I post this. You may be in an institutional account — BUT you should know how much you are paying this “advisor” in fees. Shouldn’t be more than 1% of assets, for sure. If you are paying more, or if you don’t like this advisor, but still want some help — maybe you should take this opportunity to switch to a FEE-ONLY, FIDUCIARY financial advisor who is on your side, for sure. You can get matched to a carefully vetted fiduciary advisor at Wealthramp.com. Time to see that you can get more “oversight” and financial planning help for your money — including advice on taxes, estate planning, retirement goals and withdrawal strategies. Maybe this hassle is an opportunity to do much better!
