/ Ask Terry Questions / Total Investment withdrawal

Total Investment withdrawal

By Terry Savage on June 18, 2022 | Investments

I am totally afraid to look at my Edward Jones.
My husband passed on12/31/21 and I have
Invested about $300,000 with my financial advisor. I am just the step above the last one, where you’re so conservative that you can’t really profit.
Even so , even though I just opened this account in late Feb, I told my financial advisor that if it comes to the place where if I took it all out I would have at least $200,000 after taxes , paying Edward Jones, etc.
Do you think I am correct in doing this?
I am receiving my and my husband’s retirement checks, and soon will be collecting his SS monthly as well .
I can live on that money alone but I really don’t want to lose any of my money.
I put it in there to grow, just like everyone else, not be taken away because of incompetence on part of the govt.
I watch you on WGN Chicago every time you’re on. I love your advice.


Terry Says

Frankly, I think you have NO idea what you’re doing. And since you’re working with a broker — who makes money by selling stuff to you — and NOT a FIDUCIARY financial advisor, I think your chances are less than 50/50 that you’re getting appropriate advice. Add to that the fact that you’re a recent widow and you have likely fallen prey to a situation that will cost you a LOT of money!

If you didn’t want to lose ANY money, most of it should have been left in the bank. Yes, you’d lose to inflation, but that should be a temporary situation. Now you are for sure losing in the stock market, which has fallen more than 20% on average since late February when you invested it — and the broker took his/her commissions! Giving a broker “permission” to lose at least 30% of your money is definitely not wise!

If you really watch me regularly you haven’t paid attention to my warnings or suggestions! Now I suggest that you immediately — first thing in the morning — ask for the CURRENT VALUE of your account. Do you have any idea of what you own — stocks, bonds, mutual funds?? You’re on email, so ask for the broker to email you a snapshot of your current holdings.
I can’t give advice blindly but I hope the broker kept at least 20% in a money market fund since this is all the money you have. If it is ALL in stocks/mutual funds/bonds then you know you’re dealing with someone who only cares about making money OFF you, not FOR you!!

Go to www.Wealthramp.com immediately and get matched with one of their FIDUCIARY fee-only financial advisors you can trust. Forward that list of your account holdings and get some advice you can trust!

Recent Investments Questions



a personal
finance question