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August 12, 2023 at 7:00 pm #86686USER
Searching for advice on my ROTH IRA. I made the mistake of opening my Roth IRA through an advisor at a credit union. Advisor fees and the fees associated with mutual funds have me thinking I should do my own ROTH IRA. Questions- doing forward, how do I do this? I open an IRA through vagnguard and then how to pick the mixes? Any suggestion on how to diversify within my Roth IRA?
And secondly and more importantly, should I move my funds out of the advisor and mutual funds they choose? How is this done? Outside of the awkwardness of ending him doing my ROTH portfolio, logistically how is this done? They also manage our 529 target date funds, but I think I feel okay leaving those with the advisor for now. Seems wasteful to leave my ROTH IRA with him though.
Thoughts?August 12, 2023 at 7:01 pm #86687Susan
Vanguard can help you move it. It might be able to be moved in kind if the fund isn’t proprietary. Look into the fund more to see if it makes sense to hold it, then decide.
How old are you? Roth is generally where you’d hold your growth assets so you could be an all stock ETF or a S&P ETF but not if it’s your only account.August 12, 2023 at 7:02 pm #86688Jameson
Call Vanguard and tell them your goal, they will ask you to give them each ticker symbol from your current brokerage.
They will either transfer in kind or you will have to liquidate them at your current broker for them to roll over, easy peasy.August 12, 2023 at 7:02 pm #86689Don
Vanguard can help you dump the chump, then S&P500 fund is your friend. AND read the book Simple Path to Wealth.
Just like 99.33828% of the time someone asks this question and we answer.August 12, 2023 at 7:02 pm #86690Cate
You can move it easily to fidelity. Advisors there are fiduciary and they will be super helpful with the process.
Once moved, if you want to reduce fees and headaches, just go with a low fee index fund and sleep easy.August 12, 2023 at 7:03 pm #86691Max
once you transfer your Roth IRA to Vanguard, you can put all of it in their total market index fund and you will be fine until retirement.August 12, 2023 at 7:03 pm #86692Joe
We moved ours from an advisor to Fidelity and invested into their zero funds so there are little no fees at all.
For us it was a simple call to the old firm and Fidelity and completing a form and it was done in a few days.
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