Reinvesting money after leaving financial advisor?

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  • #93910 Reply

      After reading about how so many people on here manage their own finances, I think we are finally ready to part ways with our FA. For those who have gone through this process, what should we expect in terms of then reinvesting our money?

      We have 2 Roth IRAs and a brokerage account totaling $203,555. For context, we are 55 and 54 years old and are debt-free minus our mortgage. We will also both receive pensions at retirement. Will we receive checks from our FA and then reinvest from there? Thank you.

      #93911 Reply

        Better NOT to receive checks. Pick your destination broker (personally I prefer Vanguard, but Schwab or Fidelity are fine), contact them and have them move the money to your new account at the new brokerage house.

        #93912 Reply

          I did this last year, I opened a Vanguard brokerage and they transferred my brokerage there. I had to do some selling and rebuying to hit the mix I wanted.

          Same with my Roth IRA, pretty sure they transferred to my Vanguard. I don’t think I got checks in the mail.

          #93913 Reply

            What firm do they use? If it’s something like Schwab, you can just de-link the account and even keep the same investments if they’re good.

            Check your cost basis for the brokerage because if you sell that you’ll have capital gains to pay taxes on.

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