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transferring Roth IRA account with financial advisor out to my own managed Roth

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  • transferring Roth IRA account with financial advisor out to my own managed Roth

    New to managing finances here (fellow physician), and after doing some research on WCI and other places I figure that having a financial advisor isn't helping me the most. I have a Roth IRA account at AssetMark that an advisor set up for me, and I'm being charged 1% annually from him along with expense ratio of 0.05% from AssetMark itself. I opened a Roth IRA account with Fidelity and would like to move it there, which appears I can do it through Fidelity via a direct trustee to trustee transfer.
    My question is this - do I need to communicate with this financial advisor doing this? I just want to make sure I won't get into any trouble doing this; I signed an investment proposal but the proposal stated that it wasn't a contract.
    Thanks in advance.

  • #2
    you probably don’t need to communicate. I suppose there could be some fee they may charge you. Usually simplest to initiate the rollover at the place you want it to go (Fidelity) and let them handle it

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    • #3
      You wouldn't need to communicate with your current advisor, the transfer request is sent on your behalf. If you cannot move shares of what you have and did not specify to liquidate and transfer you could have the possibility of needing to call in order to sell. Otherwise, no additional communication is necessary.
      Founder, Coastal Wealth Planners- Fiduciary Tax-Sensitive Retirement Planning & Wealth Management www.coastal-wp.com email: [email protected]

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      • #4
        Originally posted by kev777zero View Post
        I just want to make sure I won't get into any trouble doing this
        what trouble? with your money? that you earned?

        this person is not your friend/buddy/pal....

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