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When to break up with your financial advisor & 'short term' cash options

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  • #16
    Originally posted by Panscan View Post

    Ah I see. I think mine used to be like $100 minimum and then they raised it to 1k, frustrating for sure
    I believe Fido and Lively have a zero or very minimal cash balance HSA option.
    Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #17
      Originally posted by jfoxcpacfp View Post

      I believe Fido and Lively have a zero or very minimal cash balance HSA option.
      Can I choose the company that houses my HSA, or is that chosen by my employer? I also have a 2k cash requirement (in called them and they said it was a requirement) and would love to find a way to have a minimal cash balance.

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      • #18
        Originally posted by Bev View Post
        1. Cut ties with your FA and don't look back.
        2. You still have a few years to "grow" your money without paying fees.
        3. My guess is that you know more than you think you do.
        It doesn't take a PhD to use a three fund portfolio. Hundreds of options available.
        https://www.bogleheads.org/forum/viewtopic.php?t=131471
        Please note that the conclusion is NOT 150 portfolios are better than the 3 fund model.

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        • #19
          Am I reading your post correctly? You have $60k with this financial advisor and it’s split up into 26 different funds?

          I would walk away now and pay whatever taxes are necessary to clean up that mess.

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          • #20
            Originally posted by pierre View Post
            Am I reading your post correctly? You have $60k with this financial advisor and it’s split up into 26 different funds?

            I would walk away now and pay whatever taxes are necessary to clean up that mess.
            $60k in an account that is a mixture of ETFs and bonds, mostly standard vanguard stuff but still more complicated than it needs to be.
            401k is around $450 and has the 26 different entities, mostly ETFs.

            I've got a few emails out to some various people to do a portfolio analysis; I'm not sure how to initiate & execute a termination of service, but I'll be doing it at some point in the next few months. Requires more than just a phone call and "cya later"...my 529s are there (including ones for nieces & nephews), 401k, and I'm not ready to take the reigns right this second, but I'm in the planning stages.

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            • #21
              What does ROT mean? Did some googling and got a lot of answers, not sure which exactly applies

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              • #22
                Originally posted by GlassPusher View Post

                $60k in an account that is a mixture of ETFs and bonds, mostly standard vanguard stuff but still more complicated than it needs to be.
                401k is around $450 and has the 26 different entities, mostly ETFs.

                I've got a few emails out to some various people to do a portfolio analysis; I'm not sure how to initiate & execute a termination of service, but I'll be doing it at some point in the next few months. Requires more than just a phone call and "cya later"...my 529s are there (including ones for nieces & nephews), 401k, and I'm not ready to take the reigns right this second, but I'm in the planning stages.
                You seem to be making this more complicated than necessary. Two phone calls to Vanguard or Fidelity. Simply portfolio for each and you solved the problem. Yesterday, today or tomorrow. TSM or S&P 500 etf’s or MF’s. Not difficult. Fear of change is holding you back.

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                • #23
                  Originally posted by Workingtorelax View Post
                  What does ROT mean? Did some googling and got a lot of answers, not sure which exactly applies
                  Rule of thumb.

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                  • #24
                    Originally posted by ObgynMD View Post

                    Can I choose the company that houses my HSA, or is that chosen by my employer? I also have a 2k cash requirement (in called them and they said it was a requirement) and would love to find a way to have a minimal cash balance.
                    Both. Your employer has the option to let employees choose or can choose the custodian (far more common). However, the HSA is under your control and you can r/o to any custodian you choose. You can do a rollover once/yr or custodian to custodian as often as you’d like.
                    Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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