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Replies: 23
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Heisman Winner [105622]
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Though a variety of reasons, Greenr has stock/retirement
Aug 9, 2022, 11:48 AM
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plans with 4 different companies:
Ameriprise, Edward Jones, T. Rowe Price, and Equitable.
Tell me, oh great Jounge, is it worth rolling all these into one account manager? If they are paid off a percentage of the portfolio, 4 different managers getting 1.25% costs me the same as one guy getting 1.25% of everything if I compiled them into one.
Other than a real pain to track, if I wanted to, and a pain for my wife to track down, if I died, is there any real benefit to putting them all into one place?
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Oculus Spirit [81078]
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I'd roll them into one just for easy management
Aug 9, 2022, 11:57 AM
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And is easier to see how much you lose when the stock market takes a dump.
Also might be a good time to roll them all into Roth IRA's and pay a bunch of taxes
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All-In [36450]
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^^^Look at me, I have multiple retirement accounts.***
Aug 9, 2022, 11:58 AM
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Heisman Winner [105622]
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Yep, and in a couple years, I might have enough to buy a
Aug 9, 2022, 12:45 PM
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used pickemup truck.
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All-In [36450]
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That’s nothing to scoff at. Used pickups are expensive AF***
Aug 9, 2022, 12:57 PM
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Oculus Spirit [75725]
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At the beginning of this year I finally rolled my bank
Aug 9, 2022, 12:00 PM
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stuff into something else. Mostly because that plan went away with the bank was acquired. I timed this as poorly as possible, but made a clerical errors of pennies that caused ~ 6 weeks of losses to be erased. Who knows, that goof may have saved me thousands in the end.
Anyway, I say get that stuff consolidated, especially if you plan to move and have any risk of forgetting to update information. If I had not been aware of what was goin on at the bank, I'd have likely forgotten to do anything with that money and it would be sitting in some account that really wasn't doing anything for me.
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Oculus Spirit [85339]
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Down 14.8 percent for the year, sweet***
Aug 9, 2022, 12:01 PM
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Oculus Spirit [85339]
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And it only cost me $500 in fees***
Aug 9, 2022, 12:04 PM
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All-In [32656]
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Yes - I second this absurdity.***
Aug 9, 2022, 12:49 PM
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Heisman Winner [135980]
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I would but
Aug 9, 2022, 12:05 PM
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Check and see if it will pay to wait until a rebound
I have an account that I got as a beneficiary that I need to consolidate with my stuff but it is worth less now than when I got it so I’m hoping/waiting for it to at least get back to even.
May not matter, who knows?
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Recruit [85]
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Re: Though a variety of reasons, Greenr has stock/retirement
Aug 9, 2022, 12:06 PM
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On retirement (I assume 401k), rolling into one is easier to track as you say but some may have lower fees, which would have a huge impact over time. You'd roll all but your current 401k into an IRA, and the other big benefit is then having more investment choices than your typical 401k. You can manage or self-direct the IRA.
Stock (I assume taxable brokerage) is all about preference on platform and easier to track.
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Legend [17294]
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Retired _ kept two. Also two credit cards. One bank.
Aug 9, 2022, 12:28 PM
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Consolidated IRAs, 401s & stocks
Partially simplified tracking
Still options ….
FWIW _ not a financial wizard!?!
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CU Guru [1059]
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Re: Though a variety of reasons, Greenr has stock/retirement
Aug 9, 2022, 12:43 PM
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I have been in the industry for many decades. Two initial thoughts:
1. 1.25% is high. You SHOULD be able to get management 1% of less depending on $$ of assets. Remember, if you are invested in mutual funds you also pay that expense ratio so if that is the case you are probably paying 1.75% or higher all in. Find a financial guy who will charge you based on asset level .75%-1.0% and invest your money in a diversified portfolio of low cost exchange traded funds.
2. I would consolidate down to 1 account or at most 2 accounts. You may have your accounts at 4 different firms but if they are all buying/owning the same "stuff" then you may not be diversified as you think you are.
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Heisman Winner [105622]
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Oh, this was not to be "diversified", some is old retirement
Aug 9, 2022, 12:49 PM
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account I rolled into an IRA, some is my current 401k, some is a stock portfolio I got from my grandfather, and some is an inherited IRA (which I have 10 years to liquidate).
Thanks for the feedback on the fees. I one I am least confident in is the one that quoted me 1.25% annually. I just got that one when Mom died so I am thinking of telling him to f*ck off and I will move it to my current IRA holder, but they have to be separate since it is inherited.
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All-In [32656]
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I did this 2 years'ish ago . . . went with Merrill - ties to
Aug 9, 2022, 12:49 PM
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Bank of America - who I abhor with a white-hot passion, but it is where all the business stuff is, etc.
Found a guy I liked OK - most financial planners don't appeal to me (if they were any good at it, why are they still working / pursuing new clients at 50 years old ?) - and talked about rolling stuff to him - slowly - I told him my low-key disdain for financial folks . . .
And as we talked, I worked his percentage down to now where I'm at about .7% yearly.
1. MUCH easier to see everything at one look.
2. Gets me a few scooby snacks at BOA - reduced fees, waived fees, condideration & contacts for anything I have that is work or personal related.
3. Get invited to a couple of cool things a year - drove the ludicrous speed Tesla a while back - and then drank stiff margaritas for a little bit. Wine pairings & dinner . . . ehhhhh . . . .
4. Much more organized & easy to see and manageable. Repeat of #1, I know - but it is a big plus.
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All-In [46825]
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Roll it over into gold ira's
Aug 9, 2022, 12:51 PM
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bengaline®
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Hall of Famer [21940]
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What are the account types?
Aug 9, 2022, 12:55 PM
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401k, IRA, Roth IRA, taxable brokerage, etc.
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Heisman Winner [105622]
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no Roth IRA
Aug 9, 2022, 1:21 PM
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401k
IRA
Brokerage
Inherited IRA
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All-In [49176]
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any reputable guy will let you "household" all those
Aug 9, 2022, 1:32 PM
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different registrations for one super-low fee. And help you revisit the appropriate asset allocation model for you, which may be the same for all of those. And if he's charging a fee, all trades should be no-commission. And has been said, pick mostly or all low-cost index funds and ETF's. You have 10 yrs however you do it to get the inherited IRA out. Might as well do more in an up year, so with your larger redemption, you'll have money to pay the taxes with.
Message was edited by: NoIntroduction®
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Hall of Famer [21940]
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valuable information
Aug 9, 2022, 3:01 PM
[ in reply to no Roth IRA ] |
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not advice, but this is how I do it.
401(k) - provider 1 (maybe principal); have consolidated from past employers
IRA - professional on the Street
Brokerage - Tradestation (I manage it)
my $0.02 worth of advice:
I'd for sure consolidate the IRA accounts if they're under someone else's management. If you're managing, then it's up to you...but I'd probably consolidate to keep it simple.
You can also use your 401k as a landing spot for pre-tax dollhairs (or you can get tax break for IRA contributions post tax if you qualify) to keep 401k and IRA funds balanced, which I recommend b/c of different asset class capabilities.
Brokerage accts depend on what you're doing. I picked Tradestation b/c that's what I learned to trade on, and I know their coding language and have old algos I wrote back in the day.
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Heisman Winner [119741]
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I just rolled all of my vast holdings into my main
Aug 9, 2022, 12:58 PM
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Account., but there’s no need for you to do so if returns are good in each. If fact I used to hold better returns in one of my “outside” accounts over the head of the guy handling the larger portion just to humble him!
Greenr
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All-In [42907]
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Just make sure you are diversified with your holdings.
Aug 9, 2022, 1:03 PM
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Most experts recomnend something like:
33% crypto
33% Mall stocks
33% beanie babies
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Heisman Winner [105622]
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BRB, hitting eBay for more Beanie Babies***
Aug 9, 2022, 1:22 PM
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All-In [40656]
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I will be rolling three into one once I move.***
Aug 9, 2022, 2:37 PM
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