A close friend has been using an advisor for several years and is interested in simplifying and taking control of her investments. Understands the "tyranny of fees" part of the equation and subsequent drag on returns. She has asked me to review the non-tax deferred monies which I have. As you can imagine, it's a big bunch of confusing gobbly gook buying and selling with way too many holdings. She has recently opened a personal Fidelity account and is interesting in a simplified 2 or 3 fund portfolio. I am asking advice on how best to approach this? I assume Fidelity will hold her hand to transfer all the funds over which will require liquidation of everything (no Fidelity or similar funds are in her current investments)? Do you meet with the advisor first or contact Fidelity first? This could be a little uncomfortable because the investment advisor is an old friend of this person, so any advice welcome. Should I go with her to make sure everything is communicated to the advisor? Any pitfalls to look out for? Thanks in advance.
Statistics: Posted by redwine — Sat Mar 30, 2024 9:36 am — Replies 13 — Views 635