I am reaching out to seek guidance as a newcomer in the realm of investments. Over the past few years, I've had some apprehensions about investing due to previous experiences with financial advisors and losses incurred. As a result, I currently have around $450k sitting in Ally Penalty-Free CDs, which are incurring substantial taxes on interests. However, I have no immediate plans to utilize this money for the next decade and seek growth opportunities with tax efficiency.
I've gained courage through this forum to start investing on my own. Presently, I hold a taxable brokerage account with Merrill Lynch and plan to invest in VTI and VXUS. However, I have concerns regarding the flexibility of this approach, especially if I wish to explore other financial institutions like Fidelity or Schwab in the future.
My primary query revolves around the tax efficiency. Are VTI and VXUS good in taxable brokerage account (Non_IRA) or suggest me some good funds please.
If I decide to transition my investments from Merrill Lynch to another firm, would I be required to sell my existing holdings and repurchase equivalent funds at the new institution? Furthermore, I am curious about the potential tax implications associated with such transfers, including tax-loss harvesting and wash sales, which I am not very familiar with.
In light of these considerations, I would greatly appreciate your insights and recommendations like how to invest lumpsum or part by part.
Specifically, could you suggest Fidelity funds that align with VTI, VXUS which I could buy at Merrill, considering the possibility of transferring my brokerage account to Fidelity in the future?
Similarly, I would welcome your suggestions for Schwab funds that mirror VTI, VXUS should I opt to move my account to Schwab at a later date.
Your expertise and guidance would be invaluable as I navigate these investment decisions. Thank you in advance for your time and assistance.
I've gained courage through this forum to start investing on my own. Presently, I hold a taxable brokerage account with Merrill Lynch and plan to invest in VTI and VXUS. However, I have concerns regarding the flexibility of this approach, especially if I wish to explore other financial institutions like Fidelity or Schwab in the future.
My primary query revolves around the tax efficiency. Are VTI and VXUS good in taxable brokerage account (Non_IRA) or suggest me some good funds please.
If I decide to transition my investments from Merrill Lynch to another firm, would I be required to sell my existing holdings and repurchase equivalent funds at the new institution? Furthermore, I am curious about the potential tax implications associated with such transfers, including tax-loss harvesting and wash sales, which I am not very familiar with.
In light of these considerations, I would greatly appreciate your insights and recommendations like how to invest lumpsum or part by part.
Specifically, could you suggest Fidelity funds that align with VTI, VXUS which I could buy at Merrill, considering the possibility of transferring my brokerage account to Fidelity in the future?
Similarly, I would welcome your suggestions for Schwab funds that mirror VTI, VXUS should I opt to move my account to Schwab at a later date.
Your expertise and guidance would be invaluable as I navigate these investment decisions. Thank you in advance for your time and assistance.
Statistics: Posted by MrVas — Thu May 09, 2024 8:02 pm — Replies 2 — Views 101
