I posted a few weeks ago about leaving Fidelity Wealth Management Services. My father has a rollover IRA and a taxable account each in the low seven figures. Since they are charging him a combined advisory fee + expense ratio of 0.85% on the IRA and 1.11% on the taxable, it's costing him several thousand a month. At the same time, we have contacted several independent financial planners who are willing to work with us on a project-basis. Until we figure out the asset allocation, asset location, and specific investments after working with a planner, and that may take a few months, I was thinking it might be a good idea to terminate the Fidelity relationship immediately to save on the fees. Since the IRA only has proprietary Fidelity funds that are only available to Wealth Management clients, our Fidelity advisor told us those positions would be immediately liquidated and put into a Fidelity money market fund. There are only a couple of proprietary Fidelity funds in the taxable account, with trivial gains, so nothing else would be liquidated in the taxable. I read the windfall section on the wiki, and am thinking it might be a good idea to put everything in the IRA in 2 month Tbills until we have our financial plan created. Do you think this is a good plan, or would it be better to spread it around a little by buying some 2 month CDs and/or leaving something in one of the Fidelity money market funds? Thank you for your help so far, and I plan on updating my earlier post as things progress.
Statistics: Posted by PassivePanda — Mon Sep 16, 2024 5:15 pm — Replies 0 — Views 7