Before I got serious about financial planning I moved my IRA to Edward Jones which immediately took 4.5% front load and then another 1.5% or so per year for management fees. In June this year due to the fiduciary rule the account was "grandfathered" and I can no longer add money to it. This triggered me to look into what the hell was going on as this seemed pretty odd. I stopped being passive and relying on them to "take care of me" and started doing my own research.
After taking a more active approach to my financial planning I learned moving it there in the first place wasn't a good idea. Well, time to move it elsewhere. Maybe.
Edward Jones suggests I move to one of their new plans, both of which have 1.5 management fees and do give (what seems like to me) some nice benefits. I actually really like the guy I work with at EdJo, and many of the horror stories I see about the company I haven't experienced, however, if 1.5% is overpaying then I want to look elsewhere.
Recommendations? I see high opinions of Fidelity, but I cannot find out their management fees. Well, their website makes it seem like they have no management fees... but can that be so? Is there truly a free lunch?
I plan to set up an appointment at their local office to get detail on what they offer, but wanted to bounce this off the experts on this sub first.
Information that may be relevant: 1) ~100K currently in the Edward Jones account. It returned 11 percent over the last 12 months.... which isn't that impressive to me
2) We make too much for a Roth IRA though I have been exploring back-door-Roth for added investments
3) We can save an additional 20K per year I need to put somewhere... from what I understand I can only add 11K to the Edward Jones IRA, leaving me with around 10K more per year I need to find a good tax advantaged account. Thinking 529 plans for my kids. Open to other ideas.
4) Already have 12 month liquid savings set up, if anyone wants to suggest a good (fairly liquid) place to put some or all of that money, that would be nice. Currently in a 1.2% savings account at local bank.
5) No debts outside of mortgage (3.5%) and school loans (2.6%)
Submitted October 12, 2017 at 05:50PM by shadestreet http://ift.tt/2yj8YkB
