Hi all, when I (30) was young, my parents set up a trust account for me and it has grown to around $300k. It is current managed by a large bank and the fee schedule is confusing but the fees are around 1.2%, or $300 per month. At my age I now have full control of the trust.
Right now it is about 60% stocks. 30% bonds. 5% RE. 5% cash.
I am looking to avoid paying the management fees, which I understand will have a large effect over time. I do not plan to sell the stocks ever. I may sell the bonds and use for a down payment on a house.
I have used Etrade for a long time for banking and have a brokerage account there but I’m not sure if it’s the right place to transfer this money. Does anyone have a recommendation on where to transfer the money so that I can manage it myself without fees?
Submitted October 02, 2023 at 11:40PM by growquant https://ift.tt/5qaGAme
