TLDR: My wife (physician but low end of pay grade) and I (SAHD) have been using a full service CFP since 2014. I just fired him and I'd like to take his very diverse and confusing portfolio (all in a Fidelity account) and consolidate those 20-30 different investments down to just 3-5 low cost mutual funds that I can just keep feeding without paying through the nose for a CFP to manage my shit. What funds should I be looking for? How do I go about doing this? Do I need to pay another CFP a one time charge to help me do this? I need to take control of this crap.
Long Story: A physician only CFP spoke at my wife's hospital the same year she finally became an attending, and we were both pretty clueless about money, so we jumped right on board(2014). He's actually been really great for us and we have gone from credit card debt and no savings to zero credit card debt, $20k in savings, $38k in "emergency fund" investments (the Fidelity Account) $240k in wife's 403b, $50k in my 401k & 2 $6k Roths($12k)
We've been paying him $2k up front plus 1.5% of each account. That's about $8k/year for financial advice. He got us an 18% return over 6 years but that's also during the longest bull market the US has ever seen so... grain of salt right? I can't stomach it anymore so we parted ways, very amicably, though he was not happy to see us go.
My question is this. What do I do with this fairly complicated Fidelity account, aka the "Emergency Fund investments"? He created this account because we wanted to have about $60k in our rainy day fund. He told us to keep $20k in our savings but wanted to invest the other portion of our safety net so that it could grow. It stands at $38k. He always said, "if you need anything at all, I can sell some of these investments and get you a check in 3days or less".
I understand the wife's 403b I can set that and forget it. Same with my 401k, but I feel like I don't know anything about this Fidelity account. I can log in and see all the investments but I don't know how to sell or buy. I don't know what to sell or not sell. I'd like to bring these 20-30 investments down to 3-5 mutual funds that are low maintenance cost and just feed them for a few years/decades. I also don't know shit about these Roth conversations? What the hell should I do with those?
We're do I start? Did I make a huge mistake?
Submitted February 14, 2020 at 12:01AM by John_Wilkes_Huth https://ift.tt/39u05nC
