My mom confided in me that they are essentially a hostage of their financial advisors who have been managing their money for 40 years.
My parents want to retire but they have essentially been scammed out of a lot of money due to high fees from the money managers which have knee capped growth over the years which could have compounded. They also apparently have been significantly underperforming the S&P500 year after year.
So as a result they have only a modest savings now. But as they are in their 70’s now, they no longer want to pay thousands of dollars a month in fees and want to achieve actual retirement by gaining control back.
My mom said their money managers play mind games with them and instill fear of retribution if they would ever move the money out.
So I want to ask this community’s advice on my plan: - help my parents open a fidelity account (IRA) and apply pressure to the money managers to roll over my parent’s old IRAs into it. The old IRAs are in a different institution. My goal is to sever the FA’s control by rolling over into an account they have no power over, one in which only my parents control fully. - keep the money in tbills / spaxx until we can decide allocation
The result would be effectively zero fees and decent amount of interest with no chance of losses while we figure things out.
What do you think?
Submitted November 23, 2023 at 05:28AM by m98789 https://ift.tt/lA2tMoy
