Consolidation

I have a shit load of stuff, partly mine, partly from my mom's estate. 4IRAs 4Mutual Funds, 13 Stocks, 1 Rollover 401k, 2 SEPs + My SEP.

I handled the IRAs and MF directly without a broker.

I know a guy with Hilliard Lyons that suggests that I put it all in one place, an account with him, to simplify everything. I wold love this so instead of getting a shit load of statements I can just get one summary.

However, of course there will be a fee. Not sure how much since I have not gotten that far.

Is it worth a summary or should I just keep my individual statements coming and deal with the inconvience.

 

Seems like Vanguard would do it low fee.

I wouldn't move anything unless you're not satisfied with the performance. Plus - the only statements you really need are the year-end summaries. Just a little extra work at tax time.

That said - I'm really not familiar with the rules about these things.

 

All my Vanguard stuff is direct, no broker needed. When the stocks come through I will see which I might need a broker for. Might want to dump some of the dogs.

 

How involved do YOU want to be? Fee based account may be the way to go here. No transaction fees. They just take around 1% per year of the total value. The higher the portfolio...the more they make.

Of course you could use a Vanguard and pay less...but you will need to watch the individual investments.

 

No way would I put it all with one person...but I would roll them into a self directed IRA...you don't need a broker for that.

 

It is doubtful that you can put it in just one account. Taxable and non taxable money can't be comingled and your mom's estate account (if it was a IRA or similar) will probably have to stay separate too.

It is hard to answer this question. It depends on what this guy at Hilliard is trying to sell you...and what he is looking to charge. It won't hurt to listen to his pitch and see if you are comfortable with how he is going to allocate it. Make sure you are clear about your investment objectives and your risk tolerance. If it is considerable money ($500k and up in my opinion) it might make sense to hire a professional advisor to keep a close eye on your account(s). If not, you can probably do well keeping it in index funds, ETF's, mutual funds, and (if you want) some individual stocks.

 

True. I had to roll an old 401K into a traditional IRA instead of the preferred Roth due to tax reasons. You COULD put tax and non taxable money in the same accounts if you chose to go ahead and take the tax hit up front.

As far as consolidation, I have both my IRAs with American Funds and a 401K through work. That's all except for some bank accounts.

 

Of course, keep the after tax accounts separate..that's a given. If the stocks are in after tax accounts, and you've taken big losses on some of those stocks, you may want to dump them, take the tax write off, then convert the funds to a Roth. You're probably nearing retirement..and should consult with a professional before making any decisions. Don't take advice from anyone on this board..

I was just saying..I wouldn't put all my assets with one individual broker..make him keep showing you his best efforts, and keep control- majority ..you're probably a shrewd business person who can make good investment choices.

And if you've inherited assets..you've been blessed..