AUTHOR: Harold Tynes on 1/10/2025 FIRST: Olin on 1/10 | RECENT: Michael1 on 1/13
Comments:
I have not read that specific article, but it tells a similar story. I also received an email from Fidelity today with a general explanation of the changes. Thanks.
Florida has a similar issue with the state run insurance pool. They are the insurer of last resort in their state. Many carriers have moved out or stopped quoting. They are a couple of hurricanes away from a liquidity crisis. Reinsurance will come into play in California and we will all pay a share of that in our homeowners policies. Is it a fair share? I live in Michigan and while we don't have significant fires (today) or hurricanes, premiums climb.
I made my first investment with Merrill Lynch around 1980. I had scraped together the $2500 minimum and wanted to invest in their money market. Two weeks later my car needed an expensive repair and I called the broker to get my money back. It took him over a week to return my call. I was not happy with the speed of the transaction or the broker’s enthusiasm for holding my life savings. A few years later, I opened an account with Fidelity. I’ve been with them ever since.
Jerry, I arrived at a similar arrangement with my investment advisor. His AUM was only a small portion of my total assets...about $8K/year. I am 67 and we have been in this arrangement for 10 years. My wife and kids know him. He understands what we are up to and what the issues are our in our financial life. He is prepared to step in when needed and I speak with him several times a year to validate major financial decisions. This is insurance for the eventuality of me handing off the work to the investment advisor. The fee will probably go up as they take on more, but that is OK.
My advice would be to get out of your 401K and rollover to an IRA with Fidelity, Vanguard, or Schwab. You get a solid platform and complete control. You should not accept such poor service. Remember companies change, plans change and record keepers change. Consolidation of assets at one good provider will make it easier for you and your heirs. This is a path I have taken for the last 25 years through multiple job changes. I stuck with Fidelity and they have delivered.
Comments:
I have not read that specific article, but it tells a similar story. I also received an email from Fidelity today with a general explanation of the changes. Thanks.
Post: Fidelity Brokerage Cash Interest Rate Changes
Link to comment from January 10, 2025
Florida has a similar issue with the state run insurance pool. They are the insurer of last resort in their state. Many carriers have moved out or stopped quoting. They are a couple of hurricanes away from a liquidity crisis. Reinsurance will come into play in California and we will all pay a share of that in our homeowners policies. Is it a fair share? I live in Michigan and while we don't have significant fires (today) or hurricanes, premiums climb.
Post: The Twenty Billion Dollar Problem
Link to comment from January 10, 2025
A good way to organize your wishes for care is https://fivewishes.org. Each state has it's own requirements and this website is a big help.
Post: Share the Power
Link to comment from January 2, 2025
I made my first investment with Merrill Lynch around 1980. I had scraped together the $2500 minimum and wanted to invest in their money market. Two weeks later my car needed an expensive repair and I called the broker to get my money back. It took him over a week to return my call. I was not happy with the speed of the transaction or the broker’s enthusiasm for holding my life savings. A few years later, I opened an account with Fidelity. I’ve been with them ever since.
Post: No Barriers to Entry by Jonathan Clements
Link to comment from December 29, 2024
Will, financial POA, healthcare POA. Make sure beneficiaries align with will.
Post: Pre-Retirement List
Link to comment from December 15, 2024
Jerry, I arrived at a similar arrangement with my investment advisor. His AUM was only a small portion of my total assets...about $8K/year. I am 67 and we have been in this arrangement for 10 years. My wife and kids know him. He understands what we are up to and what the issues are our in our financial life. He is prepared to step in when needed and I speak with him several times a year to validate major financial decisions. This is insurance for the eventuality of me handing off the work to the investment advisor. The fee will probably go up as they take on more, but that is OK.
Post: When should one give up control over finances?
Link to comment from December 14, 2024
Think of paying for help early as an insurance policy. Your heirs will receive the benefit of your investment.
Post: When should one give up control over finances?
Link to comment from December 14, 2024
Great video and insight. This should be required for every DIY investor or family member of such a person.Thanks for sharing.
Post: When should one give up control over finances?
Link to comment from December 14, 2024
Glad to see you are volunteering for AARP TaxAid. With your experience, you can be a big help. I'm in my third year.
Post: Things That Don’t Much Interest Me No More
Link to comment from December 8, 2024
My advice would be to get out of your 401K and rollover to an IRA with Fidelity, Vanguard, or Schwab. You get a solid platform and complete control. You should not accept such poor service. Remember companies change, plans change and record keepers change. Consolidation of assets at one good provider will make it easier for you and your heirs. This is a path I have taken for the last 25 years through multiple job changes. I stuck with Fidelity and they have delivered.
Post: Love, Hate and My 401(k)
Link to comment from December 6, 2024