Investing. How Do I Take Control Of My Investments From A Financial Advisor?

Investing : How Do I Take Control Of My Investments From A Financial Advisor

I have an advisor who isnt advising very well. Im not getting much bang for the fees that I pay. The investments Ive made on my own are outperforming the funds my advisor controls. I dont really want to transfer to another advisor, who will do the same job of ignoring my needs. Id like to transfer everything to myself, since I cant sell anything in this down market. How do I go about this? ~~~ seal ~~~

Best Answer To Investing Question

I think many people entrust money to advisors because they dont have the confidence, or they have little interest, or they believe the advice is automatically going to be superior coming from a "; Only a few think outside the institutional box. I think they should make money only when they make money for their clients. Talk to your advisor about the mechanism. Dont be afraid to simply tell him that youve decided to say, "Thanks for your past advice but Im confident Ive learned enough to manage things on my own and Id like to take control of my ; And dont fear handling things yourself if youve got a bit of a mind and interest in doing your research. Good advisors are really tough to find. They love to collect your fees while underperforming, in most cases. Most transfers of securities are quite simple from one account to another. Just ask for the forms to move your securities or mutual funds to the account where you already have investments.

All Answer To Investing Questions

Answer 1

set up a scottrade account, and transfer. however, be careful. its way easier to lose money than to make it. honest.

Answer 2

I think many people entrust money to advisors because they dont have the confidence, or they have little interest, or they believe the advice is automatically going to be superior coming from a "; Only a few think outside the institutional box. I think they should make money only when they make money for their clients. Talk to your advisor about the mechanism. Dont be afraid to simply tell him that youve decided to say, "Thanks for your past advice but Im confident Ive learned enough to manage things on my own and Id like to take control of my ; And dont fear handling things yourself if youve got a bit of a mind and interest in doing your research. Good advisors are really tough to find. They love to collect your fees while underperforming, in most cases. Most transfers of securities are quite simple from one account to another. Just ask for the forms to move your securities or mutual funds to the account where you already have investments.

Answer 3

It sounds like you have a bad FA who works for a crappy firm. You can transer securities held in an account to a different firm without selling them, that is no problem. You might not want to hear this, but the era of do-it-yourself, look it up online investing is OVER. Now more that ever, sound financial advice and guidance is at a premium. Pick an FA who has experience and works for a high-grade institution which will reach out to you with top of the line research and actionable pro-active ideas. FAs who work for insurance companies and the disount shops (Schwab, Fidelity, Ameriprise..) are to be avoided at all costs.