Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have been handling our retirement investments ($4,100,000) and have all monies with Fidelity. I’m 68 with a substantial pension, married and waiting till 70 for SS where I will get the max. I reached out to a local “wealth, investment and retirement” firm to look at my assets, income etc. Lots of pie charts, spread sheets but no ideas that I have not thought of and explored. I am going to stay with Fidelity and my own direction. I look at their efforts as a “check” of my strategy. I would like to throw them something for their effort and thought $1,250 would be appropriate. Thoughts?
I have been handling our retirement investments ($4,100,000) and have all monies with Fidelity. I’m 68 with a substantial pension, married and waiting till 70 for SS where I will get the max. I reached out to a local “wealth, investment and retirement” firm to look at my assets, income etc. Lots of pie charts, spread sheets but no ideas that I have not thought of and explored. I am going to stay with Fidelity and my own direction. I look at their efforts as a “check” of my strategy. I would like to throw them something for their effort and thought $1,250 would be appropriate. Thoughts?
No, it's not necessary. The local “wealth, investment and retirement” firm has a research department that creates the forecasts. Your data was probably entered in the focus by an unpaid secretary. You don't tip for a sales call anymore than if you had gone to a car deal for some test drive.
No it is a normal marketing cost just like any other business.
No problem with Fidelity but if someone was to hack your account you could have major problems. Thus I would use at least two firms and maybe 3 to minimize the risks.
I have been handling our retirement investments ($4,100,000) and have all monies with Fidelity. I’m 68 with a substantial pension, married and waiting till 70 for SS where I will get the max. I reached out to a local “wealth, investment and retirement” firm to look at my assets, income etc. Lots of pie charts, spread sheets but no ideas that I have not thought of and explored. I am going to stay with Fidelity and my own direction. I look at their efforts as a “check” of my strategy. I would like to throw them something for their effort and thought $1,250 would be appropriate. Thoughts?
It sounds like you're doing fine on your own without any advice. As others have said, this is just part of their costs of doing business. If you want to be really nice, send him a gift card for $150-200 to a nice local restaurant. That's what the financial people offer US to let them look at our finances. LOL
No it is a normal marketing cost just like any other business.
No problem with Fidelity but if someone was to hack your account you could have major problems. Thus I would use at least two firms and maybe 3 to minimize the risks.
From what I can see this greatly complicates RMDs. You've got to duplicate the work to get them set up properly with each firm. It's not as simple as simply instructing them to automatically start sending you the proper RMDs. This should be set it and forget it, instead it looks like most firms require you to refile a bunch of directing forms every year.
From what I can see this greatly complicates RMDs. You've got to duplicate the work to get them set up properly with each firm. It's not as simple as simply instructing them to automatically start sending you the proper RMDs. This should be set it and forget it, instead it looks like most firms require you to refile a bunch of directing forms every year.
i agree , tracking rmds with multiple firms is crazy
I don't know why tracking a couple of accounts makes it much harder - they will each make their own calculations. Also can combine them if you want when it becomes time for RMD withdrawal.
i agree , tracking rmds with multiple firms is crazy
It's really not that difficult. All my assets are tracked in Excel and database. Updating the financials can be exhilarating or depressing, but rarely dull! I have to track the IRAs very carefully since I have my own IRAs and IRAs as a surviving beneficiary spouse. In addition, some of these IRAs have a cost basis.
I have IRA's at three financial institutions in three different asset classes based on their strengths. I use the RMD as part of the rebalancing of the total portfolio.
The total RMD is determined in January of each year and I monitor the assets during the year. I don't usually request the RMD until the fourth quarter, but occasionally will request the withdrawal when I sense a change in the global economic or political environment. I almost always take the total RMD from a single source, so there is only one 1099-R for the IRA RMDs.
We have three IRA accounts, my wife is set up to automatically deposit to the CU each month and is recalculated each year by the firm.
I have two accounts with two firms, one is taken out in Dec. and switched to a taxable account.
The other is set to a fixed amount each month for eleven months and the other half is deposited in Dec. All my major expenses fall between Christmas and March.
Tax is withheld from all accounts.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
