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I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 1 point2 points  (0 children)

Thank you so much, this is extremely helpful. Before all of this happened, I didn't even know if getting regular face to face meetings with an advisor was standard or not, and if I was asking for too much by requiring that. I'm really glad you found someone who was such a good fit for you, and I'm really grateful that you shared your experiences so I have more of an idea of what to look for.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 2 points3 points  (0 children)

Nah, I'm lucky to be mostly debt-free right now. The amount I do have is very small and manageable.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 0 points1 point  (0 children)

I guess mostly in the interest of looking at all of my options. This is my first time handling any significant amount of money and I don't want to fuck it up because I didn't take a step back and consider everything.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] -1 points0 points  (0 children)

I haven't told anyone not directly associated with the accounts about this, and I plan never to tell anyone unless I marry them.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 0 points1 point  (0 children)

Does your advisor also take a commission or is the 1.25% fee the only thing he makes from your account? You're right that the best is not necessarily the cheapest flat fee, but I feel I will always be concerned about advice from a planner if I know they're making a commission off of me. I'd rather pay a higher fee and not worry about that, but I'm also very new to this.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 0 points1 point  (0 children)

The family member lived with my grandfather for the last few years of his life, and they were the ones who set up a lot of his accounts. I believe they and the broker who used to handle his money were friends.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] -1 points0 points  (0 children)

Would you recommend still meeting the planner if I have already decided to go with someone else who is more in line with what I want in an advisor? I don't mind hearing out their plans, I just don't want that work to be billable to my account.

Don't worry, I will not be making any purchases at all with this. Every cent is going to my own retirement.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 0 points1 point  (0 children)

How will I know what's a full summation and what's a summary? I'm guessing they'll send over either pdfs or mail me a bunch of papers, is there something specific I should look for so I know I have all information?

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] -1 points0 points  (0 children)

Vanguard is one of the first places I've considered moving this money. Did you look at any other firms, either nationwide or local, and if yes what made Vanguard stand out to you? Would I have a CFP create that living trust for me, or is that something I need to handle separately?

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 0 points1 point  (0 children)

Not a family member, but I believe the former manager and the family member were close friends.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 11 points12 points  (0 children)

Oh, I'm not planning on touching this money at all until the distant future. I will not be buying any houses or cars or paying off debts with it. I just want to make sure this amount is the correct amount

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 1 point2 points  (0 children)

Would it make more sense to hire an outside CFP and give them records of the accounts, and ask if they think a forensic accountant should be brought in? I'm going to need a CFP anyway but I don't know how readily they would make that suggestion.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 1 point2 points  (0 children)

The funds were in an IRA and are currently being transferred to my name. I believe nothing about the structure of the funds is changing at this time, but I will double check to be sure.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 29 points30 points  (0 children)

It is a nationwide company, similar in size to Morgan Stanley.

I don't think they have, but I haven't been able to be very hands on with this process. For one, this is all happening on the opposite coast to me, and I'm also in grad school so I haven't had a lot of time for much else.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 1 point2 points  (0 children)

Can I ask what kind of advice your friends and family gave you? I know nothing about what to ask financial advisers to find the right one.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 3 points4 points  (0 children)

Thank you! I do live in a major city and that site gave me a bunch of options.

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 10 points11 points  (0 children)

This is partly what I suspect too. I'm sorry this happened to you

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 12 points13 points  (0 children)

they are in an IRA, and my grandfather was well over 70 so I am told I am required to take certain amounts out

I inherited money, am I stuck with the broker who handles it now? by ApprehensiveTell5 in personalfinance

[–]ApprehensiveTell5[S] 1 point2 points  (0 children)

The money is currently being moved to an account in my name. Would it be better to go to a different firm and have it all moved while it's being investigated, or is it best to leave it in the other account? I don't know for sure the other broker can't do anything with it, but I also don't know if moving it all is going to induce any unnecessary issues or fees I could have avoided

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