We had to move some funds from one account to another in the past, and they wanted that green medallion signature guarantee stamp that no one wanted to provide. It was a royal pain!
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We have a “team” at fidelity. Means that we talk to a new person since the team members come and go. The main person stays the same. Fidelity advice doesn’t seem to change much so this is working for now. We are happy with this managed approach.
We have another account with money inherited. That advisor is the same and very involved. We have tech stocks in that account for the most part. Not doing as well lately.
His schedule was grayed out, which I get, but I called the “team” and got an appt for aa day though not a time off the calendar. I’m sure he is getting slammed so I’ll take what I can get to say bye and ask the question I was going to ask yesterday!
With the talk about the FA’s here I thought I would share our odd journey.
In our 20s we didn’t do much except payoff our college loans. We eventually got life insurance from a group that my in-laws used. We later started buying mutual funds through him. I guess he was our broker. In 2006 I changed jobs. I decided combine my 401Ks and went down to my local BMO branch talked to someone and they setup a IRA for me. I didn’t touch it. No rebalancing or anything. We continued to buy into these mutual funds each month. It was like a bill. Eventually the life insurance/broker guy retired. He sold his practice to this other group. We had also set up 529s for the kids. We really didn’t do anything with this new group for a while. We just let things grow. We met with them annually but we would skip years.
In 2020 they took over as broker of record on my IRA. They pretty much had everything except our current 401Ks. We still didn’t do much with them. I am very much a set it and forget it type of investor. The kids are finishing up with college and the last one got a full-ride so we had some extra funds. I also got a small inheritance from my Mom. They set us up with some UITs and finally in March let them move my IRA into their portfolio with Schwab.
I never really had a full picture of the group. Recently they invited their clients to a dinner. I realized the group is really 3 guys and 2 women and that is pretty much it. I view them more as a boutique group. They had sent an email looking for referrals and the min was $500K. At the dinner my wife and I were the youngest clients at 54. I somewhat understand their sweet spot is older investors close to or in retirement. Their plan is to reduce volatility. We are at the age where that makes sense. We have choose the guy in the middle in terms of ages who is younger than us. We figure he will be around through most of our retirement as the main owner and older gentleman is older than us. They work as a team but I like having someone I can call when I want.
As a caveat I have no idea that if we lucked into this situation meaning are we on the lower end of client size or not. I do think we are below the average in terms of portfolio size for them. As someone that has worked in Accounting/Finance for companies for 30+ years I value relationships. I know life can be easier when you know good Accounting/Tax Firms, Lawyers and Bankers. You can leverage their expertise when necessary.
I know I probably could stick things in index funds and be fine, but with a shorter runway til retirement I want to keep the downturns as small as possible. And I like to know that if I want to call my guy to bounce something off him he will pick up the phone.
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As I’ve mentioned, I have two FAs and am going to consolidate. I’ve asked each to show me that they could do the part of the job the other is doing. In one case, it is handling corporate accounts and being flexible and easy to work with about moving money around. In the other case, it is getting ShawWife comfortable that she can work easily with them if something were to happen to me and also work with ShawD (and possibly ShawSon, though he and his wife have a lot of financial acumen – MBAs from the top 2 schools). The group with the corporate accounts is incredibly easy to work with for me and for my team.
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Quick question for those of you already getting SS …
Last month I received my first check on the 6th. They said it would be deposited the week of the 8th. Keeping that in mind and the 8th being on a Saturday this month, I thought maybe they would deposit it today. Well, it shows up as a pending transaction, but the notation says it won’t be deposited until the 12th.
That just got me wondering … What kind of volatility have you had in your deposit dates?
I think that is your bank, not SS. My mom’s check comes in pretty regularly - I don’t pay THAT much attention but I don’t think it ever comes in 4 days late, esp. when it’s already pending.
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I believe most SS checks come on Wednesday, either the 2nd , 3rd or 4thWednesday of the month depending on which day of the month (1-31) your bday falls.My bday is the 31st, My check is deposited on the 4th Wednesday of the month.
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H’s scheduled SS payment is the second Wednesday of the month. He received it today as our credit union deposits scheduled direct deposits early.
Well, there you go! Gracias
Actually, the 2nd, 3rd or 4th for retirees since '97.
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Yes, was slow to edit.
Mine is supposed to be deposited on the 3rd Wednesday of the month, it has always showed up on the Monday before the 3rd Wednesday and at least once I think it was a Friday before the next Wednesday. Mine always deposit early for some reason. Edit to say my husbands check is supposed to deposit the 4th Wednesday but his are deposited early just like mine, typically the Monday before.
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Mine has been the 5th through the 12th, while DH’s has been the 13th through the 20th. I’ve had monthly SS checks since Nov 2021 and DH since March 2022 - all direct deposit of course.
If you qualify for Roth, I would be putting funds into that, so the growth is all after tax. Also if you can do any conversions into Roth, if that makes sense.
DH and I are both 70 (I turn 70 in Oct), and I didn’t make it a priority to set up Roths when they first were introduced. We did convert some to Roth. In a few years we will be dealing with RMD (required minimum distributions) out of pre-tax funds (401k, annuities purchased with pre-tax funds).
Agree about the value of relationships. We manage our 401k ourselves, but the rest is under our FA. Their group just ‘went bigger’ - which was a natural step with the size of the funds of their clients - so the principal/founder went from being President to being a VP of the new named firm - and it will continue to run the same with client-FA along with our fees.
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UPDATE: Even though the bank said the SS check was pending until the 12th (and the helpful chart @bluebayou posted says the 12th), it cleared today. 
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not surprising. The ‘check’ date is Wednesday, but many banks/CU’s give full credit earlier. That said, many don’t. Smaller CUs have to use an intermediary bank, so that can add a day of processing.
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I look at my credit union checking account statements online and put the date with the payment in my DH and my SS ‘file’. Both had a variation of up to 7 days between the ‘soonest’ and the ‘latest’.
I want to talk to my new accountant and see if they have an opinion on when I should take my SS. I’m not quite 66 and my spouse is younger and still working. Half of his benefit is more than mine. I am on Medicare and pay IRMAA. I don’t see any end in sight for my husband to stop working.
I also want to ask about taking withdrawals from our IRA and SepIRA. I don’t see our income going down significantly so not sure if it pays to wait.
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