The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: tcp_syn_ack on March 31, 2015, 07:17:19 AM
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I really didn't know how to ask this question, so forgive me.
Simply put, I have a ROTH IRA with T. Rowe Price, IRA Rollover with Fidelity, and a brokerage account with a financial advisor who invests with Geneos Wealth/BNY Mellon. I have some more money to invest with and I'm not sure if I should open a Vanguard account or keep giving it to the financial advisor.
I've never been one to put all of my 'eggs in one basket' but I do understand if I invest in some stocks in my BNY Mellon, I could invest in the SAME stocks elsewhere because the company doesn't know what I'm currently invested in. I know I could manage it myself, but I will have another account where I do stock trading and kinda wanted this extra money to be managed in some fund on autopilot. So I'm curious of what other people are doing.
Thank you!
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A Bogleheads Blog Post (http://www.bogleheads.org/blog/bogleheads-principles-diversify/) on diversification.
Diversify is #4 in the Bogleheads investment philosophy (https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy).
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i'm sure you're paying stupid high fees to your financial advisor... i'd roll the whole roth over to Vanguard and put it in VTSAX and call it a day. If you keep the advisor you should be able to tell him how you're invested elsewhere and have him keep a proper asset class based on what your goals are but... really you dont need an advisor. there is the internet full of advice. you just have to read it.
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A Bogleheads Blog Post (http://www.bogleheads.org/blog/bogleheads-principles-diversify/) on diversification.
Diversify is #4 in the Bogleheads investment philosophy (https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy).
his question wasnt about buying one stock it was diversifying across investment providers which is not necessary IMO. you dont want an etrade account and a vanguard account and a t rowe price account. diversify in your asset allocation not where your money is kept.
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You're just going to confuse yourself keeping things in lots of places. Diversify holdings, not providers.
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A Bogleheads Blog Post (http://www.bogleheads.org/blog/bogleheads-principles-diversify/) on diversification.
Diversify is #4 in the Bogleheads investment philosophy (https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy).
his question wasnt about buying one stock it was diversifying across investment providers which is not necessary IMO. you dont want an etrade account and a vanguard account and a t rowe price account. diversify in your asset allocation not where your money is kept.
OOH! I don't think I've ever seen that question asked. I need to finish my morning coffee before answering questions.
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A Bogleheads Blog Post (http://www.bogleheads.org/blog/bogleheads-principles-diversify/) on diversification.
Diversify is #4 in the Bogleheads investment philosophy (https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy).
his question wasnt about buying one stock it was diversifying across investment providers which is not necessary IMO. you dont want an etrade account and a vanguard account and a t rowe price account. diversify in your asset allocation not where your money is kept.
OOH! I don't think I've ever seen that question asked. I need to finish my morning coffee before answering questions.
its a poorly worded title and a hard post to follow when you read through it b/c he misunderstands diversity.
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What ShoulderThing said.
http://jlcollinsnh.com/2012/09/07/stocks-part-x-what-if-vanguard-gets-nuked/ (http://jlcollinsnh.com/2012/09/07/stocks-part-x-what-if-vanguard-gets-nuked/) might be worth a read.
FWIW, sounds like you might want most of your money in an index fund - "kinda wanted this extra money to be managed in some fund on autopilot". Vanguard is a pretty good place for that.