Hello all,
Quick background here. The following is my financial situation -
Account 1 $1,442.85
Account 2 $1,533.85
Account 3 $1,000.95
Account 4 $97,518.58
Account 5 $42,646.71
Account 6 $95.49
Account 7 $4.95
Account 8 $0.85
Fidelity PCI 401k $9,581.59
Vanguard Roth IRA $4,581.67
Account 9 $425.45
Total $158,508.20
Side note - I am looking to consolidate accounts, and get rid of accounts I don't use often, and also going to invest my money.
Back to the situation at hand - I put all this information into Personal Capital, and one day I get a phone call from someone at Personal Capital. This was unsolicited. I was told that I am entitled to a complimentary review of my account, and that I would be given a call by one of their financial advisers.
During this conversation I learned that Personal Capital would engage a third party company (whose name I can't remember), and they would handle my money, and invest. I am free to pull out my money whenever I want without any penalties. This service is going to cost me 0.89% of the assets I invest in.
I am not sure what to think about this. On one hand, regardless of all the reading I do, I feel ill equipped to deal with the stock market, and on the other hand, I do not like the idea of this company handling all my money on my behalf. Now, I do not know how different this is compared to Betterment.
Any suggestions?
Also, did I make a mistake feeding my info into Personal Capital?
EDIT - I have a tentative follow up call scheduled with the same adviser on Friday (8/6/2015). Is there any point in talking to this gentleman again? Or should I just cancel it?