Author Topic: Just got face punched  (Read 2697 times)

ECrew28

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Just got face punched
« on: August 20, 2013, 11:42:11 AM »
Ok so I am rather new to the investing side of things, and I ended up going with an advisor at the bank I used to work at.  I was actually rather happy with the returns on both my rollover IRA as well as the Roth IRAs I setup up there for myself and my wife.  Being the noob that I was, Just just contributed my set amount every month, and watched the balance increase.  But after being around here for awhile, I started doing a little more digging just to understand things better.  What I found is kind of scary.

My Roth:
FIGCX - 2.33% Expense Ratio and 1% Deferred Load
FNICX - 1.75% Expense Ratio and 1% Deferred Load

Wife's Roth:
PVFCX - 1.82% Expense Ratio and 1% Deferred Load
PYSCX - 2.30% Expense Ratio and 1% Deferred Load

I looked at the Rollover and the fees are at or under 1% there, so I am not as concerned.  But I am in quite a few funds and 3-4 individual stocks. 

Might be time to rethink all of this and move things around.  So frustrated. 

Thoughts or advice?

matchewed

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Re: Just got face punched
« Reply #1 on: August 20, 2013, 11:48:31 AM »
I'd give the standard advice. Either find funds which are low expense ratio that reflect your current AA within the companies you have your Roths. Or rollover to Vanguard/Fidelity/Charles Schwab to get funds which are low expense ratio and reflect your current AA.

Numbers Man

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Re: Just got face punched
« Reply #2 on: August 20, 2013, 01:44:06 PM »
Educate yourself about investing in "no load mutual funds". And when you're ready, sell those high fee commission based funds (cut your losses) and buy into the appropriate no load funds. No face punch needed.

lhamo

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Re: Just got face punched
« Reply #3 on: August 20, 2013, 09:30:09 PM »
Be glad you discovered this now and not 30 years down the road!  And now you know for the rest of your life you are usually better off financially taking the self-education/self-managed route rather than trusting some "financial advisor" whose real interest lies in increasing his/her own income rather than your long-term prosperity.

Lesson learned.  Move the money to low cost funds (I like Vanguard -- have our IRAs and 403b Rollover with them), and you're set.

TrulyStashin

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Re: Just got face punched
« Reply #4 on: August 20, 2013, 09:35:58 PM »
A great resource:  fool.com

The self-educated investor's launching pad.