Personal Investments • Re: Helping my mom

My 80 year old mom has scrimped and saved and now has a decent nest egg. For the past 8 years she has a independent financial advisor who has got her in all sorts of individual stocks, some bonds and a variety of funds, over 40 holdings. some mutual funds, some stocks, some individual bonds, some bond funds, some ETF. Up til now, I haven't been involved at all in her finances. On my last visit, and confident in the Boglehead approach, she and I discussed my helping her more.

When I tried to talk to him (with her consent and authorization), about the 3-fund portfolio and how she didn't need to take on additional risk, he didn't get it and kept pointing to how JP Morgan which she owns as an individual stock has done well. Or how EPD and ENB pay good dividends.

Her funds are custodied at Schwab. But the advisor has authorized access to her account and can initiate trades. I don't think he has done anything fraudulent, but I am uneasy with this and want to take on the advisor role and unwind her positions and get into 3-fund portfolio. I also want to transfer to Fidelity since I am familiar with them vs Schwab.

I guess this might be a rant/vent. But I also wondered if others have done this, what would he the best way to go about implementing this. Should I try to move the holdings to Fidelity first and then "clean up" the holdings? I will work with my mom's consent of course. And I will need to have her remove him from the accounts.

I am worried about messing something up for her, I especially don't want any unintended tax consequences or excessive fees. She has an individual IRA and a Roth IRA.

Any kind words or help to get me started would be welcome.

Statistics: Posted by Nyc10036 — Thu Feb 13, 2025 9:29 pm