Hellobee Boards

Can't you roll both into a single IRA? Or are they different types of accounts?

You cannot merge the two accounts as one is inherited. I see no issue with consolidation to one firm, but I would carefully consider with those balance accounts the kind of fee structure you will be entering. If the accounts are performing well, I'd be hesitant to add a layer of fees.

“The advantage of moving them to my firm is that the 10k account will have someone managing it.”

I feel like this^ is an assumption that needs to be challenged. Why do you need someone managing it and why do you feel that would add value? What can they do that you cannot do on your own? How are you going to make them earn their fee?

@snowjewelz: I would just be wary of the fees charged by management. Personally, I don’t think it’s necessary to constantly change things around with investments. Once you’ve put together a plan, you just execute on it. Therefore, paying a firm a yearly % of assets is very painful to me because I’m not seeing them add value year over year. But I’m not a financial professional, just a semi knowledgeable enthusiast.

@snowjewelz: ouch those are steep fees! Where are your accounts? Can you move them to somewhere fee-free?

My personal philosophy is to use index funds. I have my accounts at Fidelity and they don’t charge me anything except a trading fee for stocks or expense ratio for funds. I pick low expense funds so my fees are minimized. If you are uncertain of WHAT fund to pick, a Target date retirement fund is usually a safe bet for most financial situations (with the caveat that IANAFA).

Btw- if you really like the idea of running your plans by a real live person or getting their input, you can certainly do this with Fidelity. I don’t believe there is any min portfolio size. I believe the people they have advising clients have the appropriate designations like CFP, etc. I did this once and it was free with no pressure or expectation to buy anything.