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Author: marispel Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1107  
Subject: Doubts about switching to a Full Service Broker Date: 1/25/2011 11:17 AM
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In my early 20's I had a friend that was a full service broker and he managed my IRA and Roth IRA. After a few years I decided that I could do what he was doing, so I read a book and "barely" understood the basics. I transferred about $75k to Fidelity and started doing my own thing. I would do a bit of research on an industry that I knew and then invest a bit of money here and there. I'm self-employed so I have a single-man IRA and put a good chunck of money in there.

A few years go by (now 40) and I realize that I have now money in several accounts and in fact didn't realize that I had accumulated around $250k. My partner has about $75k at Fidelity as well. I truly had no idea and it made me wonder "Should I be in charge of managing my money". So, my sister-in-law recommended their broker at Edward Jones.

I've met with the broker several times and he explained that I needed to diversify my money into more mutual funds. Keep a few stocks, but the bulk of it will be mutual funds (Franklin Templeton, I think) I've since moved my money to Edward Jones, but have yet to change any of the stocks that I currently own.

I did set up a 529 plan for our son and was taken back at the fees charged each month to add money. We're starting out with just $150 a month, but I think there is a %5.75 fee every month. Seems like alot, but then again, I don't really know.

Now, I've got cold feet - I really hate paying fees, but on the other hand, I don't have a lot of time to learn and manage my own money. I haven't done too bad in what I've bought over the years and just worried that doing everything through a full-service broker will cost me more money than I will make.

I'm not sure what to do...and would love any "been there done that" experiences.
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