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I don't have a lot of time to look over investments right now. Our financial advisor wants my wife to transfer her ira from Trust Co of America to Jefferson National. Total fees will go from 3.5% down to 2.9%. Just want to know if anybody has heard of Jefferson National. The financial advisor is part of BTS assest management.
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buck4u asks,

I don't have a lot of time to look over investments right now. Our financial advisor wants my wife to transfer her ira from Trust Co of America to Jefferson National. Total fees will go from 3.5% down to 2.9%. Just want to know if anybody has heard of Jefferson National. The financial advisor is part of BTS assest management.

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I don't know anything about Jefferson National, but I'm a little confused about their fees. Even if your financial advisor is reducing your annual fee from 3.5% to 2.9%, that doesn't leave you much to live on for a retiree using the safe withdrawal rate of 4%. Even if you had a million dollar portfolio and drew 4% of that or $40,000 annually, your financial advisor would take $29,000 leaving you with $11,000 to live on.

There's something wrong with this picture.

intercst
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If your IRA were with e-Trade or any of many discount brokers, there would be no IRA fees at all.

Why pay 2.9%, 3.5% or any such thing?

Best wishes, Chris
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... Even if you had a million dollar portfolio and drew 4% of that or $40,000 annually, your financial advisor would take $29,000 leaving you with $11,000 to live on.....

You are getting fleeced.

Don't forget uncle Sam, you will also be paying taxes on the income.

In many cases the investments that an "advisor" puts you into will also have significant expenses, often hidden.

You should read the "bogelheads guide to investing" It is very good and an easy book to understand. Read the reviews on Amazon.

http://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Lari...

Greg
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I don't have a lot of time to look over investments right now. Our financial advisor wants my wife to transfer her ira from Trust Co of America to Jefferson National. Total fees will go from 3.5% down to 2.9%. Just want to know if anybody has heard of Jefferson National. The financial advisor is part of BTS assest management.

You sound like a good candidate for moving the account to Vanguard and investing in a target retirement fund or perhaps some index funds. You will get an immediate savings of 3.5% or so which is currently coming off the top of any fund performance you are currently experiencing.

Bob
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I don't have a lot of time to look over investments right now.

MAKE TIME!!!

Someone is taking advantage of you.
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I don't know if the 2.9% total fees include mutual fund expenses...most quoted fees do not. But if they don't, more than likely once transferred to Jefferson National (whoever that might be) your 'advisor' would have you in proprietary mutual funds with high annual fees and medicore annual performance...if they're like most, and then may assess another front load using A shares. In short, you MAY be tranferring most of your future earnings to the 'advisor'.

And most likely, this 'advisor' has little to do with advising, and far more likely has everything to do with sales.

I'd suggest you pay heed to the previous posts.

BruceM
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In researching "Jefferson National", it appears that the product being offered is a variable annuity. PLEASE, PLEASE do not trust this "advisor". Those who have posted previously have given you excellent advice.

Donna
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