Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: TMac71 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19221  
Subject: My folks need help... please advise Date: 2/13/2000 9:25 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I'm relatively new to the investment world, but I know enough to realize that my retired parents are getting raked over the coals with the 2 IRA mutual fund portfolios they hold with a brokerage center (Raymond James… not that it matters). Here's the problem I have with their portfolio, and the reason for my post: their money has been spread out over FIFTEEN different mutual funds… most of which are funds consisting of class “B” and class “C” shares. I'm talking about 5% front end loads, 1.75% expense ratios, deferred loads…. the works. I want to get them into 2 or 3 different index funds with Vanguard that have low operating expenses and no loads, and at the same time getting them to realize they don't need a broker to purchase mutual funds. They feel ashamed for being so naïve, but I have taken it upon myself to get them out of this quagmire. I know the kinds of funds I want to get them involved with, but here are my questions: should I advise them to transfer their money out of these ridiculous funds at all costs? Does the fact that they hold traditional IRAs present any problem when transferring? I realize I'm probably asking for simple answers to a complex problem, but I would be EXTREMELY grateful to any advice you could impart in helping my folks get out of this pickle.

Sincerely,

Travis M
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next

Announcements

Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement