Financial Advisor vs. Do-It-Yourself Strategy

Michael has a question here, too, that we want to get to. He says, I’m ready to pull the trigger on moving my accounts from an advisor who really isn’t really managing the accounts. More like one platform fits all.

Anyway, he is using Charles Schwab. Do I leave the accounts in the same location, or should I open another account at, let’s say, a different brokerage firm or the same brokerage firm or a different broker brokerage firms? It seems easier to just remove him from the account. I guess this really kind of piggybacks off that last question that we were just talking about, you know, the use of an advisor versus using the do-it-yourself strategy.

So he’s got a traditional IRA rollover with about 100,000 and a Roth with about 80,000. So what’s been your experience there? Well, it actually depends on advisors. It could be an independent advisor that you’re with, Michael, that’s using the Charles Schwab platform.

In that case, if you were to want to self direct it, you would just move it out too. You could move it to Schwab or any other retail brokerage that works for you, and then you can self direct it with the accounts there. If it’s not that, and it’s an advisor that I’ll consider captive with Charles Schwab, then you could just move it to a self directed account from there.

So it’s going to go from a managed account to a self-directed account that you manage yourself. So if it’s Schwab, they have the app, they have the online capability, you have that full control that way. So those would be the two options I see here that you could do, but keeping it in house there would probably be the easier move for you.

Shana, your thoughts? Yeah, I mean, I would agree. It’s a very easy process, though, the whole transfer process, whether you’re staying on the same platform. So I would say if you like the Schwab platform, if it’s easy to use for you, if you like all the features, then you can consider staying on the same platform, just moving to a self-directed.

Or, you know, this may be an opportunity where you want to check out other platforms and see. See what’s available out there. But, you know, Jason, you know, what do we do when clients come to us and want to move from where they are to where we’re going? Process easy.

It’s the conviction that drives them. Right. They want to be biblically responsible.

And I believe in our industry, of course, we have to. There are things we have to do regulatory wise. So you’ll have to do that anywhere.

But that conviction, when they want to be biblically responsible, is that 100% drive to get through our regulation processes that we have to do with the paperwork. So. And the good news is, once you have that conviction, paperwork’s easy.

Yeah. Whether you’re doing it, you know, just online yourself or move into somewhere where you’re going to get some extra help.

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Changing your plan may require you to select new sectors for certain stocks

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