Managing own money

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

What kind of things do you use them for? Is it the same guy all the time and do you meet in person or on the phone or Zoom? They call me often from my local branch and I always decline, because I want to manage my own money and don't want to pay a fee or percentage of my assets. I didn't realize you could use them and still pick your own funds, so I'd love to know more about how you leverage this. I have some stocks that I want to sell and nervous to do it because I've only ever bought, never sold any!

??? You just... sell. I can do that with a few clicks on my Charles Schwab app on my phone. There's nothing to it. You can google all the terms you don't know, like limits, after market, etc. Really, it's not rocket science.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

What kind of things do you use them for? Is it the same guy all the time and do you meet in person or on the phone or Zoom? They call me often from my local branch and I always decline, because I want to manage my own money and don't want to pay a fee or percentage of my assets. I didn't realize you could use them and still pick your own funds, so I'd love to know more about how you leverage this. I have some stocks that I want to sell and nervous to do it because I've only ever bought, never sold any!

??? You just... sell. I can do that with a few clicks on my Charles Schwab app on my phone. There's nothing to it. You can google all the terms you don't know, like limits, after market, etc. Really, it's not rocket science.

Yes, I know, but it's stuff like, I'm selling at a loss, and I'm not selling anything with gains to offset, and I don't think dividends count as gains even though I have to pay taxes on them, but I can write off up to 3k against my income, but the loss is like 5k, so is it better to sell half now and half next year... stuff that I know I can google but get anxious about in the moment and feel like I'm messing up and want someone to talk me through.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

What kind of things do you use them for? Is it the same guy all the time and do you meet in person or on the phone or Zoom? They call me often from my local branch and I always decline, because I want to manage my own money and don't want to pay a fee or percentage of my assets. I didn't realize you could use them and still pick your own funds, so I'd love to know more about how you leverage this. I have some stocks that I want to sell and nervous to do it because I've only ever bought, never sold any!

??? You just... sell. I can do that with a few clicks on my Charles Schwab app on my phone. There's nothing to it. You can google all the terms you don't know, like limits, after market, etc. Really, it's not rocket science.

Yes, I know, but it's stuff like, I'm selling at a loss, and I'm not selling anything with gains to offset, and I don't think dividends count as gains even though I have to pay taxes on them, but I can write off up to 3k against my income, but the loss is like 5k, so is it better to sell half now and half next year... stuff that I know I can google but get anxious about in the moment and feel like I'm messing up and want someone to talk me through.

NP. You are making this so complicated that you've got me confused. You are talking about tax loss harvesting and it's really not a big deal. I would say that most people don't do it and it really isn't that important at the end of the day. No offense, but you seem to lack knowledge and maybe over analyze things. I would just seek out a fee only financial planner and have them set up simple plan for you. Maybe utilize a target date fund or something like that. Simplicity is usually better than complicated when it comes to investing due to human behavior and because it's a coin toss whether an optimized portfolio will outperform a basic portfolio like vtsax or VT.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

What kind of things do you use them for? Is it the same guy all the time and do you meet in person or on the phone or Zoom? They call me often from my local branch and I always decline, because I want to manage my own money and don't want to pay a fee or percentage of my assets. I didn't realize you could use them and still pick your own funds, so I'd love to know more about how you leverage this. I have some stocks that I want to sell and nervous to do it because I've only ever bought, never sold any!

??? You just... sell. I can do that with a few clicks on my Charles Schwab app on my phone. There's nothing to it. You can google all the terms you don't know, like limits, after market, etc. Really, it's not rocket science.

Yes, I know, but it's stuff like, I'm selling at a loss, and I'm not selling anything with gains to offset, and I don't think dividends count as gains even though I have to pay taxes on them, but I can write off up to 3k against my income, but the loss is like 5k, so is it better to sell half now and half next year... stuff that I know I can google but get anxious about in the moment and feel like I'm messing up and want someone to talk me through.

NP. You are making this so complicated that you've got me confused. You are talking about tax loss harvesting and it's really not a big deal. I would say that most people don't do it and it really isn't that important at the end of the day. No offense, but you seem to lack knowledge and maybe over analyze things. I would just seek out a fee only financial planner and have them set up simple plan for you. Maybe utilize a target date fund or something like that. Simplicity is usually better than complicated when it comes to investing due to human behavior and because it's a coin toss whether an optimized portfolio will outperform a basic portfolio like vtsax or VT.

PP, yes, I'm overanalyzing, lol. I am not looking to be a day trader or anything. I do manage my own money and have most of it in VT. It's just this stock I bought because I "believed in the company" which has lost like 95% of its value but I'm always unsure when to pull the trigger and sell (and will never make this mistake again!). So my original question was when a PP mentioned the Fidelity manager discusses "tax implications" with them and I would be interested in something where I can basically manage my own portfolio, but just contact them with these sort of random questions so I have someone with expertise helping me.

[Anonymous]

So just sell the stock, and when you have capital gains, the loss will reduce the taxes you pay on the gains. Pretty sure that is basically how it works. Just look it up on the Internet or bogleheads.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

What kind of things do you use them for? Is it the same guy all the time and do you meet in person or on the phone or Zoom? They call me often from my local branch and I always decline, because I want to manage my own money and don't want to pay a fee or percentage of my assets. I didn't realize you could use them and still pick your own funds, so I'd love to know more about how you leverage this. I have some stocks that I want to sell and nervous to do it because I've only ever bought, never sold any!

??? You just... sell. I can do that with a few clicks on my Charles Schwab app on my phone. There's nothing to it. You can google all the terms you don't know, like limits, after market, etc. Really, it's not rocket science.

Yes, I know, but it's stuff like, I'm selling at a loss, and I'm not selling anything with gains to offset, and I don't think dividends count as gains even though I have to pay taxes on them, but I can write off up to 3k against my income, but the loss is like 5k, so is it better to sell half now and half next year... stuff that I know I can google but get anxious about in the moment and feel like I'm messing up and want someone to talk me through.

I am the PP that mentioned fidelity wealth management. And yeah this is the stuff you can use them for. I have someone assigned to me and he has a team behind him. I ask stuff like - ‘ I have a bunch of company stock in my old 401k, what did I need to know about NUA?? How should I think about this?’ They will give you a good perspective to think about things. I still manage all my money and I find that they sit back and wait for you ask your questions so they aren’t like proactive thinking about my assets my taxes etc but I don’t need them or want them to do that - As I said before I like managing my own money. Hope this helps.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

What kind of things do you use them for? Is it the same guy all the time and do you meet in person or on the phone or Zoom? They call me often from my local branch and I always decline, because I want to manage my own money and don't want to pay a fee or percentage of my assets. I didn't realize you could use them and still pick your own funds, so I'd love to know more about how you leverage this. I have some stocks that I want to sell and nervous to do it because I've only ever bought, never sold any!

??? You just... sell. I can do that with a few clicks on my Charles Schwab app on my phone. There's nothing to it. You can google all the terms you don't know, like limits, after market, etc. Really, it's not rocket science.

Yes, I know, but it's stuff like, I'm selling at a loss, and I'm not selling anything with gains to offset, and I don't think dividends count as gains even though I have to pay taxes on them, but I can write off up to 3k against my income, but the loss is like 5k, so is it better to sell half now and half next year... stuff that I know I can google but get anxious about in the moment and feel like I'm messing up and want someone to talk me through.

I am the PP that mentioned fidelity wealth management. And yeah this is the stuff you can use them for. I have someone assigned to me and he has a team behind him. I ask stuff like - ‘ I have a bunch of company stock in my old 401k, what did I need to know about NUA?? How should I think about this?’ They will give you a good perspective to think about things. I still manage all my money and I find that they sit back and wait for you ask your questions so they aren’t like proactive thinking about my assets my taxes etc but I don’t need them or want them to do that - As I said before I like managing my own money. Hope this helps.

It does help, thank you!

[Anonymous]

If your financial advisor is working for Fidelity, or Vanguard or any other investment firm then they are working in the best interest of the firm and themselves.

If your financial advisor is a fiduciary then they should be working in the best interest of the client (you).

[Anonymous]

Anonymous wrote:I thought fidelity offers free financial advice for accounts over $500k.

they do

[Anonymous]

Anonymous wrote:If your financial advisor is working for Fidelity, or Vanguard or any other investment firm then they are working in the best interest of the firm and themselves.

If your financial advisor is a fiduciary then they should be working in the best interest of the client (you).

You are so naive - it’s adorable.

[Anonymous]

Anonymous wrote:DH and I have always managed our own money, OP. DH uses TurboTax for taxes. You could do that. We have more than 20M in various brokerage accounts and Roth IRAs. It's not complicated. We know exactly what we want to invest in, and handpick our stocks. I wouldn't put too much trust in someone who wants to steer you towards one or another of investment options. They're not multi-millionaires themselves, are they, so what do they know?

You can read about it on your own, just by Googling and cross-referencing sources and using your noggin.

BUT

You do need an estate attorney to figure out your will, advanced directives, and decide on whether and which trust fund you want for your children. That's a must!

Wow, PP, this is impressive!

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH and I have always managed our own money, OP. DH uses TurboTax for taxes. You could do that. We have more than 20M in various brokerage accounts and Roth IRAs. It's not complicated. We know exactly what we want to invest in, and handpick our stocks. I wouldn't put too much trust in someone who wants to steer you towards one or another of investment options. They're not multi-millionaires themselves, are they, so what do they know?

You can read about it on your own, just by Googling and cross-referencing sources and using your noggin.

BUT

You do need an estate attorney to figure out your will, advanced directives, and decide on whether and which trust fund you want for your children. That's a must!

Wow, PP, this is impressive!

How much money you have has nothing to do with your level of knowledge when it comes to investing. And implying that you should be picking stocks is just horrible advice.

[Anonymous]

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

You do understand that they are actually not free right? The revenue has to come out from somehwere, such as recommending Fidelity funds or other products that they get commission from.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

You do understand that they are actually not free right? The revenue has to come out from somehwere, such as recommending Fidelity funds or other products that they get commission from.

It might be free. We have Schwab account and are self directed. Our balance is above their threshold so it allows use to consult with one of their advisors for free. We don’t get the full services they offer (like tax strategies) but we have a tax accountant for that. The Schwab advisor has not pushed Schwab accounts and we pay no AUM.

[Anonymous]

How has your managed funds performed? Have they done better than index fund returns?