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Reply to "1% fee for investment management?"
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[quote=Anonymous]I have a small ($8K) Roth IRA managed by a small investment management group located in California. It was set up years ago and managed for free all these years because the owner was a friend of my father; owner passed away last year and I just got a letter in the mail saying the firm will now start charging me 1%. I had been considering rolling my 401(k) over to them and am now unsure whether I should do that or even keep the Roth IRA there. Their rep told me that any amount of money I would roll over (including my whole 401(k)) would be managed as part of their general fund because it's not enough to rate its own account. A fee of 1% seems steep to me, for that. But, maybe I don't have a good idea of the market. What would you do? [/quote]
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