topic Re: INVESTMENT ING in Community Chat

INVESTMENT ING

halfpint1 — Wed, 05 Apr 2017 15:33:48 GMT

Went to get taxes done yesterday and need to know what to do since DH has passed last year. He had always done this himself. He had a company investing his money for years and seemed satisfied. now my new account said I should consolidate for I am paying commision everytime the agent buys and sells instead of having a lot of little accounts.Don't know if I should do this or keep it the way it is for I don't want to lose and be sorry. Any suggestions and what do you do if that is your only money besides SS.

Re: INVESTMENT ING

Fressa — Wed, 05 Apr 2017 15:50:58 GMT

First of all, I'm sorry for your loss. You have big decisions about all of this money "stuff". We recently started to switch our funds and investment company and my head is spinning with so much to read and decide. In my opinion, you really don't want to get stuck with paying for fees with every transaction. You also need to be very selective in which financial firm or organization that you place your business. We learned that the hard way by trusting a friend who was a financial investor. Check on line for listings of companies and their ratings by customer satisifaction. Decide how involved you want to be in the day to day or if you want it to be on "automatic pilot". Check to see how the stocks are performing. (I used Morningstar but there are othrs) If you are a memeber of AARP they have some valuable information and easy steps to follow to sort thru this task.

I approach these tasks by gathering as much information as I can and then slowly reading thru it all. Take the time you need and gather as much info as you can. There are some local retired business support groups, etc. in some areas that offer help/support with these matters. They are a good source of information. Check your local papers. Don't provide any of them with specific or personal information. Just gather their tips and see what makes sense to you.

Re: INVESTMENT ING

hayseed00 — Wed, 05 Apr 2017 15:53:34 GMT

I have an account with Wells Fargo, and think most companies that buy and sell stocks do charge a fee. I have always been very satisfied with my stock broker. You should ask around and do good investigative homework. Within my Wells Fargo account I have many different stocks, IRA's and mutual funds.

Re: INVESTMENT ING

Tinkrbl44 — Wed, 05 Apr 2017 17:32:57 GMT

@halfpint1 wrote:
Went to get taxes done yesterday and need to know what to do since DH has passed last year. He had always done this himself. He had a company investing his money for years and seemed satisfied. now my new account said I should consolidate for I am paying commision everytime the agent buys and sells instead of having a lot of little accounts.Don't know if I should do this or keep it the way it is for I don't want to lose and be sorry. Any suggestions and what do you do if that is your only money besides SS.

@halfpint1

With the passing of your DH, your needs have now changed. You need to do some reading on investing and perhaps conduct interviews with a few financial planners. Make an informed decision.

Obviously, I don't know your age or total assets, but if you are looking for safe investments, you'll probably be recommended to have holdings in more stable stocks that pay dividends which should just be reinvested. They won't show much growth or price fluctuation, but the dividends just keep on coming. I'm not saying you should do this .... but just something your advisor will most likely want you to consider. HTH

Re: INVESTMENT ING

FrostyBabe1 — Wed, 05 Apr 2017 22:05:29 GMT

I'm very sorry for your loss.

Almost every custodian/brokerage firm will charge for each transaction made, but if you're paying 3 fees to generate the same amount of cash that could be done with 1 transaction if you consolidated, it may be something to consider. It depends on the types of accounts.

That being said, I urge you to consult an independent, registered investment advisor to go over all of your accounts and your complete financial picture. No one here is qualified to give investment advice, and it is in fact illegal to do so if one is not registered with the SEC as an advisor. They don't care how well meaning that advice is. It's illegal. And it would be doing you a great disservice to get advice here. I spent my entire career in finance and institutional investing, and much of what I see given out here is just plain wrong.

Re: INVESTMENT ING

Mistreatedbycs — Wed, 05 Apr 2017 17:05:43 GMT

So sorry for your loss. My mom had the same thing going on and went to Edward Jones. She took all the stock certs (she had them) to him and he inturn consolidated them into an annuity for her.

Don't forget these "investment" people are there to make money so sometimes what one investment firm recommends may not be beneficial to you but to them. Interviewing a few would be a good idea and really go with your "gut", you'll make the right decision.

Also, it depends how much money we are looking at too. If for example you only have $10,000, would you spend over $400 to buy an annuity which the payout is minimal?

The $10,000 and $400 amounts mean nothing, it was used as an example.

You are probably overwhelmed right now but don't make any hasty decisions. What are your goals? You are getting your DH's social security, possibly pension and see how much you need additional to live on. Determining that number is important, it will give you a start as to what to do and how much you need.

Re: INVESTMENT ING

FrostyBabe1 — Wed, 05 Apr 2017 18:00:03 GMT

@Mistreatedbycs wrote:
So sorry for your loss. My mom had the same thing going on and went to Edward Jones. She took all the stock certs (she had them) to him and he inturn consolidated them into an annuity for her.

Don't forget these "investment" people are there to make money so sometimes what one investment firm recommends may not be beneficial to you but to them. Interviewing a few would be a good idea and really go with your "gut", you'll make the right decision.

Also, it depends how much money we are looking at too. If for example you only have $10,000, would you spend over $400 to buy an annuity which the payout is minimal?

The $10,000 and $400 amounts mean nothing, it was used as an example.

You are probably overwhelmed right now but don't make any hasty decisions. What are your goals? You are getting your DH's social security, possibly pension and see how much you need additional to live on. Determining that number is important, it will give you a start as to what to do and how much you need.

That's exactly why you consult an independent, registered investment advisor rather than a retail broker. Under the law, the RIA has a fiduciary responsiblity to place the best interest of the client above all else. The retail broker only has to say that the investment is "suitable" for the client.

In the case you've outlined above, I would strongly argue that the way you've presented it indicates that the broker at Edward Jones did not act in the best interests of the client. Those stock certificates? If he sold them, he made a commission on them and your mom paid capital gains taxes on the appreciated value. That annuity? It's an insurance product that he made a commission on just for selling it to her. Likely 7%. It's stories like this that make me cringe.

Re: INVESTMENT ING

millieshops — Wed, 05 Apr 2017 18:39:26 GMT

@halfpint1Please, please, follow the advice of those telling you to take some time and learn about your money. The more you know and understand the happier you'll be with your decisions - and waiting a while as you learn is unlikely to cause you any great losses there would have been any way to avoid. Even holding cash is not totally safe.

One thing I would definitely do very soon since you're worried about buying and selling fess is tell your broker to make no changes without consulting you. Don't give that kind of permission to anyone making money on those exchanges!

Your accountant is right to advise you to watch those fees, but making the changes has to make sense to you. You might even want to start with the broker DH was using, especially if there were reasons he trusted him. But do branch out and get more than his advice.

My sympathy for your loss. You've lost a beloved friend and companion, but you've also been tossed into a whole new set of responsibilities.

Re: INVESTMENT ING

meem120 — Wed, 05 Apr 2017 20:59:41 GMT

Theyre are diffrent types of annuities. I would be cautious if you are over 55 about them. The purpose of an annuity is to acsess the companies money when yours runs out. You will never do this if you are older as there is a cap, certain percentage that you can withdraw every year. So be cautious.

Re: INVESTMENT ING

NicksmomESQ — Wed, 05 Apr 2017 21:08:50 GMT

Do you have a child or a trusted relative that might be able to help you sort through it all? I agree that you should take your time & gather as much information as you can.If possible seek the advice of a trusted loved one.But the final decision should be yours!

Re: INVESTMENT ING

blackhole99 — Wed, 05 Apr 2017 22:54:07 GMT

My husband takes care of all our money and taxes and I hope I die first because I don't like money, only what it buys. If I'm not lucky enough to die first our son is very good with money and investments so he will be more than happy to help me out. Good luck with finding someone to help you.

Re: INVESTMENT ING

Tinkrbl44 — Wed, 05 Apr 2017 23:36:42 GMT

Reading the comments here also indicates that ALL women should at least be familiar with the investments ... if not actively participating in the investment decisions. You aren't doing yourself a favor if you choose to ignore the management of your own money.

Re: INVESTMENT ING

Mistreatedbycs — Wed, 05 Apr 2017 23:40:48 GMT

@FrostyBabe1 wrote:
@Mistreatedbycs wrote:
So sorry for your loss. My mom had the same thing going on and went to Edward Jones. She took all the stock certs (she had them) to him and he inturn consolidated them into an annuity for her.

Don't forget these "investment" people are there to make money so sometimes what one investment firm recommends may not be beneficial to you but to them. Interviewing a few would be a good idea and really go with your "gut", you'll make the right decision.

Also, it depends how much money we are looking at too. If for example you only have $10,000, would you spend over $400 to buy an annuity which the payout is minimal?

The $10,000 and $400 amounts mean nothing, it was used as an example.

You are probably overwhelmed right now but don't make any hasty decisions. What are your goals? You are getting your DH's social security, possibly pension and see how much you need additional to live on. Determining that number is important, it will give you a start as to what to do and how much you need.
That's exactly why you consult an independent, registered investment advisor rather than a retail broker. Under the law, the RIA has a fiduciary responsiblity to place the best interest of the client above all else. The retail broker only has to say that the investment is "suitable" for the client.

In the case you've outlined above, I would strongly argue that the way you've presented it indicates that the broker at Edward Jones did not act in the best interests of the client. Those stock certificates? If he sold them, he made a commission on them and your mom paid capital gains taxes on the appreciated value. That annuity? It's an insurance product that he made a commission on just for selling it to her. Likely 7%. It's stories like this that make me cringe.

I agree with you.

Re: INVESTMENT ING

KathyPet — Thu, 06 Apr 2017 00:08:41 GMT

MY husband died in Feb 2015. MY financial,situation changed drastically. My DH rand his own business and paid himself a nice salary. IN addition we were both collecting SS. MY husband's salary ceased and of course you cannot collect both SS pmts. I dropped mine and continued to collect his. ALl of our money was invested with Fidelity and had been for years. THey treated me so badly when my husband was sick and then screwed up the accounts when he died. I could not wait to pull the money from them. I sat down and worked out a monthly budget of what money I needed to support my lifestyle and then I interviewed three different investment counselors. I interviewed one that was recommended by good friends, one from my bank's investment dept and one who managed the local Edward R Jones office. I asked them to tell me what they would recommend I do with my money to get the income I needed and what investments should be made. WHen they got back to me with their proposals I met with each of them and listened to what they had to say. I ended up going with Edward R Jones. I liked and understood what they were suggesting I do. I was also very comfortable with the woman who manages my local property office. I liked that I can go in and sit across from her and talk with her face to face. IF I have questions she responds very quickly with answers I understand. YOu need to determine what your situation currently is, what your goals are both short and long term and then talk to some financial,advisors. I also took her advice and set up a living trust moving my two properties and all my non IRA investments into the trust to make it easier for my daughter when I die. I also had a POA and a health POA prepared so my daughter could manage my financial and health issues if needed. I also,added her to my checking account so she could write checks if needed. All of these documents are kept here in my house and she knows where they are. I also created a list of web sites that I use for banking, Edward R JOnes, and credit cards, mortgage etc and provided my user ID and passwords so she could access the accounts if needed. EVerything is kept in a large binder in my home office

Re: INVESTMENT ING

halfpint1 — Thu, 06 Apr 2017 00:57:01 GMT

II appreciate that yo u took the time to answer me. I made a mistake not telling you I cannot read small lettering because of cataracts. DH never discussed stock issues with me but left me okay. I

Re: INVESTMENT ING

KathyPet — Thu, 06 Apr 2017 06:13:07 GMT

@halfpint1 wrote:
II appreciate that yo u took the time to answer me. I made a mistake not telling you I cannot read small lettering because of cataracts. DH never discussed stock issues with me but left me okay. I

You do realize that the font you used to,post this comment is so small no one can possibly read it.