My MIL is 87 and a widow for over 2 years now. My FIL always took care of anything financially related and always had a Financial Advisor. When he died he was in process of moving his IRA from Edward Jones to a new FA.
MIL is financially and computer illiterate and has no interest in either. She doesn't even know what a CD is, and gets totally overwhelmed with mail.
The new FA charged 1.25%; I went with her for the initial meeting and we have twice a year phone conversations. MIL never said a word during the phone conversations. On our last call I asked if they would lower their fee as she never calls and the only contact yearly was the two phone conference calls.
The entire IRA is now moved to Vanguard.
Age: 87, no state income tax
Owns House- approximate worth $400K
Receives Social Security
IRA Value $566K
Stock Funds/ETFs 64%
LSGRX - Loomis Sayles FDS II Growth - ER .67% $68335
MSIJX - MFS International Diversification Fund - ER .84% $29337
IWF - Ishares ETF Russell 100 Growth - ER .19% $70169
EFA - Ishares MSCI EAFE IN ETF -ER .33% $29062
XLV - Select Sector SPDR ETF - ER .09% $27446
DIA - SPDR Dow Jones INDL ETF - ER .16% $69755
HLIEX - JP Morgan TR II Equity Income Fund - ER .70% $66379
Bond Funds/ETFs 29%
BND - Vanguard Total Bond ETF ER .05% $52332
LSIIX - Loomis Sayles FDS II Invt Grade Bd Fd - ER .49% $52808
MHYIX - Mainstay Mackay High Yield ER .71% $58189
CD/MM/Cash 7%
CD 5.5% Matures Jan 2025 - $35K (my idea - I had them keep 1 years RMD $ in CDs)
Money Market $5K
Cash $2443
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I think >60% in stocks is too much for my MIL; preference for lower cost Vanguard funds/ETFs and preferably not too much international.
Any advice on how to proceed would be appreciated.
MIL is financially and computer illiterate and has no interest in either. She doesn't even know what a CD is, and gets totally overwhelmed with mail.
The new FA charged 1.25%; I went with her for the initial meeting and we have twice a year phone conversations. MIL never said a word during the phone conversations. On our last call I asked if they would lower their fee as she never calls and the only contact yearly was the two phone conference calls.
The entire IRA is now moved to Vanguard.
Age: 87, no state income tax
Owns House- approximate worth $400K
Receives Social Security
IRA Value $566K
Stock Funds/ETFs 64%
LSGRX - Loomis Sayles FDS II Growth - ER .67% $68335
MSIJX - MFS International Diversification Fund - ER .84% $29337
IWF - Ishares ETF Russell 100 Growth - ER .19% $70169
EFA - Ishares MSCI EAFE IN ETF -ER .33% $29062
XLV - Select Sector SPDR ETF - ER .09% $27446
DIA - SPDR Dow Jones INDL ETF - ER .16% $69755
HLIEX - JP Morgan TR II Equity Income Fund - ER .70% $66379
Bond Funds/ETFs 29%
BND - Vanguard Total Bond ETF ER .05% $52332
LSIIX - Loomis Sayles FDS II Invt Grade Bd Fd - ER .49% $52808
MHYIX - Mainstay Mackay High Yield ER .71% $58189
CD/MM/Cash 7%
CD 5.5% Matures Jan 2025 - $35K (my idea - I had them keep 1 years RMD $ in CDs)
Money Market $5K
Cash $2443
----
I think >60% in stocks is too much for my MIL; preference for lower cost Vanguard funds/ETFs and preferably not too much international.
Any advice on how to proceed would be appreciated.
Statistics: Posted by BarbK — Thu Jul 18, 2024 11:18 am — Replies 0 — Views 38