100p this. Call Schwab and ask that their trading authority be removed. Then, call the advisor and thank them profusely for getting you started, but that you’d prefer to self-manage.Personally I would:
—I could probably block their access through Schwab, and I'll look into that. That seems kind of brusque, but maybe not. I tend toward being overly nice.
—The 30 day notice is for both parties, and the verbiage seems to be primarly concerned with ensuring that the revolving monthly fees are paid up. That makes sense, as they might otherwise encounter situations where clients ghost and leave unpaid fees in their wake.
1) remove their access and just say "I feel like managing the assets myself is something that I should do. Look, you are a fine advisor and I appreciate what you have done but it's just something I feel like I should do. If it turns out self management isn't for me, would it be ok if I contacted you again in the future"?
2) settle the final month of fees
3) thank them again and assure them there was nothing they did wrong and that you would always give them a good recommendation.
They have been compensated for their time and so there is nothing for you to worry about. It's not like you are denying them access to their child or something.
Statistics: Posted by inverter — Sun Aug 25, 2024 7:06 pm — Replies 24 — Views 884