How do I transfer my Roth account with the LPL Financial to an account I can manage myself like M1?
I have a Roth account with LPL Financial finance advisor--a family friend. I've noticed that he only purchased high fee funds. I would like to manage my own account. Do I need to tell the advisor to sell all my holdings first?
- RichardLv 71 month ago
Eva is correct. Contact a no load company like Vanguard, Fidelity, T. Rowe Price, etc., and ask them about setting up a self-directed Roth IRA account. They can arrange to roll over your money. You will be able to buy NO-LOAD funds from these companies, or even stocks and other securities.
BTW, you should have INSISTED that your "friend" sign a document that he would be a "fiduciary," not just a salesman. Fiduciaries must handle your investments with your interests as their first priorities.
Load funds are rip-offs, and are only appropriate for people who are so financially illiterate or lazy that they can't/won't direct or manage their own investments.
- EvaLv 71 month ago
No. You open the account with the new company and then do a trustee to trustee transfer. Your other option is to not allow your advisor to make discretionary purchases. You should be making your own choices, regardless of who the custodian is.