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?

2 Answers

  • 1 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.

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  • Eva
    Lv 7
    1 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.

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