Help me be smarter about (self invest?) our Roth IRAs

[cricketwife]

H and I have each have Roth IRAs that we opened when we got married about 10 years ago, through a financial advisor.  It has always bothered me that he NEVER would answer what his fees were.  But I was dumbly happy enough that we were working on our retirement that I let it ago.  I know this was not very MM.  

H and I just got this email -
“As we discussed in February, [XYZ] Inc. and [MMH] Inc. announced an agreement whereby XYZ would acquire the wealth management business of WRF Inc. While this change is expected to be seamless for you, I want you to be aware of more details.

As you know, I am an independent financial advisor affiliated with WRF . WRF provides support to my business as I work directly with you. After the close of the transaction and subsequent transition of my practice to XYZ this summer, XYZ will provide similar support services.”

This is actually the first I’ve heard of this. H didn’t mention this is February.  We could continue as we are, most likely paying ridiculous fees, but having everything very hands off (which honestly, I like.) 

Or??? Should I open up own own Roth IRAs?  What would happen to the money we have?  Do I leave it?  Move it?  

I would like to do this myself, if it’s relatively easy and I can sort of set it and forget it, and if it will save us a lot of money. 
 

[turkletsmom]

I transferred my Roth from American Funds to Vanguard a few years ago. It was really easy- all done online with maybe one or two quick calls to customer service with a question. I find the fees at Vanguard to be really low and it's very easy to just set up auto-draft from my checking account each month. I did a small amount of research on which funds to pick in the beginning and now it's pretty much on auto-pilot.
By just doing an "in-kind" transfer, there's no tax issues or anything to deal with since you aren't selling.

[ohgillian]

May 4, 2021 11:57:47 GMT -5 turkletsmom said:

I transferred my Roth from American Funds to Vanguard a few years ago. It was really easy- all done online with maybe one or two quick calls to customer service with a question. I find the fees at Vanguard to be really low and it's very easy to just set up auto-draft from my checking account each month. I did a small amount of research on which funds to pick in the beginning and now it's pretty much on auto-pilot.
By just doing an "in-kind" transfer, there's no tax issues or anything to deal with since you aren't selling.

This is basically what I would recommend too, but this board knows I'm a big vanguard fan. The fees are very low, and you could just set it up with a target retirement fund (meaning they pick the mix for you based on when you plan to retire). 

ETA: So to be clear, you can still be very hands off, and pay lower fees.

[kershnic]

When I transferred my Roth IRA from Wells Fargo to Vanguard Vanguard walked me through the whole thing. I ended up with like $50 still at WF that seems stuck there, but other than that it was great. Stop paying fees for nothing.

[dcn]

Yeah I’d move it to vanguard.

[ohgillian]

cricketwife, if you do want to move to Vanguard, I think this is the link you need.

investor.vanguard.com/account-transfer/transfer-ira

[cricketwife]

May 4, 2021 15:16:13 GMT -5 ohgillian said:

cricketwife , if you do want to move to Vanguard, I think this is the link you need.

investor.vanguard.com/account-transfer/transfer-ira

Thank you! 

[scout8]

Like everyone else here, we moved ours to Vanguard. It was pretty easy and they were happy to talk me through what to do. Ours is in a target retirement fund.

[shaynaatl]

Yes move it to Vanguard, and if you want something hands-off for decades, just put it in a Target retirement fund.