Dumb question re: self-managing Roth’s

[cricketwife]

H and I have Roth IRAs invested through a personal financial advisor.  We recently temporarily paused our investments and now I’d like to go through Vanguard or Fidelty and to open and self-manage our Roth’s because I think we would pay a lot less in fees.  H likes the advisor route because he doesn’t have to do anything and doesn’t want to do anything.  However, it occurred to me that since Roth’s are individual, he would have to set up his own account?  Is it possible for me to set up an account and have him as a sub account or something?  

[archiethedragon]

Jun 5, 2022 13:12:26 GMT -5 cricketwife said:

H and I have Roth IRAs invested through a personal financial advisor.  We recently temporarily paused our investments and now I’d like to go through Vanguard or Fidelty and to open and self-manage our Roth’s because I think we would pay a lot less in fees.  H likes the advisor route because he doesn’t have to do anything and doesn’t want to do anything.  However, it occurred to me that since Roth’s are individual, he would have to set up his own account?  Is it possible for me to set up an account and have him as a sub account or something?  

No. But you could just you his sign in and manage it for him.

[cricketwife]

archiethedragon, ok, yeah, that’s what I was thinking I’d have to do.

[daisyduck]

With Vanguard you can appoint each other other as an "account manager" or something like that, I don't remember the exact term. After you've done that, you will see both of your accounts every time you log on and can make any transactions from your login. You'll both have individual logins and they will be individual accounts, but you can link them to easily see each other's and make trades for each other. My H messes with my IRAs all of the time, I'm glad I don't have to mess with it!

[sadlebred]

You could also toss his in a Target Date fund since it's no fuss, no muss if it would make him happy.

[fn2187]

Jun 5, 2022 15:03:24 GMT -5 cricketwife said:

archiethedragon, ok, yeah, that’s what I was thinking I’d have to do.

Fidelity has “authorized user” documents he can sign to give you legal access to his accounts. They will also show up under your log in as an authorized user and you can manage it for him. We do this.