Making sure your investments are on track can be difficult. If you're feeling stressed and unhappy with how your investments are performing, it might be time to take a step back and get a second opinion or a fresh set of eyes to help review your situation. Here are five signs it might be time to move your investments.
1) You Want One Advisor
Working with only one advisor may help give you a better sense of what is going on and where your investments stand. If you have multiple investment accounts scattered in different places, it can be difficult to truly understand how you are doing for your retirement. By consolidating accounts to just one advisor, it can be easier to track and give you a clearer picture on how you are doing for retirement. When you only need to call one advisor to ask a question about your accounts it can be much easier then calling multiple people or calling a 1-800 number and waiting to talk to someone.
2) Increasing Fees
Fees for your investment accounts can be pretty steep. If your fees are increasing yet you aren't seeing your rate of return increase, it's time to reevaluate those costs. All advisors charge their own fee. So if you aren't happy with the cost of your fees then it might be a good idea to start looking for a new advisor.
3) Employment Changes
If you've recently changed jobs, retired, or became unemployed, your 401k or 403b is probably still sitting with your former employer. Letting it sit there makes it more difficult to know what's going on and it makes it easy to forget about. One option you have when you leave an employer is to rollover your 401k or 403b into an IRA. By rolling the funds over to a new or existing IRA account, you will have a better chance to monitor and review your account.
As you get closer to retirement, it's a good idea to make sure you have everything in order. Are your retirement accounts consolidated? Do you have multiple 401k accounts from previous employers that you never rolled over? By having multiple accounts spread out, it can make it hard to figure out required minimum distributions or cause you to forget to take enough for your distributions. You can easily combine multiple retirement accounts so that it will be easy to view your investments and track your retirement. The closer you get to retirement, the easier you want it to be to keep track of your accounts.
If you are tired of calling a 1-800 number and speaking to a customer service representative instead of the same advisor every time, it's probably a good time to move your investments. Also, if you feel like you aren't getting the quality service that you pay for, then you should find an advisor who can be there for you and provide the type of service that you are looking for.
If you're thinking you need to move your investments, feel free to reach out to Peter O'Brien. He will take a look at your current accounts and your current situation and discuss what your options are.