I keep getting calls from a financial advisor for fidelity since leaving my previous company. I also have a new financial advisor through my current employer for CS. My question is WHO to go with? Should I reach out to an external financial advisor. This is in reference to my equity. Any red flags to look for? TC: 190k #personalfinance #investments
So who can I go to for financial advice when it comes to my stocks
Calculate how much fees are costing you and how easy index fund investing is. Then make a decision if hiring a financial advisor is worth it.
OP, you can certainly do some research and invest in index funds. That’s a way to go. Depending on what you need, imo a good FA is completely worth it. They pay for themselves in helping to balance your tax burden, sheltering your money when needed, being more agile about investing, and advising you with your financial questions. Look for an “independent fiduciary”. Don’t go with an FA who charges for each interaction or transaction.
If you're over 5k, you probably don't have to do anything. The vast majority of plans don't force you out of the plan and you can move whenever. The reality is most have lower investment fees due to their economies of scale. The are able to negotiate the lowest expenses even on index funds because they send millions to be invested every payroll period. I actually left my money at one of my old jobs because the fees were so low and the investments were so good. You also have additional protection known as title 1 if you were to ever be sued - not a big benefit but a benefit so don't let those Fidelity brokerage guys pressure you.
Financial advisors are leeches