Not that this was unexpected but as of close of business today, my late cousin's main IRA has been transferred into my account: $433,656.00. The money was already effectively mine but actually having it in my name is one more step in the process.
His Roth hasn't transferred yet. I'm guessing that will happen tomorrow as it's with the same firm (Wells Fargo). He also had much smaller traditional and Roth IRAs with Vanguard which should be in the process of transferring as I spoke to them a couple of days ago.
The final step will be moving the Wells Fargo money over to Vanguard. I already have the new accounts set up so once everything is in my name, I can have Vanguard start that process.
In the meantime, I asked the account manager to liquidate the money within the IRA to go to all cash. It's currently in a ridiculous portfolio of 22 mutual funds which is what you get when you pay a "professional" to handle your affairs - high complexity and high expenses. I will be greatly simplifying that and almost certainly outperforming it as well.
June 15th, 2021 at 06:13 am 1623737619
June 15th, 2021 at 10:13 am 1623752017
June 15th, 2021 at 05:30 pm 1623778213
June 15th, 2021 at 05:35 pm 1623778552
Yeah, well, that's what you get with a paid "advisor". And what do you know? Selling each of them comes with a $3 fee, so it will cost me $66 to get out of that mess. Not a lot in the grand scheme of things but had he been in a reasonable 3 or 4 fund portfolio, it would have only cost me $9 or $12 instead of $66. That's money down the drain.
June 16th, 2021 at 12:55 am 1623804941
June 20th, 2021 at 05:42 pm 1624210977