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Do I need to use my advisor to move my money out of my Roth IRA?


I started my Roth IRA when I was 17. I didnt know much at the time so I went through DA davidson to buy and have had money come out every month for this account. The advisor put me in the growth fund of america witch is a load fund I would like to move the money to the vanguard family. My question is do I have to use my advisor to move the money and if I dont will how do I go about moving it? I obviously would like to move it soon since i am 26 now and would like to get it out of the load before it would cost me more money.

In your situation with an advisor, I would contact Vanguard and ask them how this direct rollover is done - likely they will do 90% of the work for you. Do not feel bad about taking it away from your advisor since "it isn't personal, it's just business". At your age, over the 40-year stretch of time, you will more than make up at least 10x the back end load, if there is one, or any other fee that they might charge you, in saved expenses with Vanguard. If you are unfamiliar with the different array of their funds, I would recommend their Target 2045 fund which will be diversified and risk-adjusted for the 40-year span before you need it. In the past, time has smoothed out the ups and downs of the financial markets. I wish I could have started my Roth at 17. Good Luck!

Its a new day and age and you do not have to use an advisor. Half the time they have no idea of how to invest and will just quote the basics. Plus you can move money at will as it is not 1950.

Go to any bank and tell them that you want to roll it over to an account with them (a bigger one is better). They can take care of all of the paperwork and then it will be done.

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