Accounts in a mess -- re-allocation help would be appreciated!

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Sleepless
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Accounts in a mess -- re-allocation help would be appreciated!

Post by Sleepless » Fri Oct 27, 2017 8:37 pm

We are a couple in our late 40s/early 50s.

Our investment/retirements accounts are in a bit of a mess ("for historical reasons", as they say). Got too many accounts, and allocation is all over the place. What would be a good way to reallocate/streamline/consolidate? I like to manage stuff by myself.

Total of portfolios is about $2M. I seldom touch the investment, except when triggered by re-balancing events.

Here's a run-down:

Brokerage account #1 at Fidelity (MarketRiders "managed") $750K
Brokerage account #2 at Fidelity (inheritance, 3 stocks) $125K
Brokerage account #3 at Fidelity (a mishmash of stocks and funds, 3 stocks) $300K
Brokerage account #4 at Schwab (MarketRiders "managed") $400K
403/457 at TIAA-CREF (both accounts have 3 same funds, re-balanced annually) $250K
Solo 401(k) #1 (Vanguard Target fund) 60K
Solo 401(k) #2 (Vanguard Target fund) 140K
A couple of small Roth IRAs $40K

Thank you for any tips or suggestions!
I was tired yesterday and I'm tired again today. I'm retired.

venkman
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Re: Accounts in a mess -- re-allocation help would be appreciated!

Post by venkman » Fri Oct 27, 2017 9:42 pm

Most of your assets seem to be in taxable brokerage accounts. Any advice will depend greatly on what sort of capital gains you're currently sitting on in those accounts, as well as the specific funds you're invested in. Your marginal tax bracket is also relevant.

If you had zero capital gains to worry about, my advice would be to sell everything in the brokerage accounts and consolidate it all into one account (I would use Vanguard.) Figure out what you what your overall AA to be. Then, do one of the following:
  • Fill up all your tax-advantaged accounts with bonds, up to the bond allocation in your AA. Fill up your taxable account with a Total Stock Market index fund--plus an allocation to an International Index fund, to whatever degree you prefer.
  • Leave your current tax-advantaged funds alone. Use your taxable account to hold index funds (as above), plus a municipal bond fund, so that your total portfolio works out to fit your AA.
  • Leave your current tax-advantaged funds alone. Put all your taxable account in the same Vanguard Target fund that your 401k is in. (This approach is much simpler, but less tax-efficient.)
Again, that assumes you currently have negligible capital gains, which is probably not accurate. We really need more info to provide a better answer.

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ruralavalon
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Re: Accounts in a mess -- re-allocation help would be appreciated!

Post by ruralavalon » Sat Oct 28, 2017 9:59 am

Sleepless wrote:
Fri Oct 27, 2017 8:37 pm
We are a couple in our late 40s/early 50s.

Our investment/retirements accounts are in a bit of a mess ("for historical reasons", as they say). Got too many accounts, and allocation is all over the place. What would be a good way to reallocate/streamline/consolidate? I like to manage stuff by myself.

Total of portfolios is about $2M. I seldom touch the investment, except when triggered by re-balancing events.

Here's a run-down:

Brokerage account #1 at Fidelity (MarketRiders "managed") $750K
Brokerage account #2 at Fidelity (inheritance, 3 stocks) $125K
Brokerage account #3 at Fidelity (a mishmash of stocks and funds, 3 stocks) $300K
Brokerage account #4 at Schwab (MarketRiders "managed") $400K
403/457 at TIAA-CREF (both accounts have 3 same funds, re-balanced annually) $250K
Solo 401(k) #1 (Vanguard Target fund) 60K
Solo 401(k) #2 (Vanguard Target fund) 140K
A couple of small Roth IRAs $40K

Thank you for any tips or suggestions!
I can't be very specific without much more detail on unrealized capital gain and loss in the taxable accounts, and concerning exactly what funds or stocks are in each account and in what amounts.

In general:
1) I would consolidate all four taxable accounts at either Fidelity or Vanguard, if the transfer can be made in-kind so that you avoid triggering unnecessary income tax liability doing the transfers.
2) Turn off any automatic reinvestment that you may have set up in the taxable account, to avoid buying more of the investments you would rather not have, and to ensure that down the road all unrealized gains will be long-term gains only.
3) Then examine the unrealized gain/loss status of each investment in the taxable account, for opportunities to sell all losses and some gains without tax consequence if possible.
4) if one of you owns both solo 401ks, then consolidate those at Vanguard if that can be done by in-kind transfer.
5) Then look at exactly what funds and stocks are in each account, to look for opportunities to simply the investments.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

Lafder
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Re: Accounts in a mess -- re-allocation help would be appreciated!

Post by Lafder » Sat Oct 28, 2017 3:12 pm

For starters, what is your overall asset allocations of stocks/bonds, and how much of your holdings are International?

What would you like your asset allocation to be?

If there is a difference between the above, we can help sort out what to change to reach your desired AA in the most tax advantaged way.

It may help you understand it all more to detail the holdings a bit more including cost basis/loss/gain on your taxable holdings so we can see the effects of making any changes there.

lafder

Sleepless
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Re: Accounts in a mess -- re-allocation help would be appreciated!

Post by Sleepless » Sun Oct 29, 2017 10:43 pm

Thank you all so much for all your help! Per your suggestion, I've added the breakdown of each account. I hope it's not TMI :-)
In addition, in 2016 ordinary dividends were $32K, capital gains $1K
We're at the 25% tax bracket

--------------------------------------------------------------------------------------------------------
Brokerage account #1 at Fidelity ("managed" by MarketRiders) $750K

Unrealized gain: $150K


* Bonds ~25%
* Foreign Stocks ~30%
* US Stocks ~30%
* Misc (RE, Gold etc) ~10%
* Cash 5%
Breakdown:
4% • ISHARES BARCLAYS TREAS INFLATION PROTECTED SECS FD TIP
6% • ISHARES BARCLAYS U S AGGREGATE BD FD AGG
5% • ISHARES TR IBOXX $ HIGH YIELD CORP BD FD HYG
14% • ISHARES TR MSCI EAFE INDEX FD EFA
6% • ISHARES TR MSCI EAFE SMALL CAP INDEX FD SCZ
7% • ISHARES TR MSCI EMERGING MKTS INDEX FD EEM
20% • ISHARES TR RUSSELL 3000 INDEX FD IWV
2% • ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX FUND IXC
8% • ISHARES TR S&P SMALLCAP 600/ VALUE INDEX FD IJS
6% • POWERSHARES GLOBAL EXCHANGE TRADED FD TR EMERGING MARKETS SOVEREIGN DEBT PORTFO PCY
2% • SPDR GOLD TR GOLD SHS GLD
3% • SPDR INDEX SHS FDS DJ WILSHIRE INTL REAL ESTATE ETF RWX
5% • SPDR SER TR LEHMAN INTL TREAS BD ETF BWX
5% • US Real Estate Index IYR
3% • WISDOMTREE TR EMERGING MKTS SMALLCAP DIVID FD DGS
5% • -Cash-

--------------------------------------------------------------------------------------------------------
Brokerage account #2 at Fidelity (inheritance) $125K

Unrealized gain: $20K
33% • CONSOLIDATED EDISON HLDG CO INC ED
8% • JANUS OVERSEAS FUND CLASS T JAOSX
17% • PERMANENT PORTFOLIO PRPFX
36% • VERIZON COMMUNICATIONS VZ
7% • -Cash-
--------------------------------------------------------------------------------------------------------
Brokerage account #3 at Fidelity (a mishmash of stocks and funds) $300K

Unrealized gain: Not available

3% • Check Point Software CHKP
16% • ISHARES CORE S&P MID-CAP ETF IJH
14% • ISHARES CORE S&P SMALL-CAP ETF IJR
8% • Ishares Nasdaq Biotechnology IBB
1% • Network Appliance Inc NTAP
25% • POWERSHARES QQQ TR UNIT SER 1 QQQQ
18% • SPDR DOW JONES INDL AVERAGE ETF TR UNIT SER 1 DIA
5% • US Healthcare Sector Index IYH
4% • US Real Estate Index IYR
5% • -Cash-

UNREALIZED GAIN: $150K
--------------------------------------------------------------------------------------------------------
Brokerage account #4 at Schwab ("managed" by MarketRiders) $400K
Unrealized gain: $40K

* US Stocks ~30%
* Bonds~20%
* Commodities ~5%
* Real Estate ~5%
* World Market ~25%
* Cash ~15%

Breakdown:
9% • ISHARES TR S&P SMALLCAP 600/ VALUE INDEX FD IJS
4% • ISHARES TRUST ETF JP MORGAN USD EMERGING MARKETS BOND ETF EMB
22% • SCHW US BRD MKT ETF SCHB
4% • SPDR BARCLAYS ETF HIGH YIELD VERY LIQUID INDEX JNK
4% • SPDR GOLD TR GOLD SHS GLD
5% • SPDR INDEX SHARES FUND DOW JONES GLOBAL REAL ESTATE ETF RWO
12% • VANGUARD BOND INDEX FUNDTOTAL BOND MARKET ETF BND
7% • VANGUARD FTSE ETF WORLD EX SMALL CAP VSS
17% • VANGUARD INTL EQTY INDEXFTSE ALL WORLD EX US ETF VEU
16% • -Cash-
--------------------------------------------------------------------------------------------------------
403/457 at TIAA-CREF (both accounts have 3 same funds, re-balanced annually) $250K
* Vanguard Midcap (VMCPX) 50%
* American Funds Europacific Growth (RERGX) 25%
* CREF Global Equities R3 (QCGLIX) 25%
--------------------------------------------------------------------------------------------------------
Solo 401(k) #1 (Vanguard Target fund) $60K
* Vanguard Target 60%
* Cash 40%
--------------------------------------------------------------------------------------------------------
Solo 401(k) #2 (Vanguard Target fund) $140K
* Vanguard Target 90%
* Cash 10%
--------------------------------------------------------------------------------------------------------
A couple of small Roth IRAs $40K
* Vanguard Target 100%
--------------------------------------------------------------------------------------------------------

Do you have an asset allocation (stock/bond mix, and domestic/international mix) that you want to aim for?
>> US Stocks: 35, Intl Stocks 25, Bonds 25%, RE + Comm 15%

I assume that "capital gains $1k" means gains paid in 2016. Is that assumption correct?
>> Yes!

But what are unrealized capital gains or losses built up in each of the investments in the 4 taxable accounts? That is what will help determine what you can readily unwind with the least practical tax consequences.
>>I've added that information for each account.

What are the expense ratios charged for the funds you are using in the 403b/457 account? What are the other funds offered in those plans? Please give fund names, tickers and expense ratios. (Expense ratios are a critical factor in selecting funds to use.)
>> Here are all the expense ratios for the three funds I am using: 0.33%, 0.50%, 0.09%
>> Expensve ratios for all available funds for these accounts available here: https://pastebin.com/J48vcS0j

Why are there 3 taxable accounts at Fidelity? Are they joint accounts, individual accounts?
>> All the Fidelity accounts (as well as the Schwab) are joint accounts; there are three Fidelity accounts for historical reasons.

Why are there 2 solo 401ks? Who owns each? Are they from different businesses?
>> Both my spouse and I are self-employed. One account for each of us.

What are the management fees you are charged on #2 at Fidelity, and on #4 at Schwab?
>> No management fees other than ETF fees and transaction fees
Last edited by Sleepless on Sat Nov 04, 2017 10:09 pm, edited 2 times in total.
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ruralavalon
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Re: Accounts in a mess -- re-allocation help would be appreciated!

Post by ruralavalon » Mon Oct 30, 2017 9:55 am

Sleepless wrote:
Sun Oct 29, 2017 10:43 pm
Thank you all so much for all your help! Per your suggestion, I've added the breakdown of each account. I hope it's not TMI :-)
In addition, in 2016 ordinary dividends were $32K, capital gains $1K
We're at the 25% tax bracket

--------------------------------------------------------------------------------------------------------

Brokerage account #1 at Fidelity ("managed" by MarketRiders) $750K
* Bonds 25%
* Foreign Stocks 30%
* US Stocks 30%
* Misc (RE, Gold etc) 10%
* Cash 5%

Brokerage account #2 at Fidelity (inheritance, 3 stocks) $125K
* Verizon (VZ) 40%
* Edison (ED) 30%
* PRPFX 15%
* JAOSX 10%
* Cash 5%

Brokerage account #3 at Fidelity (a mishmash of stocks and funds, 3 stocks) $300K
* QQQQ 25%
* DIA 15%
* IJA 15%
* IJR 15%
* IBB 8%
* IYH 6%
* Cash 5%
and various other small holdings (IYR, CHKP, NTAP, CSCO, ...)

Brokerage account #4 at Schwab ("managed" by MarketRiders) $400K
* US Stocks 30%
* Bonds 20%
* Commodities 5%
* Real Estate 5%
* World Market 25%
* Cash 15%

403/457 at TIAA-CREF (both accounts have 3 same funds, re-balanced annually) $250K
* Vanguard Midcap (VMCPX) 50%
* American Funds Europacific Growth (RERGX) 25%
* CREF Global Equities R3 (QCGLIX) 25%

Solo 401(k) #1 (Vanguard Target fund) $60K
* Vanguard Target 60%
* Cash 40%

Solo 401(k) #2 (Vanguard Target fund) $140K
* Vanguard Target 90%
* Cash 10%

A couple of small Roth IRAs $40K
* Vanguard Target 100%

--------------------------------------------------------------------------------------------------------

I actually prefer not to open more brokerage accounts (eg Vanguard) if that's possible...
Thank you again for your help!
This helps a lot in understanding your situation. That is not too much information.

I think it's feasible to simplify investments, and reduce the "mess".

Consolidating at Fidelity (rather than opening accounts at Vanguard) is reasonable. Fidelity now offers the broadly diversified, low expense index funds necessary for a simple but comprehensive portfolio.

. . . . .

Do you have an asset allocation (stock/bond mix, and domestic/international mix) that you want to aim for?

I assume that "capital gains $1k" means gains paid in 2016. Is that assumption correct?

But what are unrealized capital gains or losses built up in each of the investments in the 4 taxable accounts? That is what will help determine what you can readily unwind with the least practical tax consequences.

Also it would help a lot if you added the fund names, ETF names, and stock name, plus expense ratios if any, instead of just using the tickers.

What are the expense ratios charged for the funds you are using in the 403b/457 account? What are the other funds offered in those plans? Please give fund names, tickers and expense ratios. (Expense ratios are a critical factor in selecting funds to use.)

Why are there 3 taxable accounts at Fidelity? Are they joint accounts, individual accounts?

Why are there 2 solo 401ks? Who owns each? Are they from different businesses?

What are the management fees you are charged on #2 at Fidelity, and on #4 at Schwab?

You can simply add this to your last post using the edit button, it helps a lot if all of your information is in one place.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

Sleepless
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Re: Accounts in a mess -- re-allocation help would be appreciated!

Post by Sleepless » Sat Nov 04, 2017 10:10 pm

ruralavalon wrote:
Mon Oct 30, 2017 9:55 am
You can simply add this to your last post using the edit button, it helps a lot if all of your information is in one place.
Done, I've edited my post. Took me a while to gather all the info, but I've added all the information in the post including answers to the various questions. Thank you!
I was tired yesterday and I'm tired again today. I'm retired.

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ruralavalon
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Re: Accounts in a mess -- re-allocation help would be appreciated!

Post by ruralavalon » Sun Nov 05, 2017 10:39 am

Consolidating accounts @ Fidelity.
Sleepless wrote:
Sat Nov 04, 2017 10:10 pm
ruralavalon wrote:
Mon Oct 30, 2017 9:55 am
You can simply add this to your last post using the edit button, it helps a lot if all of your information is in one place.
Done, I've edited my post. Took me a while to gather all the info, but I've added all the information in the post including answers to the various questions. Thank you!
That helps a lot in seeing how to you might simplify your investments. Don't worry that this takes "a while". It is better to do it right, rather than make the mess worse and have to redo everything a second time. I see no reason to rush, there is nothing here that seems to be demand immediate action.

The four joint taxable accounts could be consolidated to help simplify and clean up the "mess". Even though I am a huge Vanguard fan I suggest that the Schwab account be moved to Fidelity, where the other three are currently located and where there there is better selection of funds to use than at Schwab. Just call Fidelity and they will help you with the transfer for the Schwab joint taxable account, ask for an " in-kind" transfer so that you avoid triggering unnecessary income tax liability doing the transfer.

Before moving the Schwab taxable account, print out the cost basis information on the investments in the account.

The two solo 401ks cannot be consolidated, because of different ownership.

You mention "a couple of small Roth IRAs $40k". How many? Who owns each? Where are they located? (For simplification of the "mess" if nothing else, the Roth IRAs should probably be moved to Fidelity if not there already, and those with a common ownership consolidated.)

Account consolidation is the first planning decision and planning step.



Management fees.
Sleepless wrote:What are the management fees you are charged on #2 at Fidelity, and on #4 at Schwab?
>> No management fees other than ETF fees and transaction fees
This cannot be true. Nobody, other than charities or religious institutions, provides services for free.

The MarketRiders' website gives rates:
0.45% first $50k;
0.35% next $50k; and
0.25% over $100k
based on average account balance.

Joint taxable account # 1 @ Fidelity = $750k
Joint taxable account # 4 @ Schwab = $400k.
Total = $1,150,000.
Annual fee = $2,875 if you are paying MarketRiders' advertised rate.

You "are a couple in our late 40s/early 50s." That means an investing horizon of around 15 years to retirement, and around 40 years overall. According to period life tables, for a couple it is likely that at least one will live into their nineties.

Low expenses are critical to long-term investing performance. Seemingly small annual fees have a large cumulative impact over time. Over 15 years the extra 0.25% annual fee costs you about 4% in the end value of your investments, over 40 years the extra 0.25% annual fee costs you about 10% in the end value of your investments. Vanguard blog post, "Stopping the silent killer of returns". Please see the table at the end of the post, "Cumulative impact of fees on ending wealth at various time horizons." Also, here is a calculator you could use to estimate the impact of investing expenses. Bankrate.com, "Mutual fund fees calculator".

After accounts have been moved and consolidated if possible, then you could consider terminating the relationship with MarketRiders and ending the extra 0.25% annual fee.



Uunrealized capital gains or losses built up in each of the investments???
Sleepless wrote:But what are unrealized capital gains or losses built up in each of the investments in the 4 taxable accounts? That is what will help determine what you can readily unwind with the least practical tax consequences.
>>I've added that information for each account.
You gave a number for total unrealized capital gain in each account, which is helpful. In my opinion it is necessary to find out the number for unrealized capital gain or loss for each of the investments in each account.

I know this looks like unnecessary effort, but this is an important step in trying to minimize unnecessary income tax liability.

To avoid triggering unnecessary income taxes in simplifying the investments in the 4 joint taxable accounts, its necessary to know the amount of the unrealized capital gain or loss for each investment.

In general a plan to simplify while minimizing the income tax liability could be to:
1) turn off any automatic reinvestment of dividends which have been set up on investments in the 4 joint taxable accounts;
2) use those dividends and any the cash already in the accounts to buy broadly diversified stock index funds or ETFs;
3) sell any investments in the 4 joint taxable accounts which have an unrealized capital loss,
4) add up the total amount of capital loss realised in those sales,
5) and then sell investments in taxable with about that same total amount of unrealized capital gain; and
6) see if there are other investments in taxable with unrealized capital gains that might be sold to further consolidate and simplify.

Going through that process could save you a considerable amount in income tax. "We're at the 25% tax bracket". You list overall $150k, $20k, $150k, and $40k unrealized gains in the 4 joint taxable accounts, total = $360k.

So I think you will find it profitable (in terms of avoiding unnecessary income tax liability) to make the effort to determine the unrealized capital gain or loss for each investment in each taxable account. Please add that information to your prior post using the edit button.


Asset allocation.
Sleepless wrote:We are a couple in our late 40s/early 50s.
. . . . .
Do you have an asset allocation (stock/bond mix, and domestic/international mix) that you want to aim for?
>> US Stocks: 35, Intl Stocks 25, Bonds 25%, RE + Comm 15%
At the late 40s/early 50s, I suggest about 35-40% in bonds. This is expected to substantially reduce volatility (risk). Graph, "An Efficient Frontier: the power of diversification". Please see the wiki articles SatuMedia® investment philosophy, part 3 "Never bear too much or too little risk", and "Asset allocation".

I suggest around 20 - 30% of stocks in international stocks. Vanguard paper (March 2012), "Considerations for investing in non-U.S. equities". Historically, allocating 20% of an equity portfolio to non-U.S. stocks would have captured about 84% of the maximum possible diversification benefit, and allocating 30% of an equity portfolio to non-U.S. stocks would have captured about 99% of the maximum possible diversification benefit (p. 6). You can find lots of debate here on international allocation, opinions running from 00% to 50% of stocks in international stocks. If you want more viewpoints on international stocks please try the Google search box (upper right, this page.)

In my opinion around 5% of portfolio in a real estate fund would be reasonable.

This works out to about 40% bonds, 20% international stocks, 5% real estate, and 35% other domestic stocks. Asset allocation is a very personal decision. You must decide on an allocation that is comfortable for you based on your own ability, willingness and need to take risk.




Fund selection, and principles.
Selecting funds to continue to use or to switch to is not necessary at this point. Its better to get accounts moved and consolidated first.

I just wanted to create a menu of funds to consider later for each account. I looked at possible funds to use, and just didn't want to have to repeat the effort later when the time comes to suggest the exact funds you might use.

Fund selection is the last planning step.


Joint taxable accounts. Some funds or ETFs you are currently using in the joint taxable accounts are good candidates for continued use even while simplifying your portfolio. There is no need to make these decisions now, wait until after accounts are consolidated and tax issues are considered and a plan made to minimize tax liability. I just want to illustrate to you that some of your funds or ETFs in the joint taxable accounts may be keepers.

Some funds or ETFs in the joint taxable accounts you will probably want to keep, in selecting funds strive for a combination of broad diversification (to reduce risk) and low expense ratios (to increase your net gain). Also you will want to keep funds or ETFs which are very tax-efficient, which generally means stock index funds. Wiki article "Tax-efficient fund placement".

Examples of funds or ETFs you might want to consider keeping (because they are: diversified, stock index, low expense ratio + tax-efficient) in the joint taxable accounts include:
ISHARES TR RUSSELL 3000 INDEX FD IWV
ISHARES TR MSCI EAFE INDEX FD EFA
ISHARES CORE S&P SMALL-CAP ETF IJR
SPDR DOW JONES INDL AVERAGE ETF TR UNIT SER 1 DIA
ISHARES TR S&P SMALLCAP 600/ VALUE INDEX FD IJS
SCHW US BRD MKT ETF SCHB
ISHARES TR S&P SMALLCAP 600/ VALUE INDEX FD IJS
VANGUARD FTSE ETF WORLD EX SMALL CAP VSS
VANGUARD INTL EQTY INDEXFTSE ALL WORLD EX US ETF VEUl

In general bond funds and real estate funds are not very tax-efficient and usually should be placed in tax-advantaged accounts, preferably a tax-deferred account.



403/457 at TIAA CREF. In the 403/457 at TIAA CREF the funds to consider using include:
Vanguard Institutional Index Fund (a S&P 500 index fund) (VINIX) ER 0.04%
Vanguard Total International Stock Index Fund Institutional (?????) ER 0.04%?
TIAA Real Estate Account, ER 0.85%
Vanguard Total Bond Market Index Fund Institutional (?????) ER 0.04%?



Solo 401ks. I assume that the solo 401ks are at Vanguard, is that assumption correct?

Are you making Roth contributions to the solo 401ks?

Funds to consider using in the solo 401ks would include:
Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) ER 0.15%;
Vanguard Total International Stock Index Fund Investor Shares (VGTSX) ER 0.18%;
Vanguard REIT Index Fund Investor Shares (VGSIX) ER 0.26%; and
Vanguard Total Bond Market Index Fund Investor Shares (VBMFX) ER 0.15%.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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Earl Lemongrab
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Re: Accounts in a mess -- re-allocation help would be appreciated!

Post by Earl Lemongrab » Mon Nov 06, 2017 3:53 pm

As there are a number of ETFs in the portfolios, another place look at is Merrill Edge. You'd get free ETF trades and a bonus for moving the assets, plus you'd easily qualify for the highest Preferred Rewards tier and keep getting free trades. The BOA Visa card would be worth a look as well, with the 75% rewards bonus.

https://merrilledge.com/cmaoffer
https://merrilledge.com/preferred-rewards
This week's fortune cookie: "You will do well to expand your horizons." Ow. Passive-aggressive and vaguely ominous.

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