Good afternoon,
I appreciate your time, as I typed quite a bit.
I'm in the process of setting up a traditional IRA with a Financial adviser I unfortunately found through my credit union. The fees associated with the account, or for him are 0.8000%. Is this rate about right? the amount accidentally rolled over was $14000
This whole ordeal has been a nightmare for me but I'm slowly but surely learning more about finances so I dont make another mistake in the future
Back story, I'll try to be swift. I had an esop for 7 years from a previous employer, I wanted to rollover $45,000 and keep $14,000. I knew 20% was going to be held from the $14,000.
Well the documents sent to my employer were incorrectly filled out by my financial adviser. And I signed it so I was slow too. I was sent a huge check I didnt want, and the bank was sent $14000. $9000 was sent to the irs for federal and nothing can be done about that. I may get it back next year but doubt.
Lastly I still have this check I havent decided what to do with, my financial adviser has been trying to get that too I just want other options.
