Hi all!
My parents have a UTMA custodial account on my behalf through their Ameriprise advisor, which contains about $10k (invested in a Vanguard ETF). I'm about to turn 21 years old, which means that my parent can no longer be a custodian on this account and I have to open a new account to put it in my name.
Although my parents are happy with their Ameriprise advisor, I'm not interested in working with Ameriprise for my own investments. Since I turned 18, I've been pleased with Fidelity and invested in a three-fund portfolio for my Roth IRA.
My instinct is to work with the advisor to move the UTMA assets to an account wholly in my own name, then do a full ACAT transfer to Fidelity (which would close the Ameriprise account, as I understand it--correct me if I'm wrong). However, I'm wondering whether it makes sense to maintain a small relationship with the advisor and Ameriprise instead (perhaps only transferring part of the account out). For example, my grandparents contributed to a 529 in my name, so my parents talk to my grandparents' financial advisor for disbursements. If my parents choose to do the same for my potential future kids, would it help if I still had an account/relationship with their advisor too?
My hesitation is that I don't want to "burn this bridge" if I don't need to, since I expect that my parents will maintain a lifelong relationship with this advisor/firm.
If anyone has any personal experience they'd like to share, I'd love to hear it. Thanks!
My parents have a UTMA custodial account on my behalf through their Ameriprise advisor, which contains about $10k (invested in a Vanguard ETF). I'm about to turn 21 years old, which means that my parent can no longer be a custodian on this account and I have to open a new account to put it in my name.
Although my parents are happy with their Ameriprise advisor, I'm not interested in working with Ameriprise for my own investments. Since I turned 18, I've been pleased with Fidelity and invested in a three-fund portfolio for my Roth IRA.
My instinct is to work with the advisor to move the UTMA assets to an account wholly in my own name, then do a full ACAT transfer to Fidelity (which would close the Ameriprise account, as I understand it--correct me if I'm wrong). However, I'm wondering whether it makes sense to maintain a small relationship with the advisor and Ameriprise instead (perhaps only transferring part of the account out). For example, my grandparents contributed to a 529 in my name, so my parents talk to my grandparents' financial advisor for disbursements. If my parents choose to do the same for my potential future kids, would it help if I still had an account/relationship with their advisor too?
My hesitation is that I don't want to "burn this bridge" if I don't need to, since I expect that my parents will maintain a lifelong relationship with this advisor/firm.
If anyone has any personal experience they'd like to share, I'd love to hear it. Thanks!
Statistics: Posted by joyfuljump — Thu Jan 09, 2025 1:45 pm — Replies 2 — Views 132