Hello. New to the club. I saw you on Market Mondays. I just learned my IRA is a traditional account…not a Roth. The mutual funds are with Clearbridge SHAPX SHRAX and SOPAX. Can you suggest index funds that are comparable and if Clearbridge is a great account. This account was done in my don’t know better days.
Please and thank you
Welcome @Multimillionaire!
Love the username!
So those three mutual funds you listed all of an expense ratio of about 1% PLUS they charge a 5.75% “front load”, which is a fee you pay off the top whenever you contribute money. I got this info just by googling the ticker symbols:
Those are high-fee actively managed mutual funds. They’re not something I would ever invest in. Instead, I would seek out low-fee index funds. You’ll likely want to open an account with a low fee brokerage like Vanguard, Fidelity or Schwab. I would take a look at target date index funds or a 3 fund portfolio:
Thank you for the response. I chose the name because that is my goal. I can officially say I’ve been robbed. I had someone roll over about 2K for me because I didn’t know what to do with it from my first official 401K after working 5years as a nurse. He works for Primerica and after watching you on EYL and following your page I did some digging. I called him up and am not pleased. I need a financial advisor ASAP. I have $6800 spread throughout all three and he for some reason is pushing mutual funds from LeggsMason/Franklin and not Fidelity or Vanguard! Also he put my money in a Traditional IRA instead of a Roth. I want to scream and cry!
Hey @Multimillionaire!
I don’t think you’ve been robbed. I think you didn’t do much research, went to a not so great service provider and got charged a high fee for low quality work. I wouldn’t necessarily blame that person, who is just trying to hustle. But I’m a little disappointed your instinct is “I need a financial advisor ASAP.” Instead of running to another advisor where you might get into a similar situation, I’d love for you to do a few hours of learning so that you can tell a good advisor apart from a bad one. Once you know that much, you’ll know more than enough to open a Vanguard account and invest for yourself! Check out my reading list below. Even just reading ONE of those books would likely be plenty to be super informed… it would likely make you those millions you’re looking for over your lifetime. Multimillionaires definitely know about investing and don’t turn over that crucial part of their lives to an unknown person! 
Thank you. You are right. Now that I know better it’s time to apply the knowledge to do better. Thank you for the material. I will review it for sure.
