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Changes in my ING Account

June 6th, 2007 at 02:16 pm

Just finished getting off the phone with ING. They hold my traditional IRA account. One of the funds in that account will mature on June 15th. I had to make a decison on what to do with the funds. Since it really didn't make to much of a gain since inception(2002)I have decided to invest the 15,000.00 in that fund into a new fund. The new fund that I chose was the Fidelity Contrafund. Morning star rated it pretty highly with a fairly good outlook. So, I am keeping my fingers crossed and hoping that it does well. There were other funds in my porfolio that just weren't living up to expectations, so, I reallocated them as well. So, Fidelity Contra fund starts on June 15th and the new funds start after 6pm tonight. The money for these two new funds came from a Money Market account inside my IRA that was performing so poorly at 0.4%. This was established back in 2002 by the banks finacial advisor. Now that I am more knowledgeable. I can't believe that the advisor put me in such poor funds. As of today I do not have any of the original funds that I had started with. And the only time I hear from this advisor is when she is trying to sell me something with a huge upfront load. No thanks!

6 Responses to “Changes in my ING Account”

  1. homebody Says:

    I stopped using a broker (other than Scottrade) when mine called and suggested I sell Costco. I was stupid enough to. I bought it at $19.00 and change and sold it within six month. Dumb, dumb, dumb! Stupid broker just wanted to make a commission...

  2. Ima saver Says:

    That is why I have never used an advisor. They just want commissions. I am sure you will do better making your own decisions.

  3. baselle Says:

    There's nothing worse than the sinking feeling that comes when someone else profited handsomely and directly from your losses.

  4. moneycents Says:

    Thanks everyone! I should have known I was in trouble with the advisor when she inadvertently told me that she took out a loan to pay for her laser eye surgery. I mean I would have thought that being an advisor she would have a bunch of money and not need a loan. And now that I'm thinking of it she was also complaining about having to start saving for her son's college tuition. Oh well you live and you learn.

  5. baselle Says:

    Its a good lesson to apply to someone who is giving you a financial tip, solicited or unsolicited. If the tip's so great, why are you telling me; or for a fee, why are you making your money selling me tips?

    Another blogger has a way to get rid of financial advisors. He asks to see their last filed tax return, telling them them he'll hire them if they had a better year than he had. Gets rid of them every time. Big Grin

  6. moneycents Says:

    Baselle,
    That's very funny and very good advice at the same time.
    Thanks!

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