32 Years Old Investment Beginner
Hello,
I have been lurking in this as well as various other subs like Bogleheads for a while now. I am 32 and have been contributing into a Roth IRA for about 5 years. I started small, with 50 dollar monthly contributions, but have recently sat down and budgeted so I can comfortably do 500 dollar contributions.
I come from a financially illiterate family, so when my dad told me about a finance guy that gave a presentation at his job, that he then started meeting with, I also started meeting with him. I opened my Roth IRA with him in 2021. I noticed someone asking about the company that I have the account with, Capital Group, and have now come to realize that its not particularly well liked. I started looking at my own account, and noticed that there are pretty large sales charges on each of the transactions that this finance guy makes on my behalf.
I don't even know how to begin to take custody of my account away from Capital Group, I guess Fidelity or Charles Schwab would be the custodians I would choose from if its at all possible to transfer my account away from Capital Group. I guess my questions are: 1) Is it worth the trouble of transferring my accounts custody away from Capital Group to someone like Fidelity? 2) Since the transactions are from what I can tell completely automatic, how do I begin doing them myself? 3) If I should move the account somewhere else, do/can I stick with purchasing shares of these? Should I transfer holdings to something like VTI/VOO/VXUS? Or can I even do that?
A breakdown of what Capital Group is buying for me is:
AMCAP Fund - A (28% of portfolio) 5.75% sales charge
SMALLCAP World Fund - A (24% of portfolio) 5.76% sales charge
American Mutual Fund - A (23% of portfolio) 5.75% sales charge
American Balanced Fund - A (25% of portfolio) 5.74% sales charge.
Other factors to consider, I have an emergency fund, I work for a state government and have a pension plan.
Overall any advice would be greatly appreciated, this world is incredibly foreign to me.
Thank you.