New Money From Home Sale - Needs To Be Invested
We recently switched from Ameriprise where I was pay full price advisory service fees for it to sit and discovered zero transactions even though we discussed certain changes being made. I could never get in touch with my advisor and had to make an appt which was usually 1-2 weeks out and everything went through his admin as a gatekeeper who was terrible with follow through. We’re now with Fidelity with a “wealth advisor” and in the process of moving all of our portfolio’s, 401K’s, colleges funds, Roth IRA’s for kids, transferring matured annuities that were purchased on bad advise years ago when we got our first financial advisor who worked mainly for New York Life. He literally sold them, stayed in contact for about a year and we literally never heard from him again. Anyway, just recently sold my parents home which I inherited and have a lot of money just sitting in a checking account that I need to decide what to do with it. My advisor has moved a lot of my positions with my inherited IRA to cash given the volatility currently. What would anyone recommend is the best place for this money given current market conditions. At least 1/4 of it needs to be very liquid and accessible (easy withdraw within same day). We are paying off all debt, buying a car and doing some long overdue minor home improvements. The rest needs to be invested long term. I know there are several high yield money market accounts (some with bonus’s given the amount), Fidelity has a money market fund that my advisor wants me to put it in but that’s not liquid in the the way i need it to be. That might be ok for the other 3/4 but is it really smart to put $375K in a money market fund? Is that the safest bet given the war and volatility or are there other safe options with better yields?