How to get MoneyGuidePro (full) access
How to get MoneyGuidePro (full) access
Greetings, all. Long-time lurker, here. I am 62, married, and retired three years ago at which time I was given access to the full MoneyGuidePro by a local TD Ameritrade advisor. I have an IRA there with about $1M. Schwab has since purchased TDA and will eventually transfer my account. I anticipate losing access to MGP unless I pay Schwab for the Intelligent Portfolio Premium service for $300 + $30/mo. I am not interested in the free 'lite' version they make freely available.
Questions:
1) Any suggestions on plan B to get the full MGP? (most of our assets are already at Schwab, but they refused to give me complimentary access...more below).
2) I can get access to eMoney from PlanVision and it may be slightly better...or at least on par with MGP...so I may go this route. Thoughts?
3) MaxiFi: Looks good, so I may also purchase this and/or Pralana Gold. Thoughts?
Am looking for tools to help with allocation/mix, withdrawal and social sec strategy, etc. I do not currently pay for an advisor and have a diversified portfolio of, mostly, low-cost index funds.
More background.
Coincidentally, I have been a Schwab customer for 35 years and have about 9 accounts (taxable and trad/roth/inherited IRAs) already there. I asked for complimentary access to the full MGP if I transfer the TDA account to them now. Today I got a call from an advisor in my local Schwab office who said 'No...against policy, it cost them money, I am not an active trader and accounts like mine don't generate much income for them, etc.' I am now (emotionally) inclined to at least move the TDA $1M elsewhere. But I read on another thread that others have had mixed success getting Fidelity to comp them eMoney access, suggesting these tools may not be free anywhere. What to do?
Questions:
1) Any suggestions on plan B to get the full MGP? (most of our assets are already at Schwab, but they refused to give me complimentary access...more below).
2) I can get access to eMoney from PlanVision and it may be slightly better...or at least on par with MGP...so I may go this route. Thoughts?
3) MaxiFi: Looks good, so I may also purchase this and/or Pralana Gold. Thoughts?
Am looking for tools to help with allocation/mix, withdrawal and social sec strategy, etc. I do not currently pay for an advisor and have a diversified portfolio of, mostly, low-cost index funds.
More background.
Coincidentally, I have been a Schwab customer for 35 years and have about 9 accounts (taxable and trad/roth/inherited IRAs) already there. I asked for complimentary access to the full MGP if I transfer the TDA account to them now. Today I got a call from an advisor in my local Schwab office who said 'No...against policy, it cost them money, I am not an active trader and accounts like mine don't generate much income for them, etc.' I am now (emotionally) inclined to at least move the TDA $1M elsewhere. But I read on another thread that others have had mixed success getting Fidelity to comp them eMoney access, suggesting these tools may not be free anywhere. What to do?
Re: How to get MoneyGuidePro (full) access
Welcome to the Forums! I have access to eMoney through PlanVision and have been very pleased so far. You can do a search on PlanVision to see other discussions on PlanVision. This service is focused on DIY investors and I found it to be a very cost effective way to both access eMoney and have access to Mark Zoril and his team for a second opinion on general and specific issues.
PlanVision / eMoney will definitely provide details on allocation max as well as estimating cash flows and taxes in retirement. For social security strategy, I would recommend starting with Mike Piper's free Open Social Security site. Social security claiming is unique to each individual/couple, and Mark can assist with your specific situation, but I found the Open Social Security recommendation as an outstanding starting point for discussion.
https://opensocialsecurity.com/
Re: How to get MoneyGuidePro (full) access
Thank you for sharing both your satisfaction with eMoney/Planvision and the OpenSocialSecurity link. I just spent a half hour there completing and reading. Interesting that a) the current discount rate is slightly negative (20-yr TIPS) and b) he seems to do the calcs based on expected lifetime rather than some longer timeframe, eg live to 100...but that is a whole other topic.
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Re: How to get MoneyGuidePro (full) access
you can change some of those assumptions..... if you don't like them.cstoner wrote: ↑Fri Apr 09, 2021 9:13 am Thank you for sharing both your satisfaction with eMoney/Planvision and the OpenSocialSecurity link. I just spent a half hour there completing and reading. Interesting that a) the current discount rate is slightly negative (20-yr TIPS) and b) he seems to do the calcs based on expected lifetime rather than some longer timeframe, eg live to 100...but that is a whole other topic.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
Re: How to get MoneyGuidePro (full) access
Thanks, I just went back and dug deeper, changing our dates of death to 100 and 90 years and a 20% cut in benefits in 2034.
An immediate decision is to act on my current disappointment with Schwab and switch to V or F...or just let it ride. I will probably swallow my pride and stay (and pay for access to PlanVision and MaxiFi).
An immediate decision is to act on my current disappointment with Schwab and switch to V or F...or just let it ride. I will probably swallow my pride and stay (and pay for access to PlanVision and MaxiFi).
Re: How to get MoneyGuidePro (full) access
Hi cstoner, My two-cents here...I am happy with Schwab, going on 40 years as a client, however I can relate to your disappointment that the Schwab rep sort of shut you off regarding the complimentary access. While it's probably not flattering of Schwab, I have noticed an inconsistency in such matters as service and waiving fees.... a difference depending on the person you get on the phone. There have been times that I have politely excused myself from a such a phone conversation and then called back, to find myself talking to a person with a greater command of the issue, a clearer explanation of the options and procedure, and what seems like more discretion to waive fees on transfers, assisted commissions, wires, etc, etc.cstoner wrote: ↑Fri Apr 09, 2021 10:52 am Thanks, I just went back and dug deeper, changing our dates of death to 100 and 90 years and a 20% cut in benefits in 2034.
An immediate decision is to act on my current disappointment with Schwab and switch to V or F...or just let it ride. I will probably swallow my pride and stay (and pay for access to PlanVision and MaxiFi).
I have a self-managed Schwab three-fund portfolio across all my Schwab accounts, but in my written investment plan I include that, when I die, my surviving spouse / heirs consider the Schwab Intelligent Portfolios service if I've not already made that switch at an older age.
a/69, retired, married, enjoy p/t employment. Three-fund portfolio, after decades of chasing active-managed fund performance.
Re: How to get MoneyGuidePro (full) access
Lazareth, thanks for sharing your experience. I also have considered, and will need, assistance for my spouse when I can no longer manage the portfolio.
I did buy a subscription to MaxiFi and have been playing around with it.
I did buy a subscription to MaxiFi and have been playing around with it.
Re: How to get MoneyGuidePro (full) access
I'd be very interested to hear how you like MaxiFi. I'm debating either getting that or Pralana Gold next month, and am heavily leaning toward PG since it's supposed to do automated analyses (e.g. Roth Conversions) instead of requiring the user to create scenarios manually, the results of which can then be compared.
As for eMoney, I use that, but since the user has so little control over anything but account balances, I don't find it useful, myself.
motiv8ed