Can’t Manage Your Investments Anymore? How to Regain Control

When should you stop managing your own investments?

Laasya, you sound reluctant to give up control of your investments, and that’s understandable. Age alone isn’t the only reason to change how you manage money. The decision is personal, and handing over financial responsibility can feel like losing a part of your independence.

Still, it’s useful to consider practical realities. If you are paying roughly $35,000 a year in adviser or mutual fund fees, that suggests your portfolio is substantial. Rather than make a snap decision, weigh the financial trade-offs, the level of help your children are willing to provide, and how comfortable you are delegating decisions.

I once took over my mother’s finances late in her life. She was hesitant at first but knew she needed help. Many people reach a point where having someone they trust manage investments makes life simpler and reduces stress for both them and their family.

Managing your own investments to save on fees

If you’re paying about $35,000 a year in fees, it’s reasonable to infer your portfolio may be in the range of $1.5 million to $2 million. Mutual funds charge embedded annual fees called management expense ratios (MERs). On average, MERs are around 2%, but they can be much lower for passive index funds (below 0.5%) or higher for specialized products such as segregated funds from insurers.

For investors with $1 million or more, discretionary portfolio managers are an option. These managers make investment decisions on your behalf and sometimes charge 1% or less, depending on their approach and the services included.

Another cost-saving route is to use exchange-traded funds (ETFs). There are many low-cost, diversified ETFs and all-in-one asset allocation ETFs designed to simplify investing. Fees for these products often sit in the 0.20%–0.40% range, which can dramatically reduce ongoing costs compared with expensive mutual funds.

Why self-directed investing may not be the answer

Buying ETFs and managing a portfolio yourself can lower fees, but your family’s concerns matter. Your children are worried you might struggle to manage investments in the future. If you keep the assets under your control and later become unable to handle them, your children could be forced into the role of DIY investor or caregiver for financial matters—something they may not be prepared to do.

Self-directed investing suits people who enjoy learning markets, following portfolios, and making disciplined decisions. But many people, regardless of how simple tools become, prefer not to manage investments themselves. The emotional and cognitive demands of investing can be a burden, especially as we get older.

Have you considered a robo-advisor?

If the current $35,000 in annual fees feels excessive, consider a middle path: a robo-advisor. Robo-advisors use ETFs to build diversified portfolios and typically charge management fees in the 0.3%–0.5% range. When you include ETF costs, all-in fees usually fall between 0.5% and 0.75%—far below typical mutual fund costs for actively managed products.

Robo-advisors act as portfolio managers and offer automated rebalancing, tax-loss harvesting on some platforms, and light financial guidance. Depending on the mutual fund fees you currently pay, switching to a robo-advisor could cut costs substantially while keeping professional oversight in place, so you’re not entirely on your own.

Financial planning as we age

Aging changes what we can and want to handle. Physical tasks, mental energy, and time priorities shift over the years. At some point you may find it harder to track markets, remember to rebalance, or make decisions under stress. Planning ahead minimizes the likelihood of a rushed or poorly timed transition.

Consider practical alternatives: move to a lower-cost advisor or robo-advisor, ask your current advisor to justify fees and demonstrate the value provided, or switch to lower-cost mutual funds where available. You might also set up clear powers of attorney and a written plan describing how investments should be managed if you’re no longer able to make decisions.

Open communication with your children can ease their concerns while preserving your autonomy. Explain what you understand and what help you are comfortable accepting. If everyone agrees on a plan that balances cost, control, and peace of mind, you’ll reduce future conflict and stress.

Read more Ask a Planner:

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• “Our parents just passed. What do we do about their estate?”
• Using a HELOC as an investment strategy: not as taboo as you might think
• Are annuities, bonds or GICs best for an 80-year-old’s money?