I posted this last night, but realized the conversation had evolved and the title of the thread was no longer applicable (Smith Barney/Citigroup Investment Div.).

I recently inherited approx. $300K - not alot in the investment world, but alot to me. I am an investing newbie, with no experience or idea what to do with the money. What I learned from my previous posts is that I have the obligation to learn how to manage this money, and shouldn't expect great things from paying someone to manage it for me. I agree, but it will take time to learn, and in the meantime, I need to do something with these assets. I have been considering managed accounts with Smith Barney (now ruled out), USAA Managed Accounts, or keeping it in the Investment Mgmt. Div of USBank (where it has been for years and years).

 Right now I am leaning toward leaving the assets with USBank's financial management department, at least for a year so I can educate myself and become my own advisor, as you all recomend. I am drawn to this option because:

a) I have to do something soon with these assets - as it is, they are still in my grandparent's accounts, two months after I inherited them;

b) Although the annual management fee will suck 1.5% out of my account, it seems that is a price I must pay until I know enough to manage things myself (and with the recent volatility in the markets, it doesn't seem like a time for experimentation). I am just happy that it is a set annual management fee, and not a commission. The fees at Smith Barney were convoluted and unclear to me.

 c) Some of the stocks are propietary to USBank and cannot be transferred elsewhere (I think that is class Y stocks??), and it seems like a very bad time to sell off anything;

d) Last and probably most important: I am terrified of screwing up this opportunity - I am really starting at ground zero for knowledge and experience in finances and investing. I know I can learn, but it is going to take time  (I am a parent of very young kids, and I can barely keep up with the bare essentials of daily life, much less quickly learn how to best manage a windfall). I am willing to pay (at least short term) to have some guidance, but it needs to be sound guidance - otherwise I could gamble and try to manage it myself.

SO, in closing:

1) does it sound reasonable to suck it up and pay an industry-standard management fee in order to buy myself some time to learn about managing money myself, with the goal of re-evaluating in a year?

2) If so, does it seem prudent to stay with USBank? Can anyone provide feedback on the investment management division there? Or is USAA (with a lower managemnt fee, saving me about $700 annually) a good alternative? I have always been very pleased with their level of customer service on all of their other products, and their fees/prices have always been very competitive.

 Input, please!! Please just remember that what seems elementary to you seasoned investors is just now very overwhelming to me, and this inheritance is everything I have. I'm nearly 40, so I don't have time on my side to recover from newbie mistakes. Thanks!