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Posted by supurman182 on April 30, 2008, 5:06 am
Where do you guys think is the best place to open on ROTH IRA? I was
thinking TD Ameritrade?
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Posted by Sandra Loosemore on April 30, 2008, 8:30 am
> Where do you guys think is the best place to open on ROTH IRA? I was
> thinking TD Ameritrade?
It depends. What are you planning to hold in your IRA, and are you
planning to make frequent transactions (say, a monthly fund purchase
as you get paid), or just dump something in once a year? Consider
what you are actually planning to buy, and compare the transaction
fees at the different brokerages. For the frequent-small-investments
strategy, it's better to bypass the fund supermarket and invest
directly with the fund, as many of them have an "automatic investment
plan" in which they waive the usual account minimums as well as all
transaction fees.
-Sandra the cynic
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Posted by Default User on April 30, 2008, 11:51 am
supurman182 wrote:
> Where do you guys think is the best place to open on ROTH IRA? I was
> thinking TD Ameritrade?
It depends a lot. What sort of things do you want to put in it? If
mutual funds from a particular company, it can save you money to open
it with them. If you're planning on purchasing stocks or ETFs, then
it's wise to look at the transaction fees for those.
As far as TD Ameritrade, they aren't too bad as far as the Roth itself.
There's no ongoing expenses, I believe. Be aware that their free trade
deals don't apply to IRA accounts.
Brian
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Posted by Augustine on April 30, 2008, 1:21 pm
>
> Where do you guys think is the best place to open on ROTH IRA? I was
> thinking TD Ameritrade?
FWIW, I have Roth IRA accounts at both TDA and at E*Trade.
TDA often corrects itself several times in the tax season, sometimes
as late as 4/14 and the online portal doesn't track a lot of
information about your investments, forcing you to either add it
manually or tracking it separately.
E*Trade is much better at this, but it's been hit hard by the recent
sub-prime crisis (even though I wonder about how TDA was affected by
it). But I still recommend it over TDA.
Note that I've only mentioned service, because the costs and offerings
are very similar.
However, I've never tried Scott Trade nor OptionsHouse among the
discount brokers. And I personally don't see any advantage in the
larger brokers.
HTH
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Posted by Default User on April 30, 2008, 3:13 pm
Augustine wrote:
> However, I've never tried Scott Trade nor OptionsHouse among the
> discount brokers. And I personally don't see any advantage in the
> larger brokers.
It really depends on the individual's needs. My newer Roth is with
Wells Fargo, because I have the linked PMA checking account and a
regular brokerage account, with enough assets that I get the 100 free
transactions (stock/ETF trades and mutual funds) per account. For
someone just starting out, that's not going to matter.
Just too short of a question without all the rest of the financial
details.
Brian
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