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IRA Advice

What IRA Brokerage firm do you use?

  • Scottrade

    Votes: 3 7.7%

  • Fiedelity

    Votes: 4 10.3%

  • Charles Schwab

    Votes: 3 7.7%

  • Vanguard

    Votes: 21 53.8%

  • E-trade

    Votes: 1 2.6%

  • Other

    Votes: 7 17.9%
  • Total voters
    39
SCNCY

SCNCY

Well-Known Member
SuperFanatic
SuperFanatic T2
Sep 11, 2009
9,632
7,076
113
36
La Fox, IL
I am planning on opening a Roth IRA here in a couple of days and I would like to know what some people think as far as companies to do this. I currently have a brokerage account through Scottrade, but would be willing to give this up if there is something out there better. I am looking for a company that offers me a wide range of ETF's and Mutual Funds along with stocks, bonds, and other types of investments if I choose. Of course, I want low fees. Please let me know what kind of services you all use.

As far as a Traditional vs. Roth, I am 26, so a Roth will benefit me.

Thanks!
 
ISUCyclones2015

ISUCyclones2015

Doesn't wipe standing up
SuperFanatic
SuperFanatic T2
Dec 19, 2010
13,904
9,312
113
Chicago, IL
Mine is through Charles Schwab.

No account fees if you have a minimum account balance of $1000 or $100 deposit a month

$8.95 trades.

Love the Schwab
 
L

LostinIowaCity

Active Member
SuperFanatic
SuperFanatic T2
Jan 15, 2011
460
202
43
Ames, IA
If you're going to use Vanguard funds, use Vanguard. I'm a believer in their stuff and use them. It sounds like you might be in the "I can beat the market by choosing the right funds" group. Good luck and godspeed.
 
khardbored

khardbored

Well-Known Member
Oct 20, 2012
9,769
7,077
113
Middle of the Midwest
I have a brokerage account thru Wells Fargo. If you have a "total relationship" (checking, savings, investments, debt) of $25,000 or more you have zero fees and 100 free trades per year. Would not be appropriate for everyone, but works for me.
 
pulse

pulse

Well-Known Member
Mar 24, 2006
9,096
2,412
113
I have an Ameritrade and Fidelity account. I don't think Fidelity has a huge range of funds, but their app is nice. :spinny:
Fidelity has a nice site for research and reporting. Ameritrade seems to have more indepth analysis tools. They both serve their purpose well enough. Fees are low.
 
kilgore_trout

kilgore_trout

Well-Known Member
Nov 10, 2006
2,190
101
63
Madison, WI
Scottrade strung me along for years promising free dividend reinvesting on stocks. They implemented something akin to it recently but screw them. Happy with Schwab. Lower fees for some of their ETF's than Vanguard (see SCHB, for example).
 
D

Dopey

Well-Known Member
Nov 2, 2009
3,110
1,885
113
Don't understand why you'd go with a TD Ameritrade, Scottrade, etc. and get charged $10/trade. I invest in my Roth IRA twice a month. That's $20/month just to invest, not to mention the front end loads and high expense ratios on some funds.

Vanguard has no fees to trade and offers their own funds with no front end loads and the lowest expense ratios on the market. Compound that savings into your retirement account for 35 years and the difference can be in the magnitude of $500,000 savings.
 
dmclone

dmclone

Well-Known Member
Oct 20, 2006
20,760
4,892
113
50131
Dopey said:
Don't understand why you'd go with a TD Ameritrade, Scottrade, etc. and get charged $10/trade. I invest in my Roth IRA twice a month. That's $20/month just to invest, not to mention the front end loads and high expense ratios on some funds.

Vanguard has no fees to trade and offers their own funds with no front end loads and the lowest expense ratios on the market. Compound that savings into your retirement account for 35 years and the difference can be in the magnitude of $500,000 savings.
Click to expand...


Places like TD Ameritrade also have no fee mutual funds available if that's what you're looking to buy.
 
D

Dopey

Well-Known Member
Nov 2, 2009
3,110
1,885
113
dmclone said:
Places like TD Ameritrade also have no fee mutual funds available if that's what you're looking to buy.
Click to expand...

What does "no fee" mean?

Does it mean no front end load (No 5.75% charge to the mutual fund company)?

Or does it mean no $7.99 (or whatever) trading fee to TD Ameritrade?
 
capitalcityguy

capitalcityguy

Well-Known Member
Jun 14, 2007
8,332
2,124
113
Des Moines
Dopey said:
Don't understand why you'd go with a TD Ameritrade, Scottrade, etc. and get charged $10/trade. I invest in my Roth IRA twice a month. That's $20/month just to invest, not to mention the front end loads and high expense ratios on some funds.

Vanguard has no fees to trade and offers their own funds with no front end loads and the lowest expense ratios on the market. Compound that savings into your retirement account for 35 years and the difference can be in the magnitude of $500,000 savings.
Click to expand...

FWIW, I'm with Scottrade and it isn't $10 a trade, it is $7.99. Note: many mutual funds and ETF's trade at no charge.

Nothing is free in this world. I'll agree Vanguard offers great low priced mutual funds and ETF's. I've got investment in both. That said, there has to be limitations in what Vanguard offers with their brokerage services vs all the other services that charge a fee per trade. Maybe it is limitations on research available? Educational services? Can you trade individual stocks with Vanguard? I'm very pleased with Scottrade and not motivated enough to determine what the differences are at this time. Maybe someone can shed some light but I"m pretty sure it isn't an apples to apples list of services/amenities available when comparing the two.
 
Last edited:
D

DMCYFAN

Member
Nov 27, 2006
243
14
18
Been with Scottrade, never tried any others so hard to say I have a balanced comparison but I'm pretty happy. $7 trades, not as much research and recommendations as some sites (as far as I know) but I'm not really looking for that. They give you tools to compare different mutual funds so I think it's pretty easy to find what you're looking for. I just have a mix of a few different mutual funds but recently gambled and bought some Twitter when it bottomed out a month ago. Not sure if the others people were mentioning let you buy stocks as well with "no fees" but I like the set-up of Scottrade well enough to stick with it.
 
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