Broker Recommendation for an IRA account

[Raindrop]

Hi,
I do have a trading account with Scottrade but now I need to open an IRA ccount as well. I do not want to open second account with the same broker since I do not want to keep all my eggs in same basket. Small difference in broker commission is not a big factor since there would not be lots of trading, mostly few trades of mutual funds and etf per year.

Can you folks suggest a stable broker, for which there is not much of negative news out there. I do not to be the last one to find out that my broker had issues before it went belly up. Or if everything is equal, if any broker has more effective trading tools than others.

Thanks and happy trading.

[billyjoe]

Charles Schwab seems very stable. Lots of free research info. My son has used them for years with no problems.

------------billy

[Raindrop]

Charles Schwab seems very stable. Lots of free research info. My son has used them for years with no problems.

------------billy

I just checked the Charles Schwab web site and they charge $75 transaction fee(per purchase trade) to buy non-preferred (read third party) Mutual funds. I always had my savings in 401k and did not now that's how brokers clobber the IRA investors. i also checked Fidelity and their rates for mutual funds trades is not any better.

So I guess I have some more research to do here.

[billyjoe]

Raindrop,
I never bought Mutual Funds through any of these brokers. I just assumed they'd be reasonable.

-------------billy

[Skrumpa]

I have 3 IRAs with Fidelity. One of them for 17 years now.

[Raindrop]

I have 3 IRAs with Fidelity. One of them for 17 years now.

Hi there,
What do you think commissions for trading Mutual funds with Fidelity? Do they offer any research on stocks or other nifty members only perks (like access to a certain newsletter or some stock screener)?

Thanks.

[skiracer]

Can't you open an IRA or a Roth on your own without going thru a brokerage house? Why would you want to let someone charge you for losing your money when you can do it own your own.

[Raindrop]

Can't you open an IRA or a Roth on your own without going thru a brokerage house? Why would you want to let someone charge you for losing your money when you can do it own your own.

I have to admit I am bit confused. My understanding is that in order to purchase mutual funds, ETF and stocks for my IRA, I have to have an IRA account (Roth or traditional) with a broker like Scottrade, Schwab MB Trading etc. How can I trade mutual funds & ETF without a brokerage?

If you are reffering to an exchange membership and trade directly with the exchange then I do not have such a big account.

Can you please elaborate on what you said.

[skiracer]

I have to admit I am bit confused. My understanding is that in order to purchase mutual funds, ETF and stocks for my IRA, I have to have an IRA account (Roth or traditional) with a broker like Scottrade, Schwab MB Trading etc. How can I trade mutual funds & ETF without a brokerage?

If you are reffering to an exchange membership and trade directly with the exchange then I do not have such a big account.

Can you please elaborate on what you said.

My question was basically the same as yours. Does anyone need a a brokerage to set up an IRA (Roth or Traditional) for trading/buying any type of Funds or ETFs. I know you can trade/buy ETFs for yourself but it has to be thru a brokerage either online or traditional and the same with Mutual Funds. I have never owned a Mutual Fund but have owned and presently own several ETFs but not in an IRA of any sort. I'm pretty certain that you can set up an IRA for yourself independently to deposit money into and I thought you could do the same for Mutual Funds and ETFs to place into that IRA.
I am of the mindset that you can lose your own money just as easily as having someone charged you for doing it for you. For that singular reason I have never let anyone run my money for me other than having several personal and business checking accounts. I'm pretty sure Doug (ICC) would have the answer to these questions.

[billyjoe]

Raindrop,
I own mutual funds but not through an online account. I do have ETF's in IRA accounts through a discount broker and can buy and sell what I want at no extra charge. Some of my mutual funds are with Vanguard. You can look up their number online. You can redeem funds or buy new funds at no extra fees directly through them. Have them both in IRA and non IRA accounts.

--------------billy

[skiracer]

Raindrop,
I own mutual funds but not through an online account. I do have ETF's in IRA accounts through a discount broker and can buy and sell what I want at no extra charge. Some of my mutual funds are with Vanguard. You can look up their number online. You can redeem funds or buy new funds at no extra fees directly through them. Have them both in IRA and non IRA accounts.

--------------billy

So do you have to set up an IRA thru a brokerage or not?

[riverbabe]

So do you have to set up an IRA thru a brokerage or not?

only if you want to buy and sell stocks in it. You can invest in cd's thru a bank or insurance company. You can buy divi stocks directly from a company and reinvest divis as long as you buy the stock with a bank or other account designated as an IRA account for tax purposes.
What's the fuss about?

[billyjoe]

I would say no. I've redeemed , switched, and bought additional mutual funds in Vanguard without the use of a broker although initial contact with them may have been made by a brokerage over 25 years ago. They merged or were bought out since. I have no contact with the company anymore. It was once called Thomson McKinnon , then Robert Thomas Securities, then somehow morphed into Raymond James. I became independent after one of the switches.

---------------billy

[riverbabe]

I would say no. I've redeemed , switched, and bought additional mutual funds in Vanguard without the use of a broker although initial contact with them may have been made by a brokerage over 25 years ago. They merged or were bought out since. I have no contact with the company anymore. It was once called Thomson McKinnon , then Robert Thomas Securities, then somehow morphed into Raymond James. I became independent after one of the switches.

---------------billy

I think mutual funds are a different animal. Technicaly, aren't they registered brokers who buy and sell in your portfolio and charge you a management fee?
We individuals need access to a broker and an exchange to trade stocks actively ourselves. Apples and oranges billy? Wasn't the original question about finding a different broker?

[skiracer]

only if you want to buy and sell stocks in it. You can invest in cd's thru a bank or insurance company. You can buy divi stocks directly from a company and reinvest divis as long as you buy the stock with a bank or other account designated as an IRA account for tax purposes.
What's the fuss about?

I'm still not sure my original question has been answered. Must an IRA, either Roth or regular IRA, be set up and held in a brokerage's name or acct. Haven't heard much from you here lately River. Are you hiding out! Hope you are ok and being a good girl.