Brokerage Firms, Mutual Fund Fees

[Iggy]

As of January 3rd, Scottrade (the broker I use right now) begins charging $17 to buy or sell mutual funds; including T. Rowe Price, Vanguard, and Third Avenue (the three companies I have funds in).

For someone that puts money into his account whenever he gets it, and most of that goes to mutual funds, does anyone know of a better brokerage that doesn't charge this fee. I tend to like to invest the money once it is in the account, and don't want to have to wait until I have $XXXX.00 saved up to get that money working.

[df21084]

Why not open accounts with Vanguard and T Rowe directly. I know you can set up an automatic investment plan with Vanguard (min $50). Vanguard also offers direct deposit. Third Avenue has an automatic investment plan too. I would think T Rowe would offer a similar service.

I don't know what account maintenance fees, if any, there would be. But I think that paying $17 for no-load mutual funds is a big huge ripoff. So just deal direct.

I hope this helps. Happy new year.

[mxa]

Brokerage Firms, Mutual Fund Fees

I am very happy going direct with Vanguard for a portion of my invetments.
They have never charged me a fee for buying/selling.

[df21084]

I am very happy going direct with Vanguard for a portion of my invetments.
They have never charged me a fee for buying/selling.

I don't know if Iggy's investments are in an IRA or not, but I believe Vanguard charges an IRA maintenance fee for accounts that fall below a certain dollar level. It's probably not much though.

Of course, a phone call to Vanguard or T. Rowe Price would answer Iggy's questions rather accurately.

Regards.