I'm looking to roll a 401K from my first job into an online IRA account, and was wondering if folks could share their recommendations for an online IRA... Etrade, Ameritrade, etc etc...Any thoughts? Good or bad experiences?Thanks!
I'm looking to roll a 401K from my first job into an online IRA account, and was wondering if folks could share their recommendations for an online IRA... Etrade, Ameritrade, etc etc...Any thoughts? Good or bad experiences?This is just my humble opinion but if you are planning to invest in a particular family of funds, and stay within that family, I would invest directly with that company. For instance, I opened an IRA directly with Vanguard because I plan to keep that money in Vanguard funds.If you plan on dabbling in some stocks and index funds and whatever else, I would suggest Scottrade. They have received very positive feedback here, although I personally do not have any experience with them.Right now I still have an account at E*Trade that has been sitting idle and I will most likely close. I am thinking of going with Scottrade for that account and keeping Vanguard for my IRAs.As a recap, if you want to dabble in a variety of funds I would go with Scottrade. If you will stay within one fund family such as Vanguard, Fidelity or TIAA-CREF, then I would open an account with them directly although you could still use Scottrade and then have the flexibility.Hope that helps.dt
Aznred, I just did the same thing. I had a 401k from a previous employer that when I left that job, I rolled over into a traditional IRA. It has been sitting there for four years. Now that I know what I am doing, I rolled that traditional IRA over into a ROTH through Ameritrade. Obviously I will have to claim this as income, but I feel like it will be much more beneficial to use the money investing in stocks rather than sitting there in mutual funds. I believe I will be able to make up that money that I will have to claim as income in the long haul. My point is, Ameritrade was very, very helpful through all of this. I had to call a few times, and everything went very smooth. I cannot say anything negative about ScotTrade, as I also wanted an individual account, but wanted to start of small, so I opened up an account with ScotTrade as well. They too, have been helpful. I hope this helps some.
First, I read up on portfolio theory....the following books come to mind1) Four Pillars of Investing, by Bernstein...very highly recommended (2000) - only one edition out2) Bogle on Mutual funds3) Gibson - Asset Allocation (1998) - only one edition out4) Malkiel, A Random Walk Down Wall Street, 2000 or later pub dateBy then, you'll be totally convinced to be in index funds...And the lowest cost index funds are at Vanguard.You can download the forms from www.vanguard.com for an IRA rollover, send them in to Vanguard, and look at the status/value of your investments on line. If you want to be 'trading' stocks in your IRA, start at top of page and read again.
Agree with dt. Vanguard if you're sure you don't want to fiddle with individual stocks, Scottrade otherwise. And keep investing.Nick
Scottrade.FuskieWho does not need to say anymore...
Thanks for all the feedback, people. I think I'm going to go with Scottrade. I'm actually looking to do some stock investing with the IRA.Motley Fool has the best discussion boards, bar none... Thanks!Aznred
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