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Greetings, Quinapalus, and welcome.

<<Two questions:

Does anyone know of a discount broker that will let me setup a 403(b) account? Schwab won't and I spoke to Smith Barney and they want 1.75% per trade if I do the Dow Dividend Approach.I'd have to open a unit trust to do that. What is a unit trust?>>

A unit trust is a vehicle that invests in a fixed portfolio of securities. You buy a share of that portfolio and must hold that share until the trust expires, anywhere from six months or many years later. It is similar to a mutual fund, but the shares you own in the trust are not readily marketable for the most part.

As to your 403b account, I can't tell from your question what you are trying to do. However, both Vanguard and Fidelity accept 403b accounts in something called a 403b(7) arrangement. Also, you should be aware that with a 403b your investments are limited to just two things: annuities and/or mutual funds. Individual stocks don't qualify (and neither do unit trusts to my knowledge). If you want to use a Dow strategy, you'll have to wait until you can transfer the money to an IRA to do that. That option is available when you leave the employer sponsoring the 403b when you quit or retire.

Regards….Pixy
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