No. of Recommendations: 0
Is this a typical fee? How can she set up a ROTH IRA with direct monthly deposits that is automatically invested in mutual funds of her choice without paying this financial advisor to do nothing more than a bit of paperwork and cheerleading?

Maybe if you use a financial advisor. Personally I wouldn't pay it.

Pretty easily once she has the minimum for some funds. Some of the popular funds have a $1K minimum for IRAs but there can be annual fees until you reach a certain level. I'd look around - Vanguard, T Rowe Price are 2 places I can think to look at the moment. There used to be a site with mutual funds with low minimums but I haven't looked for it for a couple of years but I'll see if I can come up with it(if it still exists).

Another option is ETFs bought through a discount brokerage which may be a cheaper way to start.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.