No. of Recommendations: 1
I've also looked into buying a fund directly from Vanguard or Fidelity, but neither of them handles SIMPLE IRAs unless my employer names them as the "designated financial institution" and locks all employees in to that company.

I was not aware that a typical SIMPLE-IRA allowed each participant to select a different broker. Earlier this year, I looked into the SIMPLE-IRA from Vanguard and Fidelity and convinced my employer to establish a plan with Vanguard.

If you are thinking of using a Vanguard fund but cannot invest directly with Vanguard, you may want to look into Scottrade. There are many people I have encountered on these boards that use them and seem to be quite pleased. You will not pay any commissions for purchasing the Vanguard funds (at least that is the case with VFINX and VTSMX). In addition, I believe you will avoid some of the account fees and low-balance fees imposed by Vanguard.

FWIW, I have my SIMPLE-IRA with Vanguard and am investing in the Total Stock Market Index Fund. It is all on auto-pilot and the contributions are made every payday and deposited into my Vanguard account.

Hope that helps....

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