I'm new to the message board. Since I am a PhD student and don't have much money to invest, I am interested in direct investment plans, ideally through a Roth IRA. However, I am having trouble finding any banks or credit unions that offer custodial services of a self directed Roth IRA to allow me to purchase directly. Am I making any sense and does anyone have any advice? Steph
I think this is what is happening:1) You want to buy stocks or stock mutual funds.2) The banks and credit unions don't really offer access to these as this is a bit out of their league, although they likely know someone that could help.My suggestion would be to look for either a mutual fund company or discount broker that has what it is you want.JBPS - My Roth is with Vanguard, fyi.
<< However, I am having trouble finding any banks or credit unions that offer custodial services of a self directed Roth IRA to allow me to purchase directly. Am I making any sense and does anyone have any advice? >>Yes and yes. If you want to invest in stocks, you're going to need a broker as your IRA custodian. For help in selecting one, visit TMF's Discount Brokerage Center. There's a link on your "My Fool" page.TMF ExROPhil Marti
If you set up an IRA with a bank or a credit union, they will sell you CDs to put in it. To have a self-directed Roth, you need an account with a mutual fund company or a discount broker. I'd suggest start with Vanguard and select from their mutual funds to begin your Roth; when the account is built up to $10000 or so, consider switching to individual stocks. Welcome to investing! Best wishes, Chris
Excellent idea,self directed fund. Open one with online broker, E trade dosn"t charge a fee for the service,so I am told.lol
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