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Owning more than one mutual fund in your IRA is usually a decent diversification strategy. You do not necessarily have to split your IRA to do that. You merely need to find a custodian for your IRA that will accommodate both funds (or all the funds you may eventually want to own).

Brokerage accounts will often allow a mix of mutual funds and stocks, but you need to be careful which ones are allowed. Some charge fees for mutual fund transactions. Most have lists of funds that are free of those charges.

There can be good reasons to split an IRA account. For example it can be one way to take care of multiple groups of heirs in your estate planning. But it can also make more paperwork and sometimes extra fees.
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