Need a broker for my Roth IRA

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lonewolf63afo

Veteran X
First off, it is great that this forum has finally been created. I hope it gets enough traffic to stay viable.

Anyways, right now I have a Roth IRA with PNC Bank. I'll admit that I chose PNC without doing any homework whatsoever. I have a CC, bank account, money mkt, etc with PNC so I figured I might as well open an IRA with them.

In hindsight it was a shitty move. Since them I've become a little more enlightened regarding investments and I realized the following truths:

1.) The financial advisor was lousy
2.) The financial advisors are tough to get a hold of
3.) Making a deposit/purchase with PNC was fucking impossible and they had no on line transfers or anything like that.
4.) The funds they offered a.) performed crappily and b.) have really high front loads.

I have an equities account open at optionshouse.com, but that's more for my own speculation and my own ideas. The IRA is more for my retirment, so I'd prefer to have some advice/structure/insight from another party. I can handle an annual fee as long as i feel like im getting my money's worth. That isnt the case with PNC at this point.

Do any of you dudes still use a broker, and if so, with who? And why that broker?
 
i don't have a financial advisor, but i can recommend vanguard as a good online brokerage firm to go through. they have low fees on their funds and offer a great deal of options.
 
Hmm since this is a Roth IRA I recommend buying a low load age targeted mutual fund. TBH IRA's shouldn't be traded willy nilly since you're going to get beat on commissions. Also in an IRA you're not going to get whacked with any cap gains taxes when they move funds around in fund. Also the main reason is that these funds do something that most of us don't, asset allocation.

Find a fund manager that is cheap like Vanguard and just open up an Roth IRA with them. Drop in your annual contribution and go play in your other account. I wish I could keep contributing to my Roth. The tax advantages are pretty awesome. Traditional IRA's are ok but at the point you can't do a Roth the small 5k deduction is sorta pointless :(
 
when i was at Lehman we forced to use Fidelity, i havent rolled any of my money into my new merryl one because I liked the investment options/easy service of it, id recommend it. Merryl isnt to shabby either.
 
lonewolf63afo said:
Did you ever meet with one of their advisors? And if so, how did it go?
Click to expand...

Only to open the account. I think scottrade has you pay more fees if you wish to use an advisor, it's probably not the route to go if you need to talk to an advisor since that's not really their thing. Though I have no experience with them, I think a place like charles schwab is probably closer to what you are looking for.
 
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