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How to go about buying an index fund and putting into my Roth without a broker,is this possible? |
the reason I ask is that I opended a Roth Ira last year through Chase bank and the broker there put me in a mutual fund that he thought would be best for me.It is a front-end load with comission,I think,franklin templeton ticker sym (ffalx).Still ignorant but learning that they (chase bank) makes more money this way.I'm looking at vanguard total stock market index fund for no-load low cost fund that would benefit me more than the bank,or would the bank broker buy this for me for a fee? Go to the Vanguard site and they will explain how to open an account. You don't need a broker. Besides Vanguard and Zecco, I'd also take a look at Fidelity, Scottrade, and T Rowe Price. While Zecco charges a $30 fee, they offer free trades, thus it can really become the best deal after 5 years of maxing out the Roth account. Open a Roth IRA with Vanguard and transfer the assets in your Chase Bank account to Vanguard, with no tax consequences. Vanguard can help with the details. Make sure that you do a direct transfer from Chase to Vanguard. If you cash out your Chase Bank account, there could be negative tax consequences. You got taken by Chase. Never buy a load fund. Transfer your IRA to Vanguard and you can have your pick of any of their no-load funds. |
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