Will I pay additional fees if I set up my Roth through my financial advisor (I currently have a 403b set up)? I have a small traditional IRA at the credit union, savings, and checking account.
2006-07-30 10:44:25 · 7 answers · asked by l8rt8r 1 in Business & Finance ➔ Investing
You should be able to compare the fees.
Credit Unions traditionally have lower fees then financial advisors.
Ask yourself:
1. do I need financial advice? Then go to your financial advisor
2. Does my credit union offer financial advice? Is it as good as my financial advisor?
If you don't need advice go with the credit union.
Fees are not really that big of a deal. The important thing is that you are saving for your retirement.
2006-07-30 10:57:20 · answer #1 · answered by Honest and fair 3 · 0⤊ 0⤋
Financial Advisors may typically suggest more risk based investments, such as mutual funds or stocks. Most credit unions, especially if small in size, will only use investments in savings accounts. Additionally, a Financial Advisor will probably charge you a fee for their services, versus a credit union which will charge very little, but more often, nothing. The ultimate choice may be based on who will give you the best rate, and you should be able to easily compare that. Something else to keep in mind, is convienence. For example, will you want to always have to go through your advisor, and would you want to have all your funds in one institution for easy access? Some of these points make credit unions a better choice, but again, the rates will make the choice much easier.
2006-07-30 11:46:08 · answer #2 · answered by ShouldBeWorking 6 · 0⤊ 0⤋
Most of the time, any finacial institution like your credit union will have someone around that helps with investing. Traditionally, credit union do have lower fees on these kinds of things, but the financial advisor may have more experience.
I'd take a half hour to sit and talk with each one to personally feel for their strienghts and weaknesses. Saving $50 on fees per year doesn't make much sense if your lossing 5% interest from better management.
2006-07-30 11:26:11 · answer #3 · answered by TJS 2 · 0⤊ 0⤋
Banks and insurance companies are traditionally the worst places to go for investment advise.
You're best off by spending a year on reading about investments and retirement planning. You can do very well and avoid the high costs of financial advisers.
Having said that..... if you must pay someone to do this.... check out at least 3 different advisers. Don't use anyone you find in this forum or direct referrals found here.
BTW: Credit Unions charge the same rates for Mutual Funds as do advisers. Many sell "variable annuities" which are the biggest rip off in the investment community. Credit Unions are at the lowest rung of the banking investment ladder.
2006-07-31 00:26:48 · answer #4 · answered by Common Sense 7 · 0⤊ 0⤋
Most Credit Unions do not charge for IRA or Roth's if funds are held in a Share Certificate.
2006-07-30 11:26:32 · answer #5 · answered by John H 4 · 0⤊ 0⤋
Yep with the aid of fact this is untaxed funds ought to pay tax whenever you're taking the funds out--no count if in retirement or now maximum of what you "heard" is oftentimes incorrect you have got the two a usual and Roth IRA at comparable time, could make sturdy experience
2016-10-08 12:19:38 · answer #6 · answered by ? 4 · 0⤊ 0⤋
credit unions will charge less fees & get you same return on investment
2006-07-30 12:25:30 · answer #7 · answered by Dwight D J 5 · 0⤊ 0⤋