My husband and I want to start Roth IRAs. I want a broker because I'm a novice when it comes to investing. The problem is that I don't know enough to determine which broker would be best for us. What broker do you recommend and why?
2006-10-15 11:29:57 · 3 answers · asked by WonderWoman 5 in Business & Finance ➔ Investing
Should I try an online broker?
2006-10-15 11:41:59 · update #1
If you need the advice of a broker, you can still get such a broker and use online services. AG Edwards is a reputable firm, as is Merrill Lynch and the other big names. Edward Jones might be just down the street from you... so you might want to do business locally. Be wary of small firms without a national presence... too many operators are still out there scamming people.
2006-10-15 14:56:05 · answer #1 · answered by Mike S 7 · 0⤊ 0⤋
Well I don't that much about Roth IRA's chances are there are retirement specialists in your area (AG Edwards comes to mind) Banks and some insurance companies do roth IRAs as well. Just ask around town and good luck.
2006-10-15 19:17:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The advice I would give you is to make sure that (a) you feel very comfortable asking all kinds of questions [i.e. not intimidated by him/her] and (b) he is actually on YOUR side.
To ensure point (b), I would make it a point to understand how he/she is compensated. Brokers who collect a fee independent of what you do with your money are the best - because they have no vested interest in getting you to buy their products. Otherwise, you're just dealing with another salesperson.
The other point, is to check their credentials and the associations they belong to. For an idea of questions and credentials you need to ask, check http://www.armstrong-financial.com/HowtoChooseaFinancialPlanner.pdf
If you don't have a lot of money, it might be better to just go to your local bank and see if they offer them.
2006-10-15 20:01:01 · answer #3 · answered by R M 2 · 0⤊ 0⤋