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Where to Invest a Roth IRA
Old 09-08-2004, 05:30 AM   #1
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Where to Invest a Roth IRA

My taxanble and IRA accounts are currently with Schwab Institutional, Fidelity and Ameritrade. I am going to open Roth accounts for wife and I and thought I should consider another custodian and perhaps have some other research available as well as less restrictive policies with mutual funds and low cost. Ameritrade is not restrictive other than charging $17.00 to buy or sell any mutual fund. Perhaps they would be the best place but research not particlarly good.

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Re: Where to Invest a Roth IRA
Old 09-08-2004, 11:52 AM   #2
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Re: Where to Invest a Roth IRA

I didnt enjoy my ameritrade experience. Their electronic reporting of trades and transactions (to quicken) was frequently incorrect and buggy. I reported these problems to them over an 18 month period. The tech folks there promised and promised to resolve them. They never did.

When I left and took all my money away, they did offer me lots of free trades.

However they twice ignored my demand to delete my acccount, I suppose to inflate their "# of customer" figures. Both times when I called they assured me nobody could ever gain access to an account there. Sorry, but not only am I quite familiar with both how and how frequently such things happen, I'm a big believer in doing what your customer asks you to do, not what you want to do. After my third call they finally made it go away.

When I called the SEC to let them know about the reporting flaws, Ameritrade's response to them (with an inch of paper behind it displaying all of my transactions with them, which I didnt authorize them to release and which were not pertinent to the topic) was that nowhere do they claim that their electronic reporting is accurate, and that their customers are advised to keep their own records. Swell.

I'm sure thats a lot easier than just acknowledging you have some problems and fixing them. :
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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