Originally Posted by inquisitive
So I think I'm going to go with the Wells Fargo PMA deal. Does anyone know if the $25,000 includes Roth IRA investments? If I transfer that I will be over the limit.
Yes, your Roth IRA counts toward the $25K requirement.
If I have my paycheck go automatically into some kind of investment, can I write checks on this account and have it sell whatever I'm invested in, or do I need to sell the investment and then write checks? I've realized that I always have a few thousand that is sitting and either making nothing in a checking account or a small amount in a savings account. Would like to put this toward something useful but also be able to write checks on it.
I do not think you can have your paycheck go automatically into some kind of investment. You can have your paycheck automatically direct-deposited into your WellsFargo PMA checking account. It is a full-fledged checking account, so you can write all the checks you want. Paper checks are free. It is not an investment account.
You can transfer money from checking to your WellsTrade brokerage account online. You may be able to contact WellsTrade and get a form to fill out to do automatic investing into a mutual fund like a Vanguard short-term bond fund. The transfers would then happen automatically. I doubt you could then write checks on the bond fund.
However, you could still do WellsFargo PMA (or any other bank checking account), you could then open yet another account at Vanguard. You could have Vanguard pull money from your checking account automatically and use it to invest in a short-term bond fund. Vanguard has check-writing on many of its short-term bond funds.
For myself, I am at the stage where I do not want anything but my 401(k) contributions to happen automatically. I want control and do transfers manually when I want to. I keep about 2 weeks worth of expenses in my checking account and the rest I manually transfer elsewhere to invest.