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+--- Thread: another investing question - which online brokerage to use?? Schwab, Fidelity, Vanguard, T-Rowe Price, TIAA-CREF? (/showthread.php?tid=33629)
another investing question - which online brokerage to use?? Schwab, Fidelity, Vanguard, T-Rowe Price, TIAA-CREF? - clay - 05-22-2007
I'm already doing some piecemeal investing at a couple of different brokerages, and have a ROTH IRA at my bank and an online savings account, etc. Since I do some contracting on the side, I'm looking at ways to reduce my taxable income so I don't have to pay out the wazoo on self-employment tax, like I have the past couple of years.
I've decided to setup an SEP IRA, and after doing some research, it seems like all the big brokerages that I've looked into have options for that type of account, so I'm considering starting to consolidate my investments/retirement planning into one brokerage so things are a little easier to manage.
There are, however, lots of apparently good options for brokerages, and I can't decide which is going to be the best fit, 'cause they all seem very similar. Between those listed below, are there ones that anyone here would suggest I stay away from or ones that would be good to use? I don't like fees, but that is probably unavoidable, but beyond that, I don't have much preference. Here they be:
Schwab
Fidelity
Vanguard
T-Rowe Price
TIAA-CREF
Any suggestions or personal experience that anyone wants to share?
Re: another investing question - which online brokerage to use?? Schwab, Fidelity, Vanguard, T-Rowe Price, TIAA-CREF? - Fred_Also - 05-22-2007
I use T Rowe Price for an IRA rollover and a personal account. I haven't used their brokerage service. I keep everything in their higher yield mutual funds, Their funds are no load. The expense ratio for most of their funds are well below 1%.
Also make sure you select a fund that has a long track record (T. Rowe or others). You want a fund that has earned at least 10% for the last 5 years - even better is one that has a 10 year record.
I've had an account with them for about 15 years and am satisfied with their service and performance.
Your Mileage May Vary
Fred Also
Re: another investing question - which online brokerage to use?? Schwab, Fidelity, Vanguard, T-Rowe Price, TIAA-CREF? - bhaveshp - 05-22-2007
I have accounts at Fidelity including company 401k. Very good service and great range of NTF mutual funds and fee ($50) mutual funds. I happen to like a number of Fidelity funds so that works out nicely. $10 stock trades and a clean website also.
Bonus perks: free checking, bill pay, ~5% sweep MMF, 1.5% cash rebate Fidelity visa.
Re: another investing question - which online brokerage to use?? Schwab, Fidelity, Vanguard, T-Rowe Price, TIAA-CREF? - chas_m - 05-22-2007
Vanguard has just unbelievably high ratings and earnings compared to the other firms. I am currently with Schwab (which has been a good but low-key experience so far) but will be moving to Vanguard at the end of the year, mostly on the strength of unsolicited testimonials from people I meet.
Re: another investing question - which online brokerage to use?? Schwab, Fidelity, Vanguard, T-Rowe Price, TIAA-CREF? - Ombligo - 05-22-2007
I've been with Vanguard for about 5 years and have been very satisfied. They have both my personal IRA's and company 401k funds. I'm getting ready to set up anon-retirement fund and will use them as well.
Re: another investing question - which online brokerage to use?? Schwab, Fidelity, Vanguard, T-Rowe Price, TIAA-CREF? - tortoise - 05-22-2007
I have been with Vanguard over 15 years and find their services are excellent. I have a plethora of different IRA accounts accumulated over the years as well as a brokerage account that I actively trade in. When I started with them I had absolutely no experience and they were always patient and helpful despite my lack of experience. They even helped me correct dumb rookie mistakes I committed in the first few years, without making me fell like an idiot, they are always helpful and willing to teach you how to become a better investor. Their web site is well designed and easy to use and offers many options for viewing the performance of your investments in total and individually. Their staff is well informed and eager to help investors regardless of experience level. As a bonus once you accumulate $250K in total investments you are automatically granted membership in another area of their services that will provide even shorter hold times on the telephone and they are staffed by senior representatives with more experience. In the final analysis it is all about service and return on investment, as outlined above the service is excellent and my overall return has averaged 16% for the past 15 years so I am more than happy with Vanguard on all points.