Hi everyone,
Looking for a little guidance regarding opening a Roth IRA.
Currently I have an investment account with Schwab that was opened when I was in college (3 years ago) but it is just a regular brokerage account. Additionally since graduating and working full time starting about 10 months ago I now have a 401(k) through work that is managed by Fidelity.
I was looking to open a Roth IRA and was planning to invest in (VTSAX) until I realized that account has a minimum 10,000 investment so the plan then became to invest in the ETF version of it (VTI).
My question lies in who to run the Roth IRA through. I would like to minimize the number of brokers, and I may not be understanding fully, but it looks like there would be about a $8 fee each time you dumped money into Schwab and Fidelity to add to the pot. Does Vanguard charge such a fee? I couldn't find a answer one way or the other on their site. While $8 isn't a lot of money, if you wanted to dump in an extra $100 at the end of the month because it was left in your checking account nearly 10% of your addition would be eaten up by fees, ouch!
Am I missing something here? Is this just the way it is and you got to deal with it by building up a bigger chunk of cash before adding it to the pot so that the fee isn't nearly 10% but is more like a 2% fee when you dump say $500 or more in?
Thanks everyone