Ask Terry Questions IRA rollover account monthly fees

IRA rollover account monthly fees

By Terry Savage on May 16, 2024 |

Hi Terry. I have an Ameriprise Financial IRA rollover account that is a managed brokerage account. I speak with the financial planner about once a year. I’m being charged around1% of the account balance as a monthly maintenance fee. I was wondering if this is an average cost for this type of account? Thanks.

Terry Says

I would do a direct rollover to Fidelity or Vanguard, where the fees are significantly lower!  If you have to sell the stocks/funds, there is no tax implication — since it is inside an IRA, and eventually all the money will come out taxed as ordinary income anyway.

Just make sure you do a direct rollover.  Read this:  Rollover Now – Terry Savage

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