IRA rollover account monthly fees
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
