“Maximize Your Retirement Savings: Tips for Picking an IRA Provider”

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# How to Choose the Best IRA Provider

## Know Your Options

When it comes to opening an Individual Retirement Account (IRA), you have several options. You can choose from a brokerage, robo-advisor, investment company, bank, or credit union. Each option has its own set of advantages and disadvantages.

### Brokerages
A brokerage acts as a middleman between you and the investments you want to purchase. With a brokerage IRA, you can choose from a wide range of investments, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). This option offers a high level of flexibility, ideal for those who want to take an active role in investing.

### Robo-Advisors
A robo-advisor is a digital platform that offers automated portfolio advice based on your age, assets, and investing goals. It creates and manages your portfolio for a fraction of the cost of a human financial advisor.

### Investment Companies
Investment companies issue and invest in securities. For IRA investors, mutual fund companies are a common example. When you open an IRA with a mutual fund company, you’re focusing your investments on a “family” of investments.

### Banks and Credit Unions
Banks and credit unions may offer IRA CDs and/or IRA money market accounts. These function much like their non-retirement counterparts but come with the tax advantages and restrictions of an IRA. They may also have investment advisors on staff and partner with investment companies or brokerages to offer additional investment options.

## Think Through Your Investment Goals

Consider your investment goals before choosing an IRA provider. If you prefer a wide range of investment choices, a brokerage account might be the best option. If you want a safe, stable place to keep your money, consider a credit union or bank with a great certificate of deposit (CD) rate. For non-traditional investments like private equity, real estate, or cryptocurrencies, look for a financial institution that offers self-directed IRAs (SDIRAs).

## Gauge Your Need for Advice

### Do It Yourself
If you’re comfortable managing your own portfolio, you can choose an IRA that doesn’t come with advisory services. Brokerage accounts, bank accounts, and SDIRAs are meant to be self-managed, but you can usually get some form of help through a designated contact, phone representative, live text chat, or email.

### Dedicated Help
Traditional brokerage accounts often include access to a dedicated advisor who can manage your portfolio. However, this level of service usually requires a minimum level of assets and comes with management fees.

### Something in Between
Robo-advisors offer expert insights but limited human interaction. Some robo-advisors provide limited access to live investment advice, offering a middle ground between self-management and full-time portfolio management.

## Add Up Fees and Commissions

Fees and commissions can eat into your investment returns. Compare the cost of account fees, transfer fees, advisor fees, fund management fees, and any other expenses associated with your account. Your brokerage should provide a client relationship summary that outlines the fees and costs you can expect.

## Find a Provider You Trust

Before choosing an IRA provider, do some due diligence. Look at their track record and review their performance over the past year, five years, ten years, and beyond. Check their background using online search tools from FINRA’s Broker Check site and the SEC. Ask about insurance that covers your account if your provider goes out of business.

## Check Your Gut

Finally, consider which options feel intuitive to you. If you have an established relationship with a brokerage or bank, adding an IRA might feel like a natural next step. Ensure that the provider offers good customer service and online tools that make it easy to manage your account.

## The Bottom Line

Choosing a provider is just one step in the process of opening an IRA. If you decide to change providers later, you can typically do so with relatively little hassle. Just be sure to follow IRS guidelines for IRA rollovers to avoid early withdrawal penalties and taxes.

If you’re new to investing, starting an IRA is a great opportunity to learn the basics, think about your retirement savings goals, and find new ways to save more.

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