When it comes to retirement planning, a Roth IRA can be a great way to save for the future. But with so many options available, it can be difficult to decide which one is best for you. Fidelity Go, Schwab Smart Portfolios, Charles Schwab, SoFi Automated Investing, Merrill Edge, Wealthfront, and M1 Finance are all popular choices for Roth IRA accounts. Each of these providers offers different features and benefits that can help you make the most of your retirement savings. Fidelity Go is ideal for beginner investors who want a hands-off approach.
As a customer, you may be eligible to receive bonuses on other SoFi products. Charles Schwab offers a robust platform for Roth IRA account holders with a variety of investment options, trading tools, and portfolio management options. Schwab is particularly notable for its extensive ETF evaluation capabilities, including more than 150 filtering capabilities that also incorporate socially responsible investing (SRI) selections. Smart Portfolios are also available if you prefer to have a less practical investment management strategy. Merrill Edge has a strong mix of investment tools and educational material focused on retirement planning.
The Retirement Evaluator and Portfolio History tools combine a long-term planning perspective with a detailed portfolio analysis so you can get a better idea of your retirement readiness. Merrill Edge also offers you a range of portfolio strategy options that you can use to achieve your retirement goals. Within the platform, you can take advantage of self-guided investments, financial advisors or portfolio strategies managed by robo-advisor. Wealthfront stands out among Roth IRA holders due to its superior goal tracking, integration features and digital planning tools. Retirement-driven investors will especially appreciate Wealthfront's use of third-party data and robust account integration features that give you a fuller understanding of your retirement landscape.
The Wealthfront dashboard makes it easy to understand if you're on track to meet your retirement goals. Wealthfront is also committed to further improving, streamlining and simplifying the financial planning process with tools such as Path and Self-Driving Money. M1 Finance has created an innovative platform that allows you to manage your money comprehensively. Not only will you have access to save, spend and borrow products, but you'll also be able to take advantage of a unique investment management solution that supports extensive portfolio customization while also putting management strategy on autopilot. The ability to adapt and automate allows retirement savers to invest according to their preferences while providing peace of mind. Wealthfront is one of the leading independent robo-advisors, and it brings a lot to the table for investors looking for someone to do the investment work for them.
Wealthfront chooses investments based on risk tolerance and time to retirement from investments in 11 asset classes, giving you a wide variety of funds and increasing your diversification which can reduce your risk. In addition to choosing your investments, Wealthfront also offers some important tools including a robust financial planner that can help you keep track of all your assets in one place. Betterment is a robo-advisor who does all the heavy lifting, selects the right investments, diversifying the portfolio and allocating funds so you can focus on something else. Betterment Digital manages its investments from a selection of around a dozen exchange-traded funds and collects only 0.25 percent of its assets annually. You'll get automatic rebalancing to keep your portfolio in line with your target allocation, automated tax loss collection (which only applies to taxable accounts), and access to financial advisors via in-app messaging. Interactive Brokers does everything traders and professionals need with high quality.
It excels in global trading and reach, fast execution and its advanced trading platforms. Interactive Brokers also does surprisingly well in mutual funds offering more than 17,000 with no transaction fee (including over $4,000 USD). In addition, the company offers a “lite” version of its service which does not charge commissions on stocks or ETFs. On Ally Invest's secure website low fees, no account minimums, and over 100 fee-free ETFs make Ally an attractive place to park your IRA funds although it doesn't offer mutual funds with no transaction fees. SoFi stands out for its simple IRA setup process and low fees plus a host of other products at your fingertips. SoFi makes it easy to convert pre-tax retirement accounts such as traditional IRAs into Roth IRAs directly on the platform. No matter which provider you choose for your Roth IRA account, it's important to do your research before making any decisions.
Consider factors such as fees, investment options, customer service support and other features that are important to you when making your decision.
