Who Do I Talk To About Opening An IRA?

Opening an IRA requires many decisions. From choosing between brokerage or robo-advisor platforms and selecting investments such as stocks, bonds and exchange-traded funds (ETFs), to selecting brokerage vs robo advisor services versus investing directly with companies directly.

Dependent upon when you plan to retire, investing in riskier assets with higher returns may be worthwhile. Consulting a financial professional will enable you to understand all available options and make sound decisions.


IRAs can be invested in an assortment of assets, such as stocks, bonds, mutual funds and exchange-traded funds. Your choice will depend on your goals, risk tolerance and investing timeline; some options offer greater potential earnings while others have lower growth and earning potential.

Your options for opening an Individual Retirement Account (IRA) include banks, online brokers and robo-advisors. When selecting the provider you should take into account annual management fees, minimum investments, customer service options and reputation/financial strength as key criteria in choosing one of them.

No matter if it be from a bank, broker, or robo-advisor; invest in low-cost investments that match your needs. Remember that your contributions may be tax-deductible; however, any investment income earned will require taxes to be paid. To reduce taxable withdrawals as much as possible it is wise to diversify and hold onto IRA investments long-term.


An Individual Retirement Account, or IRA, is a popular retirement savings vehicle that enables investors to invest in stocks, bonds, mutual funds and exchange-traded funds (ETFs). You typically won’t have to pay taxes until it comes time to withdraw the contributions during retirement – which makes IRAs attractive choices for many people. But it is essential to understand their rules – such as contribution limits and deductibility.

To open an IRA, you’ll need to select a broker or robo-advisor and provide them with your legal name, address, Social Security number, employer information and other pertinent details. Some providers even offer online applications to get you up and running quickly. Depending on your preferences, working with a financial advisor could also help create long-term investment plans as well as selecting investments. You may be able to switch providers at any time; transfer forms may be found online or from customer representatives.

Account options

Investors with IRAs have access to various investment opportunities, such as mutual funds and exchange-traded funds (ETFs), that vary in terms of risk level while offering tax advantages. Furthermore, an IRA may hold multiple types of assets like real estate and private equity investments.

Individuals looking for an easier investment experience should choose an online broker or robo-advisor that has low or no minimum investment and fair trading fees as an IRA provider; some IRA providers even offer investment management services that can help generate impressive returns.

The IRS provides specific rules regarding contribution limits, income and age restrictions, required minimum distributions and more. Working with a financial professional is the key to understanding these rules and selecting an IRA suitable to your circumstances. SmartAsset’s free tool connects you with pre-vetted advisors serving your area so you can interview each one without incurring costs before selecting your ideal advisor – then use that IRA to build long-term savings and meet retirement goals!


Fees associated with opening an IRA can quickly add up and threaten your returns over time. Before opening one, make sure that you fully comprehend all associated costs – account maintenance fees, trading securities fees and any investment expenses as well as potential penalties that could occur.

Your most significant fees associated with investing will relate to mutual funds and exchange-traded funds (ETFs), such as management and sales fees. Investors should seek low-cost options that have low expense ratios when selecting investments for their IRA.

No matter if you open an IRA via brokerage or robo-advisor, it is essential that all fees charged be considered carefully. Selecting an IRA with low or no fees will maximize the amount that can be invested while giving you more freedom when selecting investments that best meet your goals and risk profile – such as stocks, bonds or CDs.

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