1

My husband has a rollover IRA and is being charged annual administrative fees of 1.94%. Is this too much?

  • 2
    Fidelity and Vanguard have 0% fees. What are you getting for the 1.94%? – Pete B. Nov 14 '16 at 15:26
  • Think about 1.94% in terms of how much of the gain in the IRA is being lost just to fees. If the return it provides is 6% (as an example), that means you're giving up almost a third of your gains for essentially nothing. I'd search for a different manager, such as Fidelity or Vanguard, as @Pete suggests. Not all of them charge fees. – Daniel Anderson Nov 14 '16 at 16:07
  • what type of funds is the IRA invested in? Active? Index? sector?... – mhoran_psprep Nov 14 '16 at 16:08
  • 3
    1.94% should be criminal. – Joe Nov 14 '16 at 16:26
  • ? No idea what this means. $70,000 that is proposed to be put in a multiple strategy ACCount, Profile 3, Moderate. If we do not make a move we will run out of retirement income. 60% in Core Markets, 40% in Diversifying strategies-Bonds and bond alternative. WE put our faith in Invest Financial Corportation, Syracuse, NY and thought they were looking out for us. – B george Nov 15 '16 at 22:43
1

I found a large US company that provides this service that has a $20 annual fee, but only if the account is less that $10,000. Above that there is no fee. There are other large asset managers that have similar fee structures. A 1.94% fee is borderline criminal in my estimation.

(Company not named so an not to be an ad.)

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.