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This is specialized, but you never know:
As I've mentioned on these forums before, I intend to exploit the new 2010 rules about IRA conversions to open an IRA, immediately convert to a Roth, buy a couple of index ETFs, then do the same thing again next year. I want a discount brokerage so I can rebalance periodically (once a year?) without incurring too many transaction costs.
I thought tradeking would be a good choice, but they charge $50 to convert from a traditional IRA to a Roth. Because I can't open a Roth IRA directly, I'd effectively be paying a 1% fee and then I would get access to their discounted trades. Not a huge deal, but unpleasant. Are there any online brokers that have good rates and don't charge such a conversion fee? It might make sense to bite the bullet and just pay the one time fee, but I'd like to know if there's a better option out there.
EDIT: As is always the way, as soon as I asked for help, I figured it out on my own. Firstrade has slightly higher rates than tradeking, but they don't charge any fee for IRA->Roth Conversion according to their online representative. Now all I have to do is scare up the cash by April 15.
As I've mentioned on these forums before, I intend to exploit the new 2010 rules about IRA conversions to open an IRA, immediately convert to a Roth, buy a couple of index ETFs, then do the same thing again next year. I want a discount brokerage so I can rebalance periodically (once a year?) without incurring too many transaction costs.
I thought tradeking would be a good choice, but they charge $50 to convert from a traditional IRA to a Roth. Because I can't open a Roth IRA directly, I'd effectively be paying a 1% fee and then I would get access to their discounted trades. Not a huge deal, but unpleasant. Are there any online brokers that have good rates and don't charge such a conversion fee? It might make sense to bite the bullet and just pay the one time fee, but I'd like to know if there's a better option out there.
EDIT: As is always the way, as soon as I asked for help, I figured it out on my own. Firstrade has slightly higher rates than tradeking, but they don't charge any fee for IRA->Roth Conversion according to their online representative. Now all I have to do is scare up the cash by April 15.