May
18
Fidelity Gone, Vanguard In
May 18, 2007 | 1 Comment
I did manage to create a SEP-IRA with Fidelity (Self Employed Pension – Individual Retirement Account). The challenge was to fund it. Apparently, Fidelity has some back-office issues that prevent easy set-up of electronic fund transfers online to some “specialty” accounts, including the SEP-IRA. Even over the phone it was a struggle.To make the story short, I decided to pay a visit to the Vanguard website. The Vanguard 500 fund is famous for its low fees (challenging those of the SPY electronically traded fund) and has long been advocated by smart, independent financial planners as a smart place to put your investments money. Vanguard even makes your life easy by allowing all of the process to be completed online in about 10 very simple screens, and it even takes information out of your existing accounts to fill out the forms (I have a Traditional IRA there, and a Roth IRA). Funding it was part of the 10 step process and was completed within a couple of business days.
Fidelity is not a bad place to do investments, just not easy for some accounts like the SEP-IRA. They still have a great SEP-IRA calculator, though.
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