Is ETrade a good brokerage to open solo 401K?

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topspin70
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Joined: Fri May 12, 2017 2:15 pm

Is ETrade a good brokerage to open solo 401K?

Post by topspin70 » Sun May 14, 2017 8:50 pm

Is ETrade a good brokerage to open solo 401K?

I would like to transfer my IRA rollover from Vanguard to ETrade so I can consolidate my IRA accounts to take advantage of Backdoor Roth IRA.

Unfortunately, Vanguard does not accept rollover so I can't use Vanguard solo 401K.
Thanks!

jjface
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Joined: Thu Mar 19, 2015 6:18 pm

Re: Is ETrade a good brokerage to open solo 401K?

Post by jjface » Sun May 14, 2017 9:14 pm

It is okay but there are better. Fidelity being the top choice.

Sorry I should elaborate - the main reason being better index funds and cheaper. Good cash management if you want that. Customer service is decent.

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Earl Lemongrab
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Joined: Tue Jun 10, 2014 1:14 am

Re: Is ETrade a good brokerage to open solo 401K?

Post by Earl Lemongrab » Mon May 15, 2017 3:00 pm

topspin70 wrote:Unfortunately, Vanguard does not accept rollover so I can't use Vanguard solo 401K.
I wouldn't use Vanguard even if they did allow rollovers. They also don't allow Admiral or ETF shares, so you'll pay for Investor class shares. I think TD Ameritrade is a decent choice. Fidelity was mentioned.

As you have a rollover, you might want to see if you can get a bonus for that from your new custodian. I don't recall if i401(k)s are normally eligible, but I think so.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

nyclon
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Re: Is ETrade a good brokerage to open solo 401K?

Post by nyclon » Mon May 15, 2017 3:12 pm

topspin70 wrote:Is ETrade a good brokerage to open solo 401K?

I would like to transfer my IRA rollover from Vanguard to ETrade so I can consolidate my IRA accounts to take advantage of Backdoor Roth IRA.

Unfortunately, Vanguard does not accept rollover so I can't use Vanguard solo 401K.
Thanks!
I'd put in a recommendation for etrade / solo 401k. I've had that setup for several years and have been very satisfied - they develop processes with automation in mind which makes using their service easy. You should do search on the forum for this topic if you'd like to read about other providers.

topspin70
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Joined: Fri May 12, 2017 2:15 pm

Re: Is ETrade a good brokerage to open solo 401K?

Post by topspin70 » Tue May 16, 2017 6:07 pm

Thank you for your feedbacks!

ETrade is giving me a 1,500 bonus for moving my IRA rollover.

Is having investor shares a big disadvantage?

Thanks!

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Earl Lemongrab
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Re: Is ETrade a good brokerage to open solo 401K?

Post by Earl Lemongrab » Tue May 16, 2017 7:37 pm

topspin70 wrote:Thank you for your feedbacks!

ETrade is giving me a 1,500 bonus for moving my IRA rollover.

Is having investor shares a big disadvantage?
You can calculate the disadvantage by applying the ER difference times your holdings. Or you can use ETFs.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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