MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

brokerage/fund house that handles solo 401ks?

mclaugh
edited October 2013 in Fund Discussions
Anyone know of a discount brokerage or fund house that handles Solo 401ks?

Currently, I have about half my my Solo 401k in a Fidelity account. Most of the account is funds, but there are a few individual stocks. Problem is, the account is "non-prototype" (their term), so I can't trade or add to positions online: I either have to visit to the local branch, which is the opposite direction from most of my daily and weekly activities, or mail in the paperwork. It's a pain in the keester, not to mention hugely inconvenient.

I'd also like to consolidate my Solo 401k under one roof: currently, I have funds purchased directly from Fairholme, Royce, D&C, Matthews, and TRP in the account, in addition to the funds and stocks in the Fido non-prototype account, so it's becoming a little unwieldy to manage the thing.

I have taxable and Roth IRA accounts with Scottrade, but they're not set up for solo 401ks so that's a no-go. Any other suggestions or recommendations?

Thanks.

Comments

  • MaxBialystockMaxBialystock
    For many years, I had a self-directed 403b with Royce, and then with T. Rowe Price, when I became unhappy with Royce. If they do 403b, they also surely do 401k.

    I was the only full-time employee, and chose each and every fund into which the money would go. I did not have to choose from off of a not-so-great list of approved funds. But of course, then you're "married" to that particular fund family...

    ...Although, in such a case, there'd be nothing stopping you from simply opening another 401k, with a different fund family. I just chose not to do so, for the sake of simplicity. Just make sure your Treasurer or Payroll office has your wishes and desires and selections straight and correct. ...Yes, I see you have some individual stocks, too. I never did. But there must be a way to iron this out. (I was a pastor, and did not have a lot of hoops to jump through about this stuff. I simply had a conversation with my treasurer, in each of the churches I served, and communicated any changes I wanted to make to him/her.)
  • MaxBialystockMaxBialystock
    ....But I guess I'm not helping to solve your consolidation conundrum...Sorry.
  • Dan
    TD ameritrade and TR Price handle solo 401-k accounts, apparently better than Fido. You used to have to buy T R Prices funds with their but I,m not sure it is still that way. The good thing about T Rowe is that they used to offer a Solo 401-k Roth plan which was pretty sweet. I have a friend that has a solo 401-k at TD Ameritrade that I run for her. They offer lots of funds including many institutional versions (Pimco) and others all tradeable over the phone. They might even offer a Roth version by now but I don't know. I heard Vanguard was going to offer a solo 401-k plan but I don't know if they ever did.

    Dan
  • InvestorInvestor
    Reply to @MaxBialystock: Having a solo-401k is a different thing than having a self-directed 401k or 403b.
  • BobCBobC
    Schwab handles solo 401k accounts. We have a number of client solo 401k accounts there, with no trading restrictions of which I am aware.
  • mclaugh
    Thanks for the suggestions, folks.

    I discovered this morning that FIDO now offers a Solo 401k prototype account, and that I can change to the prototype account by opening a new prototype account and sending a letter of instruction to FIDO requesting that they do a non-reportable, transfer in kind of the assets in my current account to the newly established account.

    I'll take a close look at Schwab, TD Ameritrade, and TRP, but (most) other things being equal, I'll probably stick with FIDO.

    Again, thanks for the suggestions.
  • MaxBialystockMaxBialystock
    Reply to @Investor: Thank you, I just learned something.
Sign In or Register to comment.