I have opened a Roth IRA through my bank thinking that since I am with that bank anyway, it would be easier to manage it. After more research, I have seen that it is not advisable to do what I did but instead it would be better to open one through major brokerage firms. I would just like to know how much am I missing with this situation? Thank you.
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The main difference between opening a Roth IRA at a bank vs. a major brokerage firm is the investment options available to you. Banks typically offer a limited selection of investment options, such as mutual funds and certificates of deposit, while brokerage firms offer a wider range of options, including individual stocks, bonds, and exchange-traded funds (ETFs). This means that if you open a Roth IRA at a brokerage firm, you may have more control over where your money is invested and potentially have more opportunities for growth. Additionally, brokerage firms may offer lower fees and better customer service than some banks. I would recommended to do your research and compare the offerings of different financial institutions before opening a Roth IRA.
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