Go to Jeff Salisbury LWGate Home Page.From: Fred Schiff <fschiff@mindspring.com>
Subject: re: Stocks in IRA accounts
Date: Wed, 02 Sep 1998 23:09:28 -0400
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>I am thinking about opening a Roth IRA with a broker and purchasing >individual stocks with the contributions. The broker who told me that I can >contribute $2000, but my actual stock purchases cannot be for the whole wrong! get a new broker. period. If they can't give you accurate information get somebody else. If he can't give you correct information about putting money into an IRA, what about when you want to know something about distributions. Passing the series 6 & 7, licenses isn't that hard and doesn't mean that a broker is qualified to give good advise. Only that they can *sell* stocks and mutual funds. For you IRA, you might want to look into either direct purchase plans buying stock directly from the companies) some of whom allow you to have the plan setup as an IRA. Also check out the NAIC, National Association of Investor Corp. http://www.better-investing.org Not only do they have several different low-cost stock purchase plans but they also have an investment method to pick stocks based on fundamental analysis. Remember, there is no law that says you need to have all of your brokerage accounts with the same broker. Shop around. You could have your retirement accounts with a different broker. And if you're doing you're own reseach you may not need a full service broker anyway. my two dubloons. Fred Fred Schiff (fschiff@mindspring.com) - -
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