When it comes to purchasing mutual funds for your retirement or other financial goals, choosing the right online platform can be overwhelming.
It’s recommended by personal finance experts to buy funds directly from the mutual fund company or through a brokerage account with the mutual fund company to save on fees. Factors to consider when comparing platforms include the range of mutual funds available, fees charged, and early redemption fees. Actively managed accounts typically have higher expense ratios compared to passive index funds.
Here’s a breakdown of some of the top mutual fund brokers for 2024 to help you make an informed decision:
Fidelity Investments
Fidelity Investments made headlines in 2018 by introducing four zero-fee funds, setting the stage for a pricing war in the industry. With nearly 3,400 no-transaction-fee mutual funds, Fidelity offers a wide range of options for investors along with research tools and its iconic Magellan fund.
- Minimum amount to open an account: $0
- Standard pricing: Free for Fidelity funds and non-transaction-fee funds, $49.95 for non-Fidelity transaction-fee funds
- Mutual fund highlight: Four zero-fee index funds, nearly 3,400 no-transaction-fee mutual funds
Charles Schwab
Charles Schwab, known for pioneering low-cost investing, offers over 4,300 no-load, no-transaction-fee mutual funds. The broker’s competitive pricing, excellent customer service, and robust platform make it a solid choice for investors.
- Minimum amount to open an account: $0
- Standard pricing: $0 on non-transaction-fee funds, up to $74.95 for other funds
- Mutual fund highlight: More than 4,300 no-load, no-transaction-fee mutual funds
E-Trade Financial
E-Trade offers access to more than 6,000 no-load, no-transaction-fee mutual funds. The broker eliminated commissions and early redemption fees for online mutual fund trades in late 2023, making it a valuable option for investors interested in mutual funds.
- Minimum amount to open an account: $0
- Standard pricing: $0
- Mutual fund highlight: More than 6,000 no-load, no-transaction-fee mutual funds
Ally Invest
Ally Invest provides access to over 17,000 mutual funds, with a focus on digital experience and customer service. The broker reduced its commission on no-load mutual funds to $0 in 2023, making it an attractive choice for mutual fund investors.
- Minimum amount to open an account: $0
- Standard pricing: $0 on no-load funds
- Mutual fund highlight: Commission on no-load funds reduced to $0 in 2023
Vanguard
The Vanguard Group, known for its low-cost index funds, offers over 160 Vanguard mutual funds without transaction fees. With more than 3,000 no-transaction-fee mutual funds for non-Vanguard funds, Vanguard is a popular choice for index investing.
- Minimum amount to open a brokerage account: $0
- Standard pricing: Free for family funds and no-transaction-fee funds, $0-$20 for others based on Vanguard assets
- Mutual fund highlight: Renowned for its low-cost index funds
J.P. Morgan Self-Directed
J.P. Morgan Self-Directed offers more than 2,800 no-transaction-fee mutual funds, making it a top choice for investors looking for a wide range of options. The customizable screener for mutual funds and ETFs provided by J.P. Morgan allows investors to make informed decisions based on technical indicators and ratings.
The screener is easily accessible online and through the mobile app, allowing for convenient research on funds from anywhere. For those interested in a wide range of investment options, J.P. Morgan offers stocks, bonds, funds, options, Treasuries, and brokered CDs. Chase customers can also benefit from the convenience of viewing all their Chase accounts on a single dashboard.
Interactive Brokers caters to advanced traders and professionals but also offers about 19,000 funds with no transaction fee, out of a total of over 48,000 funds available. The brokerage expanded its mutual fund platform in 2020, providing investors with the largest selection of no-load mutual funds in one place.
Merrill Edge offers over 800 no-transaction-fee funds and allows investors to easily navigate through these funds using their screener or Select Funds choices. Investors can set up an automatic investing plan to make mutual fund investments similar to 401(k) deductions.
Firstrade, while less known, offers over 11,000 mutual funds without charging a commission. Investors can access fund commentary and profiles on the Firstrade platform and use the advanced screener to search for funds based on various criteria. It’s worth noting that while Firstrade doesn’t charge a commission for trading, mutual fund managers may still charge a sales commission on load funds. Passively managed funds typically have lower fees compared to actively managed funds due to their approach of tracking an index rather than actively trading securities. Additionally, many mutual funds impose early redemption fees for investors who frequently buy and sell within a short timeframe, such as 30 days. This further encourages investors to opt for passive investment strategies. To successfully transfer your content from HTML to a WordPress platform while preserving the original HTML tags, images, HTML header, and key points, follow these steps:
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