Investment options
Not all IRA brokers offer the same investment options. Even if you use the same broker as your taxable investment account, the options could differ.
So one of the first things you need to do is make sure that the investment options for the broker match your needs. For most reputable brokers, you should be able to count on U.S.-listed stocks, ETFs, and mutual funds being available.
If your investing mix includes options, individual bonds, crypto, or other less-common investments, you'll want to make sure the broker offers it. Likewise, while most brokers will offer mutual funds, which specific funds and fund providers are available can vary.
Fees and commissions
Many brokers these days offer $0 commissions on stock and ETF trades. But that can vary from broker to broker, as well as between taxable accounts and IRAs.
The commissions for stock and ETF trades -- whether it's actually $0 or a low fee -- is one fee to consider. But mutual fund fees can vary, so if mutual funds are part of your mix, consider both the fees to buy and sell funds as well as expense ratios for the funds. Fees for options contracts and transacting in crypto can also vary.
Outside of the fees for transacting, some brokers may have fees for inactivity, or simply a monthly account fee. Fees for transacting over the phone rather than on web or mobile are also typical. You'll want to take note of all of these ancillary fees to consider how they would add up for you.
Many brokers these days offer significant resources and tools to help investors make investment decisions, plan for retirement, and track their portfolio. Many, but not all.
What's important really depends on you and your process, as some tools will be critical for some investors, while others won't use them at all. Common tools and resources include screeners for finding stocks and other investments, investment research, calculators, educational guides, and webinars.
User experience
The platform interface can significantly impact your investing experience. Consider how you'll primarily interact with your account -- if you're an active trader who needs detailed charting and analysis tools, a robust desktop platform might be critical. But if you primarily check balances and make occasional trades, a solid, easy-to-use mobile app might be sufficient.
Customer support can be important, but needs vary by investor. Some brokers offer 24/7 phone support with dedicated retirement specialists, while others primarily rely on chat and email. If you want face-to-face interactions, consider whether the broker has physical branches in your area and what services they offer, as branch availability can be particularly valuable when you need help with complex transactions or account services.
And for those looking for a more hands-off approach, robo-advisors and hybrid services have evolved significantly. These services typically combine algorithmic portfolio management with varying levels of human oversight, and the best platforms offer customization options that you can fit to your retirement goals while targeting the risk levels you want and tax efficiency. Some hybrid services provide periodic access to human advisors for strategy reviews and major life events.
Integration with other banking services
Account integration can make your financial management much simpler. Many brokers now offer seamless connections between investment accounts and banking services, which allows quick transfers and the ability to view your accounts holistically on one page.
Major banks have aimed to get more customers onto their investing services, sometimes even providing incentives for existing banking customers. These might include preferred pricing on investment services, higher rewards on credit cards, or better rates on banking products. However, while they can be a nice cherry on top, don't let these perks be the sole determining factor -- the quality of the investment platform and available options should take precedence over banking integration benefits.
All in all, consider how these features align with your long-term retirement strategy. The best platform for you will be one that provides the tools and services you'll actually use while offering the investment options you need at a reasonable cost.
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