How to Start No-Minimum Investment Accounts
To start a no-minimum investment account, check the different options within a brokerage firm, ask if the firm will waive the minimum, or check with online brokerage firms. Shop different investment accounts to find a no-minimum investment with help from a financial consultant in this free video on investments.
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Are you an investor just beginning to think about where you're going to open up an account and trying to do so with not much money or zero money initially in the account? Hi, this is Roger Groh at Groh Asset Management. Each firm is going to be different, whether you're talking about a brokerage firm or a bank. And then within that firm, each product is probably going to have a different minimum. For instance, I went to the Bank of America website. Remember Bank of America now owns Merill Lynch, so they're both a bank and a very large brokerage firm. I found four listings. One product had a minimum investment upfront of 250,000 dollars, while in the IRA section, it said that there was no minimum. So it pays to do your homework. You can also ask that firm directly if they will waive the minimums. Minimums frequently are not dictated by the states or by the federal government or by the country. It's just the company's choice. And maybe if they know somebody that you know, maybe they'll waive the fees for you. Who knows. It's worth a try. Online brokerage firms frequently will have different minimums for their products also. Remember, most of the big name brand firms that you know offer accounts that are available to you through their stock brokers or through the bank or online. They're completely separate businesses, just run through the same website, and frequently they have different minimums per product. You'll have to check each firm to view the choices that you will have to make. Is one beneficial over the other? Not necessarily. You really have to work with whom you feel is right for you. So if there's any doubt, ask your lawyer or tax attorney, and have them review the documents and choices and really help you make the right one. I hope that helps. I'm Roger Groh of Groh Asset, and thank you very much for spending time with me.