I'm ready to add a traditional IRA to my portfolio of retirement savings accounts to take advantage of the preferred tax treatment (I don't qualify for a Roth), and although I can find lots of advice on chosing which IRA type to go with or when it makes sense to put money in an IRA vs. 401K or other account, I can't find any advisc on how to select an IRA custodian. Different brokers will charge different fees, but I can't even seem to find information on the fees USAA charges. In the past I would just default to doing everything through USAA but when I bought my house, I actually got a much better rate by shopping around so I try not to assume USAA will be the best option anymore.
Anyone have any tips/advice on proper due diligence before opening an IRA? I'm already confident a traditional IRA is the right type for me to open and fund.
@BWB - if you do not already have a traditional IRA, have you considered making a nondeductible traditional IRA contribution and then converting it immediately to a Roth IRA? There are potentially lots of long term advantages for doing this (long term tax implications). However, this works best ONLY if you do not have any money in a traditional IRA either through prior regular contributions or rollovers from 401(k) or other work plans. As to the best custodian, it probably depends if you are going to invest your own money or have them invest for you. If investing for yourself, Vanguard, Schwab, E*Trade will all work fine. USAA tends to steer you towards their investements which tend to have higher fees and lower rates of returns.