No Fee Roth IRA: Scottrade Brokerage Review – How to Open an Account with Scottrade

hey this is jeff rose from and today i want to show you how easy it is to open up an account with Scottrade fund it with your own money and the maneuver of their online interface it’s so easy I want to show you how easy it is in the step-by-step tutorial that will take you less than 10 minutes and get you started saving for your financial future let’s take a look okay so here we are inside Scottrade and I just want to show you three quick things that you’ll want to do once you get your account set up so at this point in time you’ve given your information you’ve signed the and returned the signature page and now you need to fund your account and then you also need to make some investments so the first thing real quick to show you how to fund your account so once you log in all you need to look for is this little link right here that says fund your account and click that and you can either make a deposit using their money direct program or you can obviously transfer an account into there you can oppose you can deposit a check at a local brokerage we actually can walk in deposit your check so you can see there’s many many different options now the one that I did was transfer funds from money from external bank account which is this one here and the one thing that I ran into and this is like I said was more my issue than actual Scott trades was getting my bank account set up I just had issues with my password and such but it should have worked out the way I had to do it was I had to have Scottrade make two small penny penny deposits to my account to verify that was my account once I had that in there we were all good to go took me I think like three days to get that verified and and I had my $500 really simple and once again if you have any issues it’s easy to call Scott tre call the toll-free number and they’ll walk you through it no charge that’s just part of the service so now the main thing I want to show you is for you novice investors that want to get started you want to start investing you want to start investing into mutual funds or maybe ETF’s how do you choose a good one and this was the part that was the most frustrating for me because I wanted to just walk you guys through the process to show you how simple it is and keeping in mind that there are tens of thousands of different mutual funds that exist in the world today makes it really hard just to show you a couple different good funds or how to even screen for these good funds and in with Scottrade having access to over 14,500 individual mutual funds obviously that’s a pretty tall order to fill but I just want to show you one of their tools that they have they call it your screener that will show you how to more or less weed out the good ones versus the bad ones so at least we’ll give you somewhat of a head start so once you log in you will click on this upper tab here that says quotes and research and from there you’ll look over here and you’ll see the stocks the mutual funds the different types investments that you can select we’re going to select mutual funds and once you select mutual funds if you look over here you can create a mutual fund screener to find opportunities and this is basically their little treasure tool this is what this is what I really like about what you can do so if you click on that ok now that you have the mutual funds screen or open now we need to select the criteria to help us weed out a lot of the bad funds a lot of the funds that have loads or transaction costs and that is what this screener tool is there for so the first thing you want to do is click on this mutual fund basics and select a few boxes so you want to obviously choose ones that you can buy here at Scottrade you want to click the one says transaction fees and once that box is checked you’ll see these start to fill and you want to click this box here that says show funds with no transaction fees so boom now we’ve got 3115 funds that have no transaction fees ok we want to make sure that the fund is open to new investors so we only show funds obviously to want to do a search for funds and you like it now you can’t put money into it so click that and now we’re down to two thousand two hundred twenty three funds and obviously there are a lot of other ones here another one we want to do fund minimum investment might not pertain to you but if you don’t have a lot of money to get started we want to try the funds I have a minimum less than $2,500 to get started down to 1800 funds and I see one other one I would suggest to you is clicking on the morning star rating and then looking at the category rank over either be ten-year or five-year and let’s just use the tenure as an example so we click on that and then we can look at now this is morning star which is just a rating company that will analyze all the different mutual funds that exist and you can actually select okay I want the mutual funds in a specific category that have been at the at the the top 25 percent consistently over the last ten years so that means you have a fund that has consistently been a good performer you know through the ups and downs of the of the stock market so it’s just a neat little tool I mean this doesn’t it’s not the magic pill by any means but it definitely weeds out a lot of the bad ones and if you just want to kind of compare it I would actually do a screen on a 10 year and also a 5 year and then just make note of which of the ones are constantly appearing in those and that’ll be the ones I would lean towards but we can do that another time so now that we’ve got some of this criteria and obviously there’s a lot more criteria that you can do I just want to be simplistic for this tutorial so once you have your screener you’re going to click on the view your matches so we’re going to look at 403 matches so now you’ll see all the funds that come up and then you see the category this is moderate allocations so more of a moderate conservative fund large value so you can see all the different types of funds that come up so let’s look at the large value let’s say that we want to vest in two large US stocks and we open this up here’s the one thing I wanted to show you that it will show you how much it is to get started and this is huge minimum right because some some of these funds that might be mm might be a thousand you know we did a criteria for 2500 but this one here it only takes you a hundred dollars to get started and a hundred dollars initial if you’re doing an IRA is two thousand dollars and then additional is a hundred bucks to get going so that way you can weed out a lot of the bad funds and then you can find out the initial to get started and once again as a reminder if if this is at all overwhelming to you you can call Scottrade and they will help you go through this criteria and help you find a good fun so don’t ever feel that you can’t call them to find out and if this say this is the fun that you want to buy all you gotta do is click this trade button and click that how much you want to get and you review your order and you’re good to go and that is how simple it is so that’s how you can weed out the mutual funds use their screener and find some good funds that are be suited for you and just real quick I’ll show you how you do it with ETFs another popular option same thing clicking on quotes and research gaudí extrange exchange-traded funds and essentially if you’re looking for the commission free ETFs all you got to do is click this link here commission free ETFs and that will take you to the 15 matches that they have that you can buy 15 different ETFs tracking some sort of index and you could buy those it’s called their focus Morningstar series and you can buy these and you have ETFs at no cost to you and that’s just one of the perks of using con trade so I hope this was helpful if you had any more questions you could always ask me or I would actually encourage you after you open your account with Scottrade to call them that’s what they’re there for and they will help you maneuver this awesome system that they have so I hope that tutorial was helpful and how to open an account with Scottrade you have any more question please feel free to hit me up either on the blog on my Facebook fan page or even on Twitter this is jeff rose take care