How to decide WHERE to open a Roth IRA?

[Anonymous]

We're finally finished paying off my college loans  and we're well over due for opening up a Roth IRA for me.  

I hate our greedy bank (Chase--constantly changing the terms of our accounts to increase fees... boo!) and I haven't found a Credit Union yet that I like.  We have term life insurance with Northwestern Mutual and their representative would be delighted to open a Roth IRA for me, but the fees would be around 1-2% and my gut reaction is No Thank You.  I don't want to pay fees (especially fees that increase as I save more and more!)  The guy seemed nice enough, and I DO believe his company would do a decent job of investing for me, but I'd rather REALLY know what's going on--get myself educated and save the fees.  I also didn't like how he kept talking about "annuitizing" my Roth IRA.  I'm not 100% certain what that meant, but I didn't like it.  

So where should I open my Roth IRA account?  Scottrade?  We toyed around with some stocks through Scottrade and even though it cost $7 per trade at least there were no hidden fees.  

I like what Suze says about going with discount brokerages and getting educated and investing in no-load funds, but I'm not entirely clear on exactly HOW or WHERE to open these accounts.  Once I select an institution to open my Roth IRA at will I be limited in what I can invest in?  Do they have a "menu" of investments I can choose from or can I invest within my Roth in anything under the sun: stocks, ETFs, bonds, etc?  

Thanks for your answers!

[MidnightVoice]

My accountant has an associate who does retirement planning and I use him, as it simplifies my tax situation and reporting. 

[kelli1970]

There are several discount brokers that you could choose from that you could trade whatever you wanted on any of the exchanges within the account.  Barron's did a thing on the top 25, I believe OptionsHouse and OptionsXpress are up there on that list, as well as AmeriTrade and some others that I can't remember off the top of my head.  I'm sure you could search for the list.

[haulingthescoreup]

I don't think you're with USAA, but fwiw, their Roths are no additional fee. The expenses that they publish are the total amount that lower any appreciation you might have in these interesting times.

[KingAdrock]

My Roth is with TDAmeritrade. No account opening fees, maintenance fees or anything like that. Opening an account is a pretty easy process, all online.