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T. Rowe Price IRAs Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
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T. Rowe Price Group, Inc. is a publicly owned investment management firm that offers consumers funds, advisory services, and retirement plans for individuals, as well as for small businesses, among other products. The company was founded in 1937, and is headquartered in Baltimore, Maryland. T. Rowe Price currently has US $1.01 trillion in assets under management, and its international offices serve clients across 48 countries worldwide.
 
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How Do We Rate T. Rowe Price?

Breakdown

0.0/5
IRA Types
0.0/5
Investment Options
5.0/5
Account Features
5.0/5
Fees and Discounts
5.0/5
Reputation & Customer Support

Our Overall Rating: 4.9 / 5 (Excellent)

T. Rowe Price has wide variety of IRA products for both individuals and small businesses. The company offers traditional, Roth, SEP, and SIMPLE IRAs, among others, with low account minimums and fees. Consumers can open, fund, and track their accounts online or through the company’s mobile app, which is highly convenient. Customer support is available via email, over the phone, and through social media.

One of the perks of opening an IRA with T. Rowe Price is that consumers can set up automatic contributions through the company’s Automatic Asset Builder. Additionally, consumers can choose among recommended retirement funds or simply build their own portfolios, which consist of actively managed mutual funds, with no loads, commissions or sales charges, which makes the company’s IRAs a great choice for those who want to make the most out of their savings without having to sacrifice flexibility.

T. Rowe Price Account Features

Account Features - 5 / 5

T. Rowe Price offers both individual and small business retirement plans. Consumers can choose between traditional IRAs, Roth IRAs, Rollover or Transfer IRAs and Spousal IRAs, while small businesses can take advantage of the company’s SIMPLE and SEP IRA products, which offer a full range of more than 100 mutual funds that allow consumers to build diversified portfolios.

Additionally, the company offers ActivePlus Portfolios, which is an investment program that consists of 10 model portfolios that invest in 8 to 13 mutual funds according to a predetermined asset allocation strategy based on the consumer needs. The ActivePlus Portfolio program is available for the company’s traditional IRA, Roth IRA, and Rollover IRA.
Types of IRAs
Rollover IRA
Roth IRA
Traditional IRA
SEP IRA
SIMPLE IRA
Spousal IRA
Account Minimum
$1,000 for standard IRAs, and $50,000 for ActivePlus Portfolios
Mobile App
Yes

Investment Options

Mutual Funds
Index Funds
Stocks
Bonds
Money Market Accounts
CDs
ETFs
Options

Promotions

T. Rowe Price is currently offering to donate $50 to a charity of your choice, when you open a new account with the company. This offer is valid until April 15, 2019, and you must be a new customer in order to qualify.

Advisors

T. Rowe Price offers consumers an Advisory Planning Service, which includes a personalized plan with a portfolio evaluation, asset allocation, investment recommendations and a retirement income strategy. However, in order to qualify for this service, individuals must have at least $250,000 in investment assets with the company.

Online Experience

T. Rowe Price’s website is easy to use and full of resources and useful tools like articles, FAQs, a retirement income calculator, an Investment Allocation tool, and a Required Minimum Distribution tool. Consumers can open, fund and track their IRAs online and can set up automatic contributions using the company’s Automatic Asset Builder.

Additionally, the company has a mobile app for account management, which is available for iOS and Android devices, and its website is also available in a mobile-friendly version for those who don't want to download the app.

T. Rowe Price Fees and Penalties

Fees and Discounts - 5 / 5

T. Rowe Price requires investors a minimum of $1,000 to open an IRA account, and a $50,000 minimum to sign up for the company’s ActivePlus Portfolio program. There is a $20 annual account service fee for accounts below $10,000, which can be waived by subscribing to electronic delivery of all communications, maintaining an individual combined balance of $50,000 or more for all of their accounts, or if they qualify for the company’s Select Client Services. Additionally, there is a $20 closeout fee on IRAs and redemption fees may also apply to transactions other than exchanges based on how shares of the plan are held, or how the fees are applied by the plan’s recordkeeper.
Management Fee
$20 annual account service fee

T. Rowe Price Financial Strength and Reputation

Reputation & Customer Support - 5 / 5

T. Rowe Price has been operating for more than 80 years and, in 2017, Fortune ranked it as one of the World’s Most Admired Companies. Additionally, both the BBB and Standard & Poor’s have ranked it A+, and there appears to not have any complaints filed against it with the CFPB, which is great for a company of its size. However, it should be noted that the company does have one regulation event and two arbitration cases filed against it on FINRA.
Year Founded
1937
Standard & Poor's Financial Rating
A+
FDIC Member
Yes
SIPC Membership
Yes
BBB Rating
A+
Consumer Financial Protection Board (CFPB) Complaints
0
Date Collected
2018-12-18
Live Help 24/7
No
Customer Support Hours
8:00 a.m. to 8:00 p.m. ET on weekdays

Contact Methods

Phone
Email
Chat
Social Media
Text

Company Profile

Full Name
T. Rowe Price IRAs
Company Website
https://www.troweprice.com/
Headquarters
100 East Pratt Street, Baltimore, MD, 21202

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