The 5 Best Places to Purchase
Mutual Funds for Black Families
If you’re ready to purchase mutual funds for your stock portfolio, or even if you’re merely curious about mutual funds, where do you purchase them? What are some trusted names among mutual fund brokers? How do you even get started? Thankfully we have a few suggestions of firms for you to help get you started on your investment journey. Let’s get started.
The leading brokerage of mutual funds today would have to be Fidelity. They are a powerhouse of an investment firm, holding several companies’ retirement accounts as well as the portfolios of millions of investors. Chances are if you’re thinking about investing, you’ve heard of Fidelity. This brokerage is popular due to its no-transaction-fee funds and no minimum investment requirement. They make it ridiculously easy to begin investing without already having a huge nest egg at your disposal.
Next on our list would have to be Vanguard, arguably just as popular as Fidelity in their scope and reach. Vanguard also holds millions of retirement accounts and is a well-known and trusted name in the investment world. One of the biggest draws of Vanguard is the fact that they make it easy to have a diversified portfolio without having to do the hard work yourself. If you’re new to investing, this is an amazing perk as you can purchase your mutual fund with minimal decision-making. As far as brokerages go, Vanguard and Fidelity are the big boys.
Another popular brokerage in the market today is E*TRADE. Their claim to fame is their boast of $0 on commissions trades for US stocks and ETFs. E*TRADE recently merged with another large and respected firm, Morgan Stanley, on October 2, 2020. All Morgan Stanley’s accounts are now managed by E*TRADE, making it a formidable contender with the other firms on this list.
J.P. Morgan is another firm to consider, the brokerage firm of Chase Bank. If you bank with Chase, J.P. Morgan is incredibly easy to use as its investment website is built into their own website. J.P. Morgan is also committed to closing the racial wealth gap by offering black families more opportunity to become homeowners, become entrepreneurs, and enjoy financial health. If you’re looking for a brokerage that cares about black people, this is your firm.
Merrill is another well-known brokerage for mutual funds and they’re an offshoot of Bank of America. As with J.P. Morgan and Chase Bank, Merrill is amazingly easy to use if you bank with BofA. They have $0 unlimited trades, which is an attractive perk for many. They also offer BofA Preferred Rewards and link your investing accounts with your bank accounts to make investing as easy and streamlined as possible.
All five of these companies are relatively inexpensive, trusted and reliable (with two of them able to be integrated into your personal banking), and are the perfect choices to begin diversifying your portfolio with mutual funds. Let’s get investing!
To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.