Prudential Review

Company Overview

Prudential is a well-known financial company that specializes in investment management, insurance and other financial products. Prudential was founded in 1875 and it is a Fortune 500 and Global Fortune 500 company. The Corporate Equality Index from the Human Rights Campaign gave it a 100% rating. This company was also named one of the ‘100 Best Companies for Working Mothers’ and one of the ‘Best Places to Launch a Career’. This company has also provided more than $450,000 worth of Prudential CARES Volunteer Grants to 444 volunteer groups all across the world.

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Account Options

 Minimum ContributionMaximum Contribution
Roth IRANo Minimum$5,500/year
Traditional IRANo Minimum$5,500/year
SEP IRANo Minimum25% of compensation
(up to $52,000)
SIMPLE IRANo Minimum$12,000 (if under age of 50) or
$14,500 (if older than 50)
Self-Directed IRA----
Rollover IRANo MinimumNo Limit
Inherited IRA----

 

Prudential has a standard selection of IRA accounts including SIMPLE, traditional, rollover, Roth and SEP. The ‘catch-up’ contribution limit for Roth and traditional IRAs is $1,000 per year and $2,500 per year for SIMPLE IRAs.

Investment Options

  • Stocks
  • Options
  • Mutual Funds
  • ETFs
  • Annuities
  • Bonds and U.S Treasuries

At Prudential, investors will work with a personal financial advisor who can discuss the best investments based on their goal, risk tolerance and current financial situation. Prices of investments are not listed on the site but all standard investment options are available including stocks, annuities, mutual funds, ETFs and options.

Fees and Commissions

Account Related Fees for Roth IRA
Minimum Account Balance RequiredNone
Account Maintenance Fee$15.00
Termination FeeNone
Transfer FeeNone

 

The fees at Prudential are similar to fees at other investment firms and brokers. There is an account maintenance fee of $15.00 and an annual fee of $15.00. However, those fees are waived if the funds in the IRA exceed a specific amount. There are no other fees that are associated with IRA accounts at Prudential.

Retirement Planning

Prudential provides a wealth of retirement planning resources to its clients. In order to open an IRA, investors will actually work with a financial advisor to choose the right account and investments for that account. In addition, Prudential has a retirement planning calculator that allows investors to quickly create an estimated retirement plan based on their expenses and savings. There is also an in-depth IRA guide that discusses the features of various IRA accounts and how each different account will affect retirement savings.

Account Features

Investors can open a Roth IRA if they have made taxable income in the last year. In addition, they need to meet other IRS income and filing requirements to open an IRA. Investors need to provide their personal information, like SSN and date or birth to open an IRA as well.

Accessibility

Multi-Device Functionality
Mobile Sitecheck
iOS Accessiblecheck
Android Accessiblecheck

 

Prudential has a mobile site that allows investors view their accounts, research investment opportunities and read various retirement and investment planning guides. Investors cannot actively manage their investments with this mobile site.

Safety and Security

Prudential offers the highest level of security that is available. Prudential protects client funds and accounts with powerful software that encrypts all sensitive information. In addition, there are a variety of privacy and verification protocols that are used to prevent any unauthorized access to client accounts.

Customer Support

Customer support can be reached Monday through Friday from 8AM to 9PM ET via telephone. For retirement counseling and planning, investors can call the IRA Brokerage Service telephone number Monday through Friday from 8AM to 9PM ET. Customer support is also available through email or in-person support during normal business hours. Prudential support representatives are responsive and professional.

Bottom Line

While investors are required to speak a financial advisor to set up investments and IRA accounts, this does give them access to an excellent resource and knowledge of an experienced and trained financial professional.

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