T. Rowe Price Review

Company Overview

T. Rowe Price is a U.S.-based investment firm that is headquartered in Baltimore, Maryland. This company was founded in 1937 and specializes in mutual funds, account management services for retirement plans, individuals and institutions. This company also offers a number of guidance and investment planning tools. T. Rowe Price is ranked as one of the world’s top 20 investment firms. This investment firm was also recognized by BusinessWeek as a Customer Service Champ. The founder, Thomas Rowe Price is probably best known for creating the growth stock investment philosophy.

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Account Options

 Minimum ContributionMaximum Contribution
Roth IRANo Minimum$5,500/year
Traditional IRANo Minimum$5,500/year
SEP IRA----
SIMPLE IRA----
Self-Directed IRA----
Rollover IRANo MinimumNo Limit
Inherited IRANo MinimumNo Limit

 

SEP and SIMPLE IRAs are not available at T. Rowe Price but the typical selection of IRAs are available including Roth, traditional, inherited and rollover. There is no ‘catch-up’ contribution available at this investment firm.

Investment Options

Associated IRA Investment Fees
Stocks$9.95/trade
Mutual FundsNone
Options$9.95 (plus $1.00/contract)
Exchange-Traded Funds$9.95/trade
Annuities--

 

The available investment options at T. Rowe Price are similar to what is available at other investment firms and brokers including mutual funds, options, ETFs and stocks. Clients can also invest in CDs and bonds but annuity investments are not available.

Fees and Commissions

Account Related Fees for Roth IRA
Minimum Account Balance Required$1,000
Account Maintenance Fee$30.00
Termination Fee$35.00
Transfer Fee$35.00

 

There are more fees at T. Rowe Price than there are at most other investment firms. However, T. Rowe Price offers more investment planning, retirement planning and other guidance services compared to most brokers.

Retirement Planning

There is a wide range of retirement planning tools available at T. Rowe Price. First, there is a retirement income calculator which evaluates how much investors can spend and how much they need for their retirement. There is also a social security benefits calculator that helps investors in regards to all aspects of claiming their benefits. Investors can also use the IRA calculator tool to determine which type of IRA is right for them. T. Rowe Price even offers a rollover tool to show investors their options for rolling over their 401(K) to an IRA at T. Rowe Price.

Account Features

To create a Roth IRA account, investors only need to have generated taxable income in the last year. There is no age restriction but the IRS does set additional filing and eligibility requirements that must be met. T. Rowe Price also requires that investors provide their date of birth, SSN and other financial and personal information to open an IRA account.

Accessibility

Multi-Device Functionality
Mobile Sitecheck
iOS Accessiblecheck
Android Accessiblecheck

 

The mobile site and mobile apps from T. Rowe Price enable investors to conduct investment research, view account balances, check the status of pending transactions and access articles and videos from T. Rowe Price from their Blackberry, iPhone and Android device. However, investors cannot open or manage positions – that is only available from the full desktop site.

Safety and Security

All sensitive information and transactions are encrypted using the most advanced technology to protect against online theft and fraud. T. Rowe Price constantly scans the site for malicious software and viruses to safeguard the integrity of client accounts.

Customer Support

There are a number of methods investors can use to contact customer service including telephone, email and in-person. In-person support is available at a T. Rowe Price local branch during normal business hours. Customer service for retirement plans is available via telephone on weekdays from 7AM to 10PM ET. Overall, the customer support representatives are pleasant, professional and have a significant amount of training to assist investors with any investment or retirement-related questions.

Bottom Line

While there are more fees for IRAs at T. Rowe Price compared to other brokers this investment firm offers many more retirement planning tools than other brokers. The variety of these investment tools is substantial and it really allows investors to properly plan for their retirement.

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