mutual funds trade just once per day, and many investors own them as part of a defined contribution retirement plan such as a 401(k) or an individual retirement account, known as an IRA.

Now you’ll need to choose where to open an account. Roth IRA accounts can be opened through a number of places, including mutual fund firms, full-service brokerages and financial planning firms.

Hundreds of financial service companies are overcharging 401(k) investors to set up Individual ... plans usually offer mutual fund choices that offer lower fees than IRA selections.