T. Rowe Price review

What investments does T. Rowe Price offer?

T. Rowe Price’s security lineup consists of stocks, bonds, mutual funds, ETFs and options — a fairly comprehensive list, though it’s missing futures, forex and cryptocurrency access.
Its account options are similarly robust, offering self-directed brokerage accounts, trust accounts, traditional IRAs, Roth IRAs, SIMPLE IRAs, SEP IRAs, 403(b)s and 401(k)s for small businesses.

Who is T. Rowe Price best for?

T. Rowe Price’s broad selection of retirement accounts and mutual funds make it a sensible platform for:

• Mutual fund investors. This platform’s selection of in-house funds and fund-exclusive accounts makes it a natural fit for mutual fund investors.
• Investors with high account balances. T. Rowe Price offers tiered perks to investors with account balances of $250,000 or more.

T. Rowe Price’s mutual funds are undoubtedly a selling feature. Like Vanguard, it offers its own in-house mutual funds.
All told, T. Rowe Price has 139 no-load mutual funds under its belt, and 70 of its funds have earned 4- or 5-star Morningstar ratings. This broker takes its mutual funds seriously — so seriously, in fact, that it offers fund-only investment accounts: retail accounts that allow you to purchase T. Rowe Price mutual funds directly.
The platform is well-positioned to cater to long-term fund investors but may not be a practical choice for stock jockeys. Truth be told, T. Rowe Price’s research tools are nothing to write home about. Couple that with its less-than-competitive trading fees, and you’re left with a platform ill-suited to active traders.

Fees and costs

Like many of its competitors, T. Rowe Price has dropped commission fees for stocks and ETFs. But options trades are subject to a whopping $19.95 plus $1 per contract fee. Compare this to the $0.65 charged by Fidelity for options contracts, and T. Rowe Price’s exorbitant options fees become clear.
If you’re set on a T. Rowe Price brokerage account, be prepared for a minimum deposit of at least $2,500 and a $30 annual account fee — although you can have the fee waived by executing five or more trades across a 12-month period or by holding $50,000 or more in T. Rowe Price mutual funds.
Avoid the annual account fee by qualifying for T. Rowe Price’s Personal or Enhanced Personal Client Services — service tiers that offer exclusive perks for investors with sizable portfolios. Investors with portfolios of $250,000 or more qualify for T. Rowe Price’s Personal Client Services tier and receive a complimentary Morningstar Premium membership, Investor Magazine and access to T. Rowe Price client managers. The Enhanced Personal tier requires a portfolio in excess of $1 million and offers all the benefits of a Personal tier plus complimentary access to The Wall Street Journal Online.

Minimum deposit to open	$2,500 for taxable brokerage accounts $1,000 for traditional, Roth or Rollover IRAs
Annual fee	$30
Stock trading fee	$0
ETF trading fee	$0
Options trading fee	$19.95 plus $1 per contract or $9.95 plus $1 per contract for T. Rowe Price Select Client Services traders
Transaction-fee mutual funds trading fee	$35 per trade
Treasury auctions and bills trading fee	$50
Agency (FNMA, FHLMC), TIPS, Treasury and Coupon Notes and Bonds, Treasury 0% Coupon bonds trading fee	$1 per $1,000 bond
Corporate and municipal bond trading fee	$5 per $1,000 bond
Account transfer fee	$50

T. Rowe Price services

In addition to its mutual fund and self-directed brokerage accounts, T. Rowe Price also offers an array of wealth management services.

ActivePlus Portfolios

Investors holding Roth, traditional and rollover IRAs with at least $50,000 in assets qualify for T. Rowe Price’s ActivePlus Portfolios program. This wealth management service provides access to licensed T. Rowe Price client specialists ready to help you design your portfolio. Assets are maintained and rebalanced on your behalf.

Planning Service

Investors with portfolios of $250,000 or more qualify for T. Rowe Price’s personalized Planning Service: one-on-one support from a financial adviser. Your adviser helps you develop a long-term investment strategy and recommends a model portfolio of T. Rowe Price mutual funds.

Private Asset Management

Investors with portfolios of $5 million or more qualify for T. Rowe Price’s Private Asset Management program. This program helps investors design their individual portfolio and wealth strategy alongside a dedicated portfolio manager. T. Rowe Price assumes fiduciary responsibility for managed portfolios and the program offers access to global investment resources, tax-advantaged trading and charitable giving opportunities.

How do I sign up?

The signup process begins on T. Rowe Price’s website.

For self-directed brokerage accounts

1. Select Open an Account and indicate the type of account you’d like to open.
2. Enter your full name, email address and amount you plan to invest.
3. Enter your residential address, phone number and email address.
4. Choose a username and create a password.
5. Enter your employment information and annual income.
6. Enter your bank account information and fund your account.

For mutual fund accounts

From T. Rowe Price’s website:

1. Select Open an Account and indicate the type of account you’d like to open.
2. Enter your full name, email address and amount you plan to invest.
3. Browse T. Rowe Price’s list of available mutual funds and select the funds you’d like to add to your portfolio.
4. Enter your date of birth, Social Security number, residential address and phone number.
5. Enter your bank account information and fund your account.

Research tools

T. Rowe Price provides all the essentials for tracking portfolio holdings but lacks advanced charting tools.

• Screeners. Search for stocks, ETFs or mutual funds based on your preferred criteria.
• Daily prices. View historical prices, yields, Morningstar ratings and expense ratios for T. Rowe Price funds.
• Watchlists. Create watchlists to track funds that catch your interest.
• Daily markets. Track stocks, major market indices, fixed income yields and market news.
• Projected cash flow. Check incoming dividends and interest distributions up to 12 months in advance.
• Multiquote comparison. Review investment options and set market alerts.
• Portfolio movers. Explore the best and worst performers in your portfolio.
• Quotes and news. Enter ticker symbols to retrieve news, charts, earnings and fundamental data.

Pros and cons

Is T. Rowe Price legit?

T. Rowe Price was founded in 1937 and is headquartered in Baltimore, Maryland. It isn’t an accredited business with the Better Business Bureau (BBB) and has no complaints to its name with the Consumer Financial Protection Bureau.
It’s a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which protects securities for customers up to $500,000 or $250,000 for claims for cash. It’s also registered with the US Securities and Exchange Commission.

T. Rowe Price reviews and complaints

Overall, T. Rowe Price investor sentiment is mixed. As of February 2022, T. Rowe Price receives an A- rating from the Better Business Bureau (BBB). Of its 48 complaints over the past three years, a number of investors mention long wait times to speak to customer service reps and difficulty accessing their online T. Rowe Price account. It earns 1 out of 5 stars after 14 customer reviews.
There’s little Trustpilot feedback to go on, but Redditors praise the company’s mutual funds, saying the higher fees may be worth the expense for a potentially higher return. They also warn that the platform’s self-directed brokerage account isn’t competitively priced and that better-equipped platforms can be found elsewhere.
On Google Play, the platform’s mobile app scores 3.3 out of 5 stars after 3,116 reviews. In the Apple App Store, the app gets 4.6 out of 5 stars after 22,600 reviews. Investors report intermittent login errors but say the app is easy to navigate.

How do I contact T. Rowe Price support?

T. Rowe Price support is available three ways:

• Phone. Call 800-537-1936 weekdays from 8 a.m. to 8 p.m. ET.
• Email. Fill out a secure online form from your T. Rowe Price account.
• Mail. Send inquiries by post to T. Rowe Price Brokerage Account Services, P.O. Box 17468, Baltimore, MD 21298-8275.

Compare T. Rowe Price to other platforms

Bottom line

T. Rowe Price offers mutual fund-focused retail accounts and numerous wealth management services for investors with sizable holdings. But its account fees and lack of charting software make it a less competitive option for active traders.
Before you open an account, review your trading account options with multiple brokers to find the service best suited for your investment needs.

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