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You can do it online. If you go to the website, there is a big button to open account. Just make sure you keep cash for emergencies
Charles Schwab has a "roboadvisor" that you put in your risk tolerance and preferences and it will manage your portfolio for you and auto rebalance when necessary. I think the minimum for this feature is $5,000. I would assume Fidelity would have a feature like this. Under the open account section it should mention something like this, or if you call someone call also walk you through the process.
Fidelity mutual funds have no minimum or transaction fees. I believe the same also applies to their ETFs as well. You might want to look at some of the larger ones and pick 3-4 funds to deposit funds against monthly.
This is copy and pasted from Fidelity Robo Advisor section if you so choose.
Money management and financial advice should be affordable
That's why all you'll pay is a 0.50% advisory fee.
Money managed through Personalized Planning & Advice
$25,000
$25,000 minimum
Estimated total cost
$10.42/mo
Note: There's a $25,000 minimum balance to get started, which can be held in one Personalized Planning & Advice account or as a combined balance for multiple Personalized Planning & Advice accounts.
Estimate of $10.42/mo is based on an account balance of $25,000 and our 0.50% gross advisory fee. Total costs will vary with account balance, and estimates are based on the assumption that you will fund your account with cash and your account balance does not change for a year.
I’d seriously consider picking a total stock market or S&P 500 mutual fund/ETF, deposit your money there and let the market do the work for you. You’ll pay more in advisor fees than they might be worth. FXAIX currently has a 0.015% expense ratio which is one of the lowest.
Are their advisor fees reasonable? Do they assign an advisor to you or anything?
If you do the investing yourself, there are no fees. I am not sure actually what the fees are if you have them manage it. I have never paid any fees other than the fund expense ratios, which are very low if you use index funds.
Thanks all
All you need to do is put everything in VOO, set it to DRIP, and forget about it