<prompt> Human: Say youre in your twenties, no debt, currently maxing out a 401k. You go to your familys FA, and they say opening a traditional IRA on top of that is the stupidest thing you can possibly do citing reasons like it being more of a hassle and requiring more tax paperwork with the IRS and suggest you get an annuity because no caps instead.Does this guy have a point? Is there a reason you shouldnt max out both a 401k and IRA and go into annuities instead? I have my doubts about this guy in general, but Im willing to give the benefit of the doubt if theres sense in there somewhere that isnt but youll be annoyed by the paperwork!Edit: Blanket thanks for all the responses, I kind of had a bad feeling but its good to have it confirmed, I guess. Well, better to know, anyway. :Edit2: Traditional IRA was for the purposes of converting into Roth, not dumping nondeductible money.Edit3: Dude hes old had no idea backdoor Roths were a thing and thanked me for giving him information about them. Apparently he hasnt kept updated since 2010.  <response>: Does this guy have a point?If you consider putting money into his own pocket a point, then yes. Otherwise, no. being more of a hassle and requiring more tax paperwork with the IRSA Roth IRA requires zero paperwork with the IRS, unless you want to claim the Savers credit and that is minimal in terms of work. A traditional IRA check your eligibility since you have a 401k requires very little. If you use a software program to do your taxes, it will require answering just a few more questions. Negligible in terms of any hassle and definitely worth the great tax advantages of those accounts. Is there a reason you shouldnt max out both a 401k and IRA and go into annuities instead?No.Leave this FA and never go to him again. Read the Wiki on the sidebar of this subreddit and feel free to ask questions. If you truly need someone by your side to help you with financial decisions, then look for a fee-only advisor with a fiduciary duty to you. 