September 19, 2006 8:48 PM
How To Pick A Stock Broker?
Don't jump for the big names. The first thing you need to know is the difference between full-service brokers and discount brokers.
From CNN Money:
Full-service brokers will call with stock ideas, and back this advice with reports from their firm's research department. They'll keep an eye on your picks and let you know when they think changes are necessary.
Discounters do less of this. While there's typically plenty of research available on the best online brokerage sites, it's up to you to dig for it.
You may want to choose different kinds of brokers for different purposes. I believe that full-service brokers should get paid for their stock ideas. That seems only fair. But if you've done your research yourself, I don't see any reason to pay a hefty commission -- discounters probably are fine.
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