Selecting The Best Stock Broker

A discount stock broker usually works via phone or take orders online

. They do not give any advice on your portfolio or suggest you to buy or sell stocks as per the prevailing market conditions. They merely take orders from you and act accordingly. However, some of the discount stock brokers may send regular market update and suggestions via newsletters or emails and these services should be considered as an added value and shows their level of expertise.

Full service stock brokers may prove to be the best stock broker for those who want someone to handle their portfolio independently. A full service broker is the best broker for those who need recommendations on stock market along with investment plans, etc. On the other hand, the money managers take over the complete responsibility of investment and manage the complete portfolio. They charge a small percentage of the assets managed by them in lieu of their services.

In order to choose the successful stock broker you first need to decide on your own the level of services you require for managing your stocks and handling your portfolio. If you do not have much information about stock market and need consistent advice on managing your portfolio and investment options, then a full service broker is the best option for you. A full service can also prove to be good for you if you want to invest for a long term. In such a case high commission would not matter as you would not be trading often. On the other hand, you would be able to get a good advice for your investments and long term planning for your money.

If you want to opt for a full service broker, it is wiser to choose a person based on references rather than searching it online. Meet more than few full service stock brokers as you need to assess which stockbroker understands your requirements and idea of investments ideally.

Contrarily, if you have knowledge about stock market and tend to trade frequently based upon your research, in such a case, an online discount broker would be best for you. This would result in lower cost of trade for you as you would be trading often. You can choose any online broker from the stockbrokers listing available on the internet. You can also take references from friends and family for the same. However, if you are looking for an online execution based broker, you should check out their commissions and any hidden charges that may be levied on case basis. Normally, you are charged a commission twice. Once when you ask the stock broker to buy the stock and second when the stocks need to be sold.

All you need to do is to assess your requirements and choose the best stock broker that suits your needs.

by: Ayna Miah

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