Who Do I Call to Buy Stock?
Many traditional stock brokers have become online platforms in response to the growth of the Internet. However, there are still a number of professionals who can help you buy stock, give trade recommendations and take orders by phone. These professionals are easy to find and represent a few different categories.
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Stock Broker
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While there are fewer stock brokers than in the past due to the proliferation of online trading, large investment firms still provide this service. Licensed stock brokers require an application and account set-up from you before you can do business with them. Once your account has been established, then you will fund it to start trading; contact your broker when you are ready to enter an order. Commissions for personal calls and execution of trades will be much higher than online trades. The cost can range from $20 to $100 per transaction for a stock trade versus under $10 for an online trade.
Mutual Funds
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Individuals can use mutual funds to buy and sell stocks by phone. Mutual funds are bundles of stock that can be bought or sold at one time. You can find a customer service number if you have a mutual fund through your 401(k), IRA or other investment account. Use this to reach a representative who can help you buy or sell additional shares of the fund.
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Self-Directed Support
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You can invest online without need of a third party if you are trading with web accounts such as Fidelity, Scottrade or Charles Schwab. Access research and analyst opinions through these platforms as well. Customer support is offered by these firms, representatives can help you execute trades. Support personnel cannot offer trade recommendations or explicitly sell you stock as a broker or fund manager is necessary for those services.
Asset Manager
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Asset Managers or Private Wealth Managers service accounts by diversifying assets and allocating to what they believe is the best option based on the client's circumstances. These managers give weight to stocks, bonds and other offerings to coincide with the goals of the investor. If you have this type of account, something major investment firms provide, you can contact them to buy or sell a particular stock.
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References
- Photo Credit stock exchange image by Christopher Walker from Fotolia.com
