How to Compare Discount Brokers

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When comparing discount brokers, it's important to look at their fees and discounts. Look into fees that may exist for leaving a brokerage with help from a portfolio manager in this free video on personal finance and money management.

Part of the Video Series: Stocks & Bonds
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Video Transcript

Okay, how to compare discount brokers? Presumably you're comparing discount brokers because you're thinking of, of choosing one and investing your money there. The best, the biggest things to look at are, "What are the fees; what are the discounts"? And, compare your trading cost, as probably be that your largest expense overall; trading cost, buying and selling shares of stock. Also, there are different fees for moving an account. If you have to move an account, sometimes there's a fee to leave the brokerage so you may look at that as well. And look at all the fees and charges that may or may not be, you know, disclose very easily. So, but each discount brokerage will tell you what their fees and charges are if you ask them and that's really the best way to do it. The other thing to compare is look at the research and tools that they have available. Most discount brokers have a great websites and they have research and information that, that will suit you or not and it's really a matter of personal preference. What do you feel most comfortable with. The other thing with the discount broker is, "Is it a brokerage, is it a house that's going to have a retail location where there are people you can go and talk to"? Sometimes it is helpful to have someone to speak with. You might find ninety percent of the information on the website but you might still be unclear; so that's when it's nice to have a local office that you can go into. And it might, might not be something that you use all the time but it's something that you want to have available if you need it.

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