How to Choose a Stockbroker

Video Transcript

"OK so you're wondering how do you pick a stockbroker. There's a lot of things that go into that. First of all you have a lot of options these days. You have online brokerages where you don't have to work with a person in particular and you can do all the research on your own. A lot of those online houses also have offices where there will be a customer service person available who can answer questions. And these are licensed people that are qualified to answer most of your questions that you have. If you want someone that will give you more one on one advice, then you really need to interview some brokers, talk with them and before you sign up for anything before you throw an account their way, ask them what they're philosophy is, how do they invest. Some people are more inclined to do more stock trades for you and do a very active account. Some people are more inclined to do a very big diversified portfolio and just let that sit and run it's course. So you really need to find someone who's style is close to yours and someone who works with you. And then you really above and beyond anything else you really need to find someone that you feel good about because it is your money, it's stuff that you've worked for, their looking after it, it's not theirs so you need to find someone who's really taking care of you and giving you the best service possible. And above and beyond that really you're just going to look for fees, prices, the cost of trades and so fourth and then when you find a nice balance of all those things you'll find the right broker."