Working With Online Stockbrokers

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Online stockbrokers often work for cheaper commissions, but they can be difficult to get a hold of and do not put as much time into research. Make sure an online stockbroker can sustain periods of economic turmoil with tips from a personal financial adviser in this free video on stocks and investments.

Part of the Video Series: Stock Market Investing Tips
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Video Transcript

Hi, I'm Roger Groh. Do you really think you know what's going on in the stock market? Have you done your homework? Have you done your research? Are you prepared to continue doing your research on companies where you might make an investment. Well then online brokers may be the way for you to go. The reason is that they're commissions generally are cheaper than you would pay for in a full service firm. On the other hand, within a full service firm, you are likely to have access to broader research, and you might debate the quality of that research, but nonetheless, it might be a way to compare what you think is going on to what they think is going on. Now, maybe they're right. Maybe you're wrong, but looking at other people's research is a great way to get a different point of view and to see what else you might have missed. So other points that you might consider when it comes to online brokers... what we've seen in the past during periods of major market turbulence, sometimes it's pretty tough to reach your online broker. Sometimes their websites are just full and you can't get in there. I mean they're so slow you can't use them. And sometimes the phone lines are just jammed so you have to be very careful about the firms that you work with and their sustainability during periods of major market turbulence. Last, you want to be sure that the firm you work with trades the products that you like. You know if you buy stocks or bonds or ETFs or mutual funds, well, pretty much they all do that. But do they trade commodities for instance? Do they trade real estate? Do they trade partnerships? Those are all the other avenues that you need to discover. Last but not least, do they work in a country where you're considering investing? Do you know there are online services today available in China, Hong Kong, Japan, England, Germany, France, you name it across the board? Just be careful where you are that you're dealing with a reputable company where they're going to be there when things get tough. I'm Roger Groh and that's a little bit about why you would use an online broker.

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