How to Start an Investment Account

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Start an investment account by identifying a brokerage firm that is reliable and knowledgeable, filling out an account application, funding the account and authorizing a person to do the buying and selling. Decide who should receive statements on an investment account and whether statements should be paperless, with tips from a financial consultant in this free video on investments.

Part of the Video Series: Investment Tips & Financial Planning
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Video Transcript

Have you made the decision that you're going to invest in stocks or bonds or real estate or commodities? Hi, this is Roger Groh of Groh Asset Management. Today, we're here to talk about how you open an investment account in order to begin that process. The first thing that's important is to identify the firm that you want to work with that's most appropriate for you. Points that can come up in the decision making? Well, certainly expense, reliability, knowledge, research, other items that that firm might bring to the table to help influence what you buy and make you more money long-term. So what it takes from there is you go online or go directly to the firm. You'd have to fill out a new account application. They're going to ask your name, address, social security number or ID number in whatever country that you're in, and they're going to want to make sure that you're you, meaning you need your passport, perhaps your birth certificate or some way to make sure that the government of that country knows that you're the actual investor. From there, you have to fund that account. You have to get money in there somehow. And you might physically hand them money, you might wire in money or perhaps you move in other stocks or bonds that you've owned in other places. But without any money in there, you can't do a whole lot. Last, but not least, you have to authorize somebody who can then call that bank or brokerage firm and do buying and selling. Now, maybe that's just you or maybe it's a number of people, depending upon the type of account or group that you're opening up that account for. Last, but not least, think about if there's anyone else that you would like to receive copies of statements from that firm. Do you want copies to go directly to your accountant? Do you want copies to go to your lawyer? Do you want copies to go to each of the planned participants? Whatever it might be. Just identify them ahead of time, let the firm know and those folks will get copies. One other thing: Online, sometimes it's easier just to have it all online rather than come in print, and again, that's a choice you'll have to make. Look carefully at the fine print to see if there's a more or lesser charge for doing that. Hope that helps. I'm Roger Groh of Groh Asset. Go open that account.


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