It is understandable if you are paying less attention to your brokerage account these days, given the current market malaise. But the recent slide in stock and bond prices may represent a "generational investment opportunity," Ron Baron, a manager of several Baron funds and founder of Baron Capital, recently wrote in a letter to shareholders.
In short, it's a good time to be active as an investor. But it also pays to be selective in times like these, which makes the services offered by your online broker highly important, whether for you that means plying your brokerage's tools to sift for hidden gems in the stock bargain bin, finding smart fixed-income strategies or even getting professional investment guidance. With that in mind, we conducted our annual review of online brokers. This year, we have 10 contenders. Five are large, well-known brokers that cater to all kinds of investors, from novices to active day traders: Charles Schwab, E*Trade, Fidelity, Merrill Edge and TD Ameritrade. Schwab acquired TD Ameritrade in 2020, but the brokerages still work independently, and the firms asked to be reviewed separately, except in the category of advisory services. The remaining five firms are smaller in stature, but each has something to offer: Ally Invest, Firstrade, Interactive Brokers, J.P. Morgan SelfDirected Investing and Wells Trade, the brokerage arm of financial firm Wells Fargo.
Each company answered dozens of questions in seven categories, including commissions and fees; investment choices; advisory services; tools; research; and mobile, which tested the functionality of each firm's app. We also measured what we call user experience a general category for how many ways, and how well, a company interacts with its customers. The score in each category was based on information provided to us by the brokerage firms, which we vetted to the best of our abilities.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.
DO YOU NEED UMBRELLA INSURANCE?
A policy can protect you from financially devastating events.
Navigating Finances as a Blended Family
Money matters can get complicated when two families unite. Planning is key.
BREAKING UP WITH YOUR BROKER
Be aware of these challenges when you move your money to a new home.
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Consider your health care needs over the long term as you weigh costs and coverage.
Keep Faith in These Stocks
IN 1997, I coined the phrase “faith-based investing.” It has nothing to do with religion or with picking stocks at random.
OUR ESG PICKS ARE THRIVING
Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.
MONEY MANNERS FOR THE MODERN AGE
The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Who wins the White House matters—but only at the margins when it comes to your investments.
YOUR GUIDE TO OPEN ENROLLMENT
With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.
