INVESTING has become more accessible to more people, but that hasn't made finding the right broker any easier. If anything, brokerage firms look more alike. Low commissions, for instance, are no longer a differentiator-all firms have low costs now.
Figuring out which broker is right for you depends on what you need and what you value. You may want a broker that has an array of no-transaction-fee mutual funds at the ready. Maybe you need technical reports on stocks or charting tools that let you slice and dice a stock's moves. If you're just getting started, you may want the ability to invest in partial shares of stocks. Or if you don't know much about investing, a firm with a good robo adviser may suit you best.
To help you choose, we rounded up data from 10 brokers who agreed to participate in our annual survey. Every year we invite a number of firms, but to be included, a broker must offer online trading in stocks, exchange-traded funds, mutual funds and individual bonds. Half of this year's participants are well known: E*Trade, Fidelity, Merrill Edge, Charles Schwab and TD Ameritrade. Three are online brokers with affiliated banks: J.P. Morgan Self-Directed Investing (Chase Bank), Wells Trade (Wells Fargo) and Ally Invest (the online-only Ally Bank). The remaining two, Firstrade and Interactive Brokers, focus more on trading and are popular with active investors. Siebert didn't respond to our invitations; T. Rowe Price and Vanguard declined to participate.
Each participant answered dozens of questions in seven categories: commissions and fees; investment choices; smartphone app; tools; research; advisory services; and user experience. The user experience category measures how well a company interacts with customers, including via its website or mobile app. Scores in each category depend on information provided to us by the brokerages, vetted to the best of our abilities.
Bu hikaye Kiplinger's Personal Finance dergisinin October 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Kiplinger's Personal Finance dergisinin October 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
EMPOWERING FAMILIES WITH FINANCIAL PLANNING
Through her pro bono work, this CFP provides free help with budgeting, saving and more.
THE ALLURE OF SHOULDER SEASON TRAVEL
SHOULDER season can be a great time for a vacation.
A TOOL 10 ADD 10 YOUR ID THEFT ARSENAL
Credit-monitoring services can help you detect fraud quickly.
Give the Gift of Life Insurance
Show your love for your sweetheart by protecting against disaster.
WATCH OUT FOR NUDGES THAT STEER YOU TO TRADE TOO MUCH
ANYONE who has shopped for groceries with a toddler knows to be on high alert for the impulse items the store has thoughtfully placed at a child's eye height.
Lessons for Retirement Success
CHRISTINE Benz is director of personal finance and retirement planning for Morningstar and author of How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement (see a related podcast at Morningstar .com).
GET THE RIGHT ADVICE IN RETIREMENT
If you've saved up a decent-size nest egg with a financial services firm, chances are good it has offered you financial advice-for a price. Is it worth it?
SHIELD YOURSELF FROM FRAUD
RECENTLY, one of my clients shared a harrowing experience.
CHECK YOUR COLLEGE'S FINANCIAL HEALTH
Declining enrollment has forced a growing number of small colleges to shut down.
ESTATE PLANNING - Protect Your Wishes and Your Legacy
NO one likes to imagine getting seriously ill, injured or worse, but these occurrences are a reality of life.
