How to Select a Stockbroker
If you don't feel comfortable doing your own online investing or using a minimal-service brokerage company, you may want to enlist the help of a full-service stockbroker. How do you choose someone you can trust with your money? Here are some suggestions:
- Get a recommendation from someone you trust.
- Choose a reputable firm. Meet with a manager from a reputable firm who can match you with a stockbroker who fits your needs.
- Check with the securities administrator to make sure the broker, as well as the firm, is licensed in your state.
- Find out how long the broker has been with the company and how long they've been in the business.
- Ask prospective stockbrokers about their investment philosophy. Gauge whether or not you're comfortable with their approach.
- Make sure the brokerage firm is insured under the Securities Investor Protection Corp. (SIPC), which will offer you some protection.
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