Best Brokerage Firms

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Nevertheless, the rating of the greatest brokerage firms by Smart Money has still been based mostly according to set quantifiable and qualitative criteria. To determine the greatest brokerage firms, Smart Money sent their legit field reporters to open brokerage accounts in 14 potential brokerage firms. The reporters bought and sold different kinds of securities, questioned the firms' customer service through phone and e-mail, checked their account statements and tax forms, and reviewed scrutiny on the net sites, as between numerous of the survey's conducted measures.

TradeKing grabbed "Best Discount Broker" although it is only a new-entry discount broker. Following the lead are Firstrade, OptionsXpress, Muriel Siebert, Scottrade, ThinkOrSwim, and WallStreet*E.

And the results - Fidelity, TradeKing, and Merrill Lynch as the 3 #1's. Next to Fidelity in the distinction as "Premium Broker" are E*Trade, Charles Schwab, Banc of America Investment Services, TD Ameritrade, WellsTrade, and Vanguard. Vanguard, as explained by Smart Money came last because it caters to fund-investors somewhat of inventory-investors.

In the "Best Full-Service Broker", Merrill Lynch is tagged-along by SmithBarney, Edward Jones, A.G. Edwards, Wachovia, Morgan Stanley, and UBS. Merrill Lynch replaced last year's first-place Edward Jones because of the latter's below-average inventory-picking. Other special determinants used by Smart Money for their "Best Full-Service Broker" aside from the brokerage firm's inventory-picking are customer satisfaction and trust and statements.

Overall, the Daily Record recognizes Smart Money's survey of the greatest brokerage firms. These may serve as good guide for people engaged or deciding to have interaction in brokerage, and also as good guiding-principle for self-supplier assessment of the forerunning brokers themselves. The outcomes of the learn not lower than are good only for this year'06 - Just for the record.

Based in Morris County, New Jersey, The Daily Record feedback the greatest brokerage firms across the brokerage world. It quotes Smart Money Magazine's latest survey which positioned Fidelity as "Premium Broker", TradeKing as "Best Discount Broker", and Merrill Lynch as "Best Full-Service Broker".

Yet, the Daily Record newsroom, headed by Warren Boroson, responded that the survey of these 3 best brokerage firms may not be sufficient enough for brokerage trackers since it is not suitable for day-traders or those that buy only mutual funds. Accordingly, Smart Money's survey and rankings are based mostly only on buy-and-hold consumers who are into stocks, bonds and mutual funds, those with a $50,000 account, and those that want to put in writing covered calls.

To note, the Smart Money learn also included supplementary standards to further determine the greatest brokerage firms more accurately or to come up with the greatest that you can imagine approximation through their available means. They included the brokerage firms' size of commission, investment products, banking amenities, trading tools, level of research, and customer service.