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How to Choose the Right Investment Broker

Jun 23 2011

Determine Your Investment Need

Before you start your search for an investment broker, you should first determine what type of investment services you would need. Some of the common investments selected by individuals are stocks, bonds, and mutual funds. Once you narrow down what services you are looking for, you should look to select someone who will provide you with the best service as possible.

Select the Type of Broker Needed

There are several different types of brokers you can select from such as a discount broker, an online broker, or a full service broker. Most people prefer to use a full service broker because they offer their customers advice and tips on the best investment to meet their needs. Because of this service, they often charge more than other non full service brokers. If you prefer to choose and research your own investments, then a discount broker may be a better option for you.

Do Your Research on Brokers

Once you know your investment needs and broker type, you should start making a list of the potential brokers you may hire. Some people prefer to use broker companies and others prefer to use individuals. You should talk with friends and family who have investments to see who they are using and get their opinions as well. If you want to set up a meeting, you should check and see if they have a local office.

Interview Your Top Choices

After you have made your list, you will need to narrow down your selection to the top three to five choices. You should schedule a telephone interview or meeting to talk with the broker about your investment needs and see what they have to offer. It would be wise to make a list of questions you may have about the services, fees, and commissions in advance.

After you have your interviews, you should be able to select the best candidate on your list. It is important to select a broker who you feel comfortable with and can trust completely with your money.

About the Author: Tanya is a full-time writer and blogger with a passion for personal finance, investments, and other money-related niches. She is also a regular contributor at CreditLoan.com.

   
    
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