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BVC #24 – How to Pick A Stock Broker [VIDEO]

Every week or two, I get an email from a reader wanting to know who I think is the best stock broker. I usually tell them that when it comes to my retirement, I use Vanguard because I like their mutual funds and because I can invest in those mutual funds for free. For my taxable broker, I use E*Trade and TradeKing. E*Trade because they had a high yield savings account that I could use as my sweep account (not anymore though) and now TradeKing because trades cost $4.95 and they consistently win awards for customer service (though I’ve yet to call them, never had a reason to).

In my emails, I don’t go through the methodology I used to picking a broker because I had planned on making a post about it. I only talk about the brokers I use and why (like in the above paragraph). So, I decided to make it the subject of the latest Bargaineering VideoCast.

In the end, it comes down to figuring out what you need from a broker and selecting one that meets it. For me, the issue is of price and fees. I’m less interested with the scope of research, so full service shops with access to dozens of analyst reports don’t appeal to me, and more interested with ensuring the only fee I pay is for trading stocks.

Are there important criteria that I missed? Please let me know in the comments!

And a big thanks to Intuit and TurboTax for supporting Bargaineering and sponsoring this video. If you’re on Twitter, I invite you to follow @TurboTax [3] for more information on tax and product news straight from the experts.