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Finances in 55 Seconds: Review Your Broker
Posted By Miranda Marquit On 08/01/2011 @ 12:06 pm In Investing | 4 Comments
Many of us use an online broker account  to help us with investment transactions. An online broker can be cost effective, and help you quickly set up transactions. Many online brokers also provide research that can be helpful to the average investor, as well as the option to talk to a professional if you feel as though you are stuck.
Once you choose a broker, though, it doesn’t mean that you have to keep with the same company for the next few years. Indeed, you should not just continue to use the same broker for years without checking in every so often. In some cases, it might make sense to switch brokers. Regularly review your current broker, to make sure all of your needs are being met. It doesn’t have to take very long. In fact, you can do it under 55 seconds:
Making your final decision will take a little bit longer. However, this exercise will help you focus on your options, and will force you to consider whether you are really getting the best bang for your buck with your current broker. If you find that you are paying higher fees than you could be paying elsewhere, or if you don’t have access to the investing options you want, it might be time to consider switching.
Online brokers have made it possible for almost anyone to invest. You can choose from a variety of options, and you can send in trade orders, as well as automate your investing and use the strategy of dollar cost averaging . However, don’t be complacent about your broker. Take the time to periodically review your broker, and determine whether or not it is time to switch things up.
(Photo: Ahmad Nawawi )
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 online broker account: http://www.bargaineering.com/articles/brokerage-accounts
 index funds: http://www.bargaineering.com/articles/choosing-an-index-fund.html
 Bankrate’s broker comparison tool: http://www.bankrate.com/finance/investing/brokerage-accounts.aspx
 dollar cost averaging: http://www.bargaineering.com/articles/risks-of-dollar-cost-averaging.html
 Ahmad Nawawi: http://www.flickr.com/photos/ahmadnawawi/3808452611/
Thank you for reading!