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Anyone still use a full-service retail stockbroker?

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6 replies to this topic

#1 Burgerwars

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Posted 12 March 2017 - 06:08 PM

You know, what you see in the movies. Not today's investment advisors. Your broker calls you with a "hot tip" of what the office is pushing that day. "Hello Joe. This is Bob Broker. Amalgamated Conglomerated is going to zoom. Get in on the ground floor." You go ahead and buy $5,000 of the crap, that includes a $100 commission. The next day the company declares bankruptcy. You then sell it all for $150 plus another $100 commission, netting you $50.

If there still are many retail stockbrokers, they must get p.o.'d when they call with a stock tip, you say forget it, then login to Schwab to buy the stock for a $5 commission.

Edited by Burgerwars, 12 March 2017 - 06:10 PM.

#2 IndyPoolPlayer

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Posted 12 March 2017 - 07:20 PM

I could if I wanted to - I have an Edward Jones IRA. He calls me occasionally wanting me to do what you're posting above. Then he gives me the minimum investment required - usually $10K

#3 Kevin20

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Posted 12 March 2017 - 08:10 PM

Wow, if there is still such a thing, surely the average age of their clients is like 80.

#4 dockworker

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Posted 14 March 2017 - 11:51 AM

These guys only job is to extract as much money (commission) from you as possible. They are not your fiduciary. I'm too frightened to look up what the expense ratios of an actively managed IRA or MUF that's not from Vanguard, Schwab, or Fidelity.

#5 cv91915


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Posted 14 March 2017 - 11:54 AM

My travel agent uses a stock broker.

#6 Burgerwars

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Posted 18 March 2017 - 08:45 PM

My travel agent uses a stock broker.

My stockbroker used a travel agent.

#7 Burgerwars

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Posted 18 March 2017 - 09:08 PM

I've been reading more on this topic. There are still some retail stockbrokers around, but it's becoming more extinct. What you have now are financial advisors at places like Fidelity, recommendating financial products and collecting management fees. Merrill Lynch still has some retail stockbrokers, but at the same time there is Merrill Edge. With Merrill Edge, if you have $25,000 in investments in your account (or $25,000 in Bank of America that owns Merrill) you get 30 free trades a month. Since only a small percent of people trade that much, it's basically no commissions. Not something traditional retail stockbrokers want to hear.

I have a Schwab account. I basically buy stuff, like no-load mutual funds, on my own. Sometimes one of their brokers from their Encino, CA office mails or phones me. It's never a hard sell. They just want me to stop by the office to talk about my finances. Maybe some day I will.

Edited by Burgerwars, 18 March 2017 - 09:10 PM.

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