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Computerized Investing > January/February 2007

AAII.com: Members Rate Their Brokers

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by CI Staff

AAII members have the opportunity to voice their opinions on a variety of topics in the Member Surveys area of the AAII Web site. For the past nine years, AAII has been polling members about their broker satisfaction. The discount broker survey asks members which discount broker they use, the primary reasons for choosing that broker and to rate their satisfaction with the firm.

A summary of the past five years of results is shown in Table 1, which presents the ratings of the most popular brokers based on member responses since 2002. Results are ranked based on the percentage of members using each broker. For four years (1999 to 2002), Charles Schwab reigned as the most-used broker among members responding to the survey. Scottrade, which debuted on the 2002 survey at number five, quickly snatched the top spot from Charles Schwab in 2003 and has remained number one for four years. With the merger of TD Waterhouse and Ameritrade, a new brokerage firm has been allowed to penetrate the top five: E*Trade, which was number seven in last year’s survey. For the past four years, Scottrade, TD Waterhouse, Ameritrade, Charles Schwab and Fidelity have bounced among the top five spots. This year, the combined TD Ameritrade is the number two most-used broker among AAII members.

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