Brokerage Accounts: Where to Open One?
“Where should I open a brokerage account?” is one of the more common questions I am asked. My response is always, “it depends on what your needs and wants are.” Among the most important considerations are what types of investments you will make, what services you will use and what your personal preferences are. Cost does a play a role, but it is relative to the services you receive.
I give you some general suggestions that can help you make the decision as to where to open an account below. As you read them, keep in mind that this is a very personal decision. What makes sense for one person may not necessarily make sense for you.
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You should also consider that your first decision does not have to be your final decision. As you develop your skills as an individual investor, you may find it advantageous to move your account elsewhere. Thus, try to make the best decision you can now, with the realization that you do have the option to change your mind in the future.
What Will You Invest In?
Do you intend to buy individual stocks, exchange-traded funds, mutual funds, bonds or some other type of investment? This is one of the primary factors you should consider because companies vary on what they will and will not allow you to trade.
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