Our latest survey of AAII members indicates that approximately 78% of our members use an on-line broker. This is up from 65% two years ago, and 16% 10 years ago. Beyond the cost advantage, I find it is easier to place a more informed trade on-line, and I can establish appropriate trade parameters with the tools most on-line brokers provide. At the beginning of each year, both the AAII Journal and Computerized Investing feature comprehensive comparisons of discount brokers and on-line brokers, respectively.

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We have used our Web site to solicit brokerage ratings and opinions from our members over the last seven years. Members are able to indicate the factors that led them to select a particular broker and their level of satisfaction with their broker.

There cannot be one best broker for all, only a broker best-suited to your investment and trading style. An active trader may favor a broker with low commissions and quick order execution and confirmations, while a buy-and-hold investor may favor a broker with a rich research offering and local branch offices.

I would encourage all of our readers to take a few minutes to fill out the brokerage survey on our Web site. All of our surveys are accessed from the Member Surveys link found under Community on the left-hand side of the AAII Web site. We have three on-line surveys currently up and running?weekly investor sentiment, monthly asset allocation, and the on-line discount broker survey. Look for the next issue of Computerized Investing to see how your broker stacks up against the competition.