Thinking about Changing brokers

Jimbo · Member

I am thinking about moving my portfolio. I am with Dain Rausher now but they are charging me about 2.5 %.The value on the whole thing is about 125K. This all started when my broker called right before Christmas andsuggested moving some stocks that he had just put me in 9 months ago. It was a guaranteed 7.75 % per year on a 10,000 investment and he wanted to pull me out of it and go into mid caps. Any thoughts?

MisterL · Member

There are no guarantees in the stock market. Unless it's a fixed security or fixed annuity product, you are being lied to, and I've never heard of such guarantees.

Are you being charged 2.5% of the deposit (front load)? Or is this on a per trade basis? Which midcaps are you possibly getting into? Make sure you do your research on the stock in this portfolio.

Jimbo · Member

I don't have my paperwork with me . I will bring it tomorrow. I think they charge me on the total value of my portfolio.

Scot · Member

do many people even use brokers anymore?
Unless you're really busy or really rich it seems like everyone can easily manage their own portfolio via el internetto.

MisterL · Member

Well everyone uses brokers unless you have a seat on the exchange which go for about a million ! Unless we all pool our money together and buy one we all have to use brokers . The question is discount or full time brokers. Discount is pretty straight forward the first that come to mind are : Scottrade, Ameritrade, Choicetrade, and Free-trade. Discount brokers usually have fair commisions and you manage your portfolio. A full time broker is someone who advises you on what to buy, and with all those biased brokers out there I would advise to just read up and invest yourself! Good luck with it Jimbo, and welcome, you've landed to the best stock forum on the web!