The findings of the two studies illustrate the need for older investors to exercise caution when searching for a retirement-focused adviser, and to consider interviewing professionals from at least three different types of firms an RIA, an adviser affiliated with an independent broker-dealer, and perhaps an adviser with a national brokerage firm before selecting one.
In May 2008, the broker, who worked for one of biggest and most well-known brokerage firms, recommended that my client buy a new issue of preferred stock issued by Fannie Mae.
However, the conflicts are potentially the greatest when the consultant with an affiliated broker-dealer is retained to advise its pension fund client on brokerage issues and is in a position to recommend specific brokerage firms including its own.
Fund supermarkets enable investors to own several funds of their choice from different families in one brokerage account and track them with a single periodic report from the broker.
If you're a brokerage client and don't want to be bothered, call your broker and ask her to sign you up as an OBO for all your holdings.
Some funds, especially those with their own trading operations or brokerage policies, find it offensive when managers attempt to persuade them to abandon the brokerage policies or programs they have established and allow the manager to use an affiliated broker instead.
FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)
In the past year nine ECNs (electronic communications networks) have sprung up to trade shares online. (E-Trade, Ameritrade and the like are more akin to brokerage firms.) Island ECN, backed merely by a phalanx of Dell PCs and a broker license, now clears 12% of Nasdaq's transactions.
In the past year nine ECNs (electronic communications networks) have sprung up to trade shares online. (E-Trade, Ameritrade and the like are more akin to brokerage firms.) Island ECN, backed merely by a phalanx of Dell PCs and a broker license, now clears one-quarter of Nasdaq's trades and 12% of the transactions.
Other stocks should be contemplated as long-term plays because of the transaction costs:Your broker must go through an Aussie counterpart, adding overseas commissions and foreign-exchange spreads to the U.S. brokerage fee.
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