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Kevin Van Lenten
Staff

Kevin Van Lenten asked 5 months ago in Savings Accounts

Opening a brokerage account?

There are so many to choose from these days...can anyone recommend some? and what to look at when opening these accounts?

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Michael S. Cocco, CFP®
FiLife Contributor
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You are correct, there are hundreds of different brokerage accounts out there whose fees range in many ways, from administrative fees to trading fees to ticket charges to sales loads on mutual funds. My advice is to first decide on what your goals are:

If they are to day trade some individual stocks, go with an online discount broker, it's the cheapest way to trade stock.

If it is to set up a longer term (2 years or more) diversified investment portfolio with stocks, bonds, mutual funds, then see a financial advisor because mutual fund fees are universal if you buy the same fund from ABC or XYZ brokerage firm, you have the same sales loads and commissions, but stocks can be discounted.

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