Best Brokerage Firms

February 13th, 2008

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Based in Morris County, New Jersey, The Daily Record reviews the best brokerage firms around the brokerage world. It quotes Smart Money Magazine’s latest survey which placed Fidelity as “Premium Broker”, TradeKing as “Best Discount Broker”, and Merrill Lynch as “Best Full-Service Broker”.

Yet, the Daily Record newsroom, headed by Warren Boroson, responded that the survey of these three best brokerage firms may not be sufficient enough for brokerage trackers since it is not suitable for day-traders or those who buy only mutual funds. Accordingly, Smart Money’s survey and rankings are based only on buy-and-hold customers who are into stocks, bonds and mutual funds, those with a $50,000 account, and those who want to write covered calls.

Nevertheless, the ranking of the best brokerage firms by Smart Money has still been based according to set quantifiable and qualitative criteria. To determine the best brokerage firms, Smart Money sent their reliable field reporters to open brokerage accounts in 14 potential brokerage firms. The reporters bought and sold different kinds of securities, questioned the firms’ customer service through phone and e-mail, checked their account statements and tax forms, and reviewed scrutiny on the web sites, as among some of the survey’s conducted measures.

Tip! A good way to

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