Low fee brokerage accounts (1 Viewer)

[Evilgrin 72]

Let's say you have a couple grand coming to you that your wife is blissfully unaware of.  You want to maybe plunk it in an online brokerage account to dabble in stocks but keep it away from your other assets so it's a standalone account that no one has visibility to but you.  You're looking for a company that offers very low trade fees as you're likely to buy/sell a decent amount in terms of transactions - certainly not day trading, but they're going to be small buys/sells and you don't want fees to take a significant chunk of your ROI.  Penny stocks/pink sheet are possible but not likely purchases, options are a definite possibility.  Decent customer service and an intuitive interface are desired.

What brokerage do you use/have you used?

 

[IC FBGCav]

Let's say you have a couple grand coming to you that your wife is blissfully unaware of.  You want to maybe plunk it in an online brokerage account to dabble in stocks but keep it away from your other assets so it's a standalone account that no one has visibility to but you.  You're looking for a company that offers very low trade fees as you're likely to buy/sell a decent amount in terms of transactions - certainly not day trading, but they're going to be small buys/sells and you don't want fees to take a significant chunk of your ROI.  Penny stocks/pink sheet are possible but not likely purchases, options are a definite possibility.  Decent customer service and an intuitive interface are desired.

What brokerage do you use/have you used?

Put it here VFINX, leave it alone and thank me later.    Etrade is good for mutual funds, I liked Options house for stocks but Etrade just bought them so I do not know the changes.

 

[NREC34]

Robinhood is free. I have never used though and know nothing about it. 

 

[Evilgrin 72]

Put it here VFINX, leave it alone and thank me later.    Etrade is good for mutual funds, I liked Options house for stocks but Etrade just bought them so I do not know the changes.

I already have a ton of mutual funds, this would be more for trying to flip a couple grand a few times over a couple of years and buy something stupid like a golf cart I can ride around the neighborhood swilling beer and throwing empties at local children.

 

[Evilgrin 72]

Robinhood is free. I have never used though and know nothing about it. 

I'll look into it (and E*Trade) - thanks.

 

[GoBirds]

Wondering how many use local brokers that charge a management fee vs going completely online and going through a Vanguard or Schwab or Fidelity I believe is another? When it comes to compounding and long term returns the online options seem like a no brainer but as someone consumed with their small business I haven't been able to clear the mental hurdle of not having a nearby office to contact a representative I know or walk into if crisis hits and I need my $$$. 

 

[Mystery Achiever]

Schwab and Fidelity have some local branches. Commissions on stocks are down to $4.95 at both.

 

[eoMMan]

Scottrade is $7 a trade. 

With only a couple grand in play though, that's a big hit in fees ($14) for every buy/sale. 

 

[Steve Tasker]

Wondering how many use local brokers that charge a management fee vs going completely online and going through a Vanguard or Schwab or Fidelity I believe is another? When it comes to compounding and long term returns the online options seem like a no brainer but as someone consumed with their small business I haven't been able to clear the mental hurdle of not having a nearby office to contact a representative I know or walk into if crisis hits and I need my $$$. 

A lot of the FBG finance folks will strongly advise against your standard financial planner other than fee-only planners, but I see the merit in having one for people in your situation.  Many people don't have the confidence or the time (or both) to manage their investments, and I think you could do worse than having a local person.  If you're focused on your business, there's no harm in having a local money manager, just know that you're paying him or her indirectly a higher percentage for the peace-of-mind of having someone looking over your investments.  I don't have any particular recommendations for you, though.

 

[-OZ-]

A lot of the FBG finance folks will strongly advise against your standard financial planner other than fee-only planners, but I see the merit in having one for people in your situation.  Many people don't have the confidence or the time (or both) to manage their investments, and I think you could do worse than having a local person.  If you're focused on your business, there's no harm in having a local money manager, just know that you're paying him or her indirectly a higher percentage for the peace-of-mind of having someone looking over your investments.  I don't have any particular recommendations for you, though.

Sure, but it depends what you want.

It seems EG would have no interest in "a guy" here, he wants to gamble on some stocks with a small a amount of his assets. I'm pretty sure he doesn't mind the possibility of losing big time and is doing this at least partly for fun. 

You can probably find a brokerage that gives the first few (more?) trades for free before charging. IIRC @Dentist did this for a while. 

Personally I don't trade individual stocks enough to worry about it and just use my normal accounts at USAA. Other than ETFs, i only own alphabet, a couple REITs, and Teekay Offshore Partners (I honestly don't know why I bought it). 

 

[GoBirds]

Sure, but it depends what you want.

It seems EG would have no interest in "a guy" here, he wants to gamble on some stocks with a small a amount of his assets. I'm pretty sure he doesn't mind the possibility of losing big time and is doing this at least partly for fun. 

You can probably find a brokerage that gives the first few (more?) trades for free before charging. IIRC @Dentist did this for a while. 

Personally I don't trade individual stocks enough to worry about it and just use my normal accounts at USAA. Other than ETFs, i only own alphabet, a couple REITs, and Teekay Offshore Partners (I honestly don't know why I bought it). 

I own some individuals but am leaning towards getting away from that and if I could get comfortable holding everything in an online brokerage would probably stick to ETF. 

Also where does the risk lie these days as far as getting completely ripped off Ponzi scheme style? Is it mainly the very small shops or do you have to worry about regionals as well?

 

[-OZ-]

I own some individuals but am leaning towards getting away from that and if I could get comfortable holding everything in an online brokerage would probably stick to ETF. 

Also where does the risk lie these days as far as getting completely ripped off Ponzi scheme style? Is it mainly the very small shops or do you have to worry about regionals as well?

No idea, but if I'm putting money somewhere I need to know the brokerage is reputable. Doesn't make it 100% safe I guess but I feel secure in usaa and vanguard.

 

[Steve Tasker]

Sure, but it depends what you want.

It seems EG would have no interest in "a guy" here, he wants to gamble on some stocks with a small a amount of his assets. I'm pretty sure he doesn't mind the possibility of losing big time and is doing this at least partly for fun. 

You can probably find a brokerage that gives the first few (more?) trades for free before charging. IIRC @Dentist did this for a while. 

Personally I don't trade individual stocks enough to worry about it and just use my normal accounts at USAA. Other than ETFs, i only own alphabet, a couple REITs, and Teekay Offshore Partners (I honestly don't know why I bought it). 

I was talking specifically to @GoBirds, not EG, just FYI.

 

[flapgreen]

Is Evilgrin rich yet? 

 

[5-ish Finkle]

Is Evilgrin rich yet? 

Not sure, but word is he did buy a used golf cart from an estate sale in The Villages a while back.

Whether or not empty beer bottles have been winged at neighborhood kids is, as yet, undetermined (but likely).

 

[Dentist]

Merrill edge still has 100 free trades a month for the wealthy, but I don't trade anymore.

 

[Evilgrin 72]

Is Evilgrin rich yet? 

Opened an account shortly after this thread with Robinhood. +71.2% YTD. Locking in profits! 

 

[Evilgrin 72]

Not sure, but word is he did buy a used golf cart from an estate sale in The Villages a while back.

Whether or not empty beer bottles have been winged at neighborhood kids is, as yet, undetermined (but likely).

I need to get to about 125% return before I decide whether to buy the golf cart or keep playing the market. I have continued to throw empties at kids on foot, though.