Question

In: Finance

Prepare a checklist of questions and issues you would use when shopping for a stockbroker. Describe...

Prepare a checklist of questions and issues you would use when shopping for a stockbroker. Describe both the ideal broker and the ideal brokerage firm, given your investment goals and disposition. Discuss the pros and cons of using a full-service rather than a premium discount of basic discount broker. If you plan to trade online, what additional questions would you ask?

Expert Solution

The following is a non-exhaustive checklist when choosing for the best stockbroker

Based on the extent of availability and the level of pricing we can have the following Checklist

Checklist

No	Service	Good	Moderate	Poor
1	Intraday settlement charges
2	Availability of Exchanges to trade
3	Margin requirements
4	Delivery charges
5	Advisory services available or not
6	Settlement time
7	Modes of funds acceptance

Based on the personalized investment goals the following are expected from a broker

· The knowledge about the market

· Fee charged per trade

· The experience in the market

· Technical skills and expertise

· The historical returns achieved based on professional expertise

· Time of availability for business

For Broking house

· Trading charges and settlement charges

· No of bad / failed percentage of settled orders

· The avaibility of multi trade platform

· Authorization to carry out broking is licensed or not

· Settlement time post exchange settlement

	Full Service broker	Discount Broker
1	Offers complete range of trading and portfolio management services	Offers only limited basic trading services
2	Research and fundamental and technical analysis provided	Research and fundamental and technical analysis not provided
3	Charges High fees and annual changes	Charges very low fee in proportion to the trade volume
4	Unlimited volume and number of trades can be executed	Limited trades are allowed per day
5	Can exercise complex trading strategies based on Futures and options trading	Does not offer any option trading strategies

Online Trading addition requirements

· The modes of accepted online fund transfers accepted by them

· The viability of the trading platform

· Cross device support of the platform

· Security features offered to protect from cyber hacking

Thanks . Please Upvote if you like

jeff jeffy answered 1 year ago

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