Brokerage firms often advise clients to diversify: while one asset class is faltering, another may be gaining, so it is important to have exposure to more than one segment. Some firms are now applying that lesson to their own service mix, expanding beyond traditional brokerage products. With the repeal of the Glass-Steagall act in 1999, financial services firms are free to offer bank and brokerage services, as well as insurance, to their customers. This has paved the way for a new breed of ”bankerage” firm. For the purpose of this report, a bankerage firm must offer both brokerage and FDIC-insured banking products, and must make all account information accessible online under one login. Less than 40% of Broker Monitor firms meet our bankerage qualifications.
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For the most part, we have seen online commissions among discount firms trend lower since our last comparison, four years ago. On the other hand, we actually noticed some firms raise their automated phone and broker-assisted commissions. We found, however, that only one firm does not charge anything additional for a broker-assisted trade.
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ShareBuilder has carved a niche in the brokerage industry by actively targeting and providing a suite of services geared toward novice investors. The firm makes it easy for beginners to get started investing by not imposing any minimum balance requirements and allowing clients to invest any amount in its automatic investment programs. Investment product offerings, however, are limited; only stocks, ETFs and options are available. Additionally, the site lacks technologically impressive tools (e.g., streaming applications) and advanced trade types (e.g., trailing stops, conditional orders), resulting in a site that may not meet the needs of some experienced investors and active traders.
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In our last report, we contacted customer service representatives at several brokerage firms under the guise of a prospective client requesting account opening materials by mail. In addition to comparing hold times and ACD systems, we gauged how the representatives handled the calls, what questions they asked and whether or not our request could be fulfilled.
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As far as electronic funds transfers go, brokerage clients generally have two options – wire transfers or ACH transfers. While wire transfers are completed instantly, they usually carry significant fees. ACH transfers are generally free – making them the more attractive option to the average client – but usually take two to three days to process. Approximately 70% of the firms we looked at offer online ACH transfer capabilities. The levels of flexibility and options, however, vary.
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Sector and industry research is an integral part of a complete stock analysis. Many investment experts advise investors to avoid stocks within poor-performing industries. Unfortunately, only nine of 17 firms that we track provide sector and industry research capabilities on their sites. Only two of these nine firms provide resources publicly; the others provide theirs only within the private sites. While each highlighted firm provides a list of top- and bottom-performing industries, some go far beyond their peers by offering additional detailed information and research reports.
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