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Anyone still use a full service retail stockbroker?

43 10 March 13, 2018 at 04:36 PM
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Anyone still use, or know anyone who uses, a retail stockbroker? You know, your father's stockbroker. A broker who would call you often with hot tips. "Joe, Amalgamated Conglomerated Consolidated is going to zoom. How about buying 1,000 shares?" You would then say "sure" and he'll charge you a big commission for the tip, and also another big commission to sell, once you figure out how lousy the tip was.

I wouldn't want to be such a broker today. Clients would end up saying "thanks, but no thanks" for the tip, then open up their Robinhood app, and buy the stock for zero commission.

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Quote from Burgerwars
:
Anyone still use, or know anyone who uses, a retail stockbroker? You know, your father's stockbroker. A broker who would call you often with hot tips. "Joe, Amalgamated Conglomerated Consolidated is going to zoom. How about buying 1,000 shares?" You would then say "sure" and he'll charge you a big commission for the tip, and also another big commission to sell, once you figure out how lousy the tip was.

I wouldn't want to be such a broker today. Clients would end up saying "thanks, but no thanks" for the tip, then open up their Robinhood app, and buy the stock for zero commission.
My parents still have "a guy" for some of their non-retirement accounts. Their investments aren't in terrible places now, largely in stable mutual funds, but the 90s in particular were wasted for them. A simple broad equity fund would have captured the soaring markets, but instead they had a handful of random individual stocks dominating their portfolio that did nothing, not to mention their one foray into tech (Worldcom) ended poorly years later.
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I'm looking for such a person. Because the alternative is... ?
Doing your own research?
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