Just one woman's opinion, but one based upon having tried it all and taken my lumps and profits:
>>If you could operate with say a 50% discount at a full service brokerage firm, would you do this for the safety, research, execution, ability to bounce ideas off a broker etc. Or would you prefer to go internet to a Schwalb or deep discount operation. Do the big wirehouses have research you think is valuable.<<
A fully engaged investor can always make better decisions than a broker. There is a great deal to be said for Enlightened Self Interest (ESI).
We who have been around the block with research, news reporting, etc realize that brokers, too, operate with ESI. Only Goldilocks would believe them capable of being fully committed to my best interests. (Yeah, I know there are some gems out there, but I'm not spending time in that haystack looking for the golden needle.)
I'll take my chances on making my own mistakes. At least I can learn from them. Besides, there is a mountain of research out there and a wide open internet. Nothing truly useful escapes the web community for long. DWA, Silicon Investor, and thestreet.com have made me mountains more money than Paine Webber ever did (even though the broker was a very honorable fellow) and cost me a pittance of PW's burdensome fees.
But there is a place for the full service boys. Let's face it, most folks are totally disinterested in managing their investing and will be happy to pay a pro to do it for them.
On an aside, thanks, Tom, for the DWA site. It is #1 on my investing hit parade!
Diana |
