I have been getting lots of questions in PMs. Here is an excerpt from one and my response.
I have sent off for applications to ABWatley, printed out forms from MBTrading, and filled out an application with Remote Trading Int.. I know from your postings that you are fond of and endorse/use MB. My questions about MB are these: Are you concerned at all about Southwest Securities? Do you think customer service is A-1 to every Joe 6pack trader or do you get preferential treatment? Does MB have check writing?
ABW had a reputation concerning reliability and customer service. I think they have improved a lot thanks to MBT doing a great job. Just as JPR's cut rate commissions helped us get a lower commission rate at MBT. So competition is a good thing.
As far as Southwest goes, they have been around a very long time. There has been occasions where SW has failed to "run the tape" in time to update everyone's buying power for the market open. It got bad enough that MBT created a completely redundant system that does this work when SW funks it up.
The best way to get "treatment" is to not be too shy to ask questions and take care of yourself. Sure those guys appreciate that I try and stick up for them on Silicon Investor, but I think, I am treated no differently than any other client.
I do not know about check writing, please let me know what you find out.
I am high on MBT because of their technical ability and their attitude towards business. I am a firm believer in getting what you pay for. The little bit more I pay in commissions is helping build a very strong infrastructure both in equipment and staff.
I know MBT is the best, but we have to agree that not every one likes their coffee black or with cream, so not everyone will have the same experience. That would be impossible.
I am betting that MBT will be around for many years. I am also betting some outfits will dry up and blow away or get folded into stronger brokers.
It all boils down to the people for me, you can get the same software and execution systems from other brokerages, but you won't have these people backing you up. Look at phactor.com That's Phil's web site, an MBT staffer. These are the guys you want working for you.
The fact that the chat room is open to the public every trading day, proves beyond a doubt that these guys have nothing to hide at all. The transparency offered via the chat room is a indicative of the quality of service they provide.
Think about it! The chat room gives you constant instant access to the MBT staff. You need to see if they can get a borrow on a stock that's not on the big list? The chat room works great. A quick question about why the prints don't seem to jibe with the level II window, perfect way to ask. Not all traders have a free phone line all day for calling up with non-urgent questions. Other traders may ask a question you may never have thought of, but when you see it in the chat room you are glad to see the answer too.
Where else can you get this level of service?
Also, the $5 trades are pretty cool, imo. A friend of mine (yes I do have one left) is getting started with MBT this month. The $5 trades are perfect for him to get through the learning curve.
Trading is loads of fun, but only if you get the right tools and have confidence in them. You must, in my opinion, feel as if your broker is your partner.
You may find another broker that is almost as good, or equally well equipped in some ways, but you will not find a better all around package, imo. Keep in mind MBT is a lot different than it was 12 months ago; many niceties have been added and I fully expect many more in 1999 as well.
Don't take my word for anything, dig, dig, dig and find out as much as you can by calling all your prospective brokerages and see what you can learn that way. Talk to Ross or Steve or Phil or Beth or Brenton and chat with one of them for a minute or two., if you still are not satisfied, take your business else ware.
Good luck with everything.
funk
ps, I do not mind answering questions at all. I ask plenty myself.
I would prefer posting in public so that others, who may be thinking of similar things, can (if they choose) read this stuff too. I hope you don't mind.
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