Thank's for the input.
If I were home all of the time, I would go 100% Watley though.
I think I will give this one a spin:
* * * * * (five stars) Brown & Co. (1-800-822-2021):
Strong points: low $10-$5 commissions, low 5 1/2% to 6 1/2% margin rates, fast executions, excellent customer service, free IRAs, low rates for options, and real time quotes.
Drawbacks include: its $15,000 account minimum, and other stiff qualifying requirements.
Limit orders (online, touch-tone, broker-assisted): $10 for up to 5000 shares, then .01/share for the entire order; $110 for 10,000 shares.
Market orders (online,touch-tone, broker-assisted): $5 for up to 5000 shares, then .01/share for the entire order; $105 for 10,000 shares.
Broker-assisted & touch-tone: $17 (limit) and $12 (market) for up to 5000 shares, then add .01/share for entire order.
Options (limit orders): $15 + $1.75 per contract ($25 minimum). Assignments: $19.
Options (market orders): $15 + $1.50 per contract ($25 minimum) for up to 30 contracts, then $1.75 per contract. Spreads OK.
Margin rate: 5 1/2% to 6 1/2%: brokers call less 0% to - 1% (very low).
Account minimum: $15,000. Other requirements: an income of at least $40,000, net worth (exclusive of real estate) of $50,000; and 5 years of market experience.
IRA annual fee: free, no setup fee, closing fee not known. Options allowed, but no spreads.
Real time quotes: 100 free per trade.
Perks: 10% rebate if your commissions exceed $350 in any month. Checking accounts @.99/MO fee; $250 check minimum.
Restrictions/warnings: no foreign accounts. No accounts without 5 years experience even if you're a millionaire; see report. No mutual funds.
Overall service rating: Excellent.
Comments: Founded in 1960. For many years now, Brown has combined low rates with excellent service, made possible with very high and demanding entry requirements. Brown does not want the poor and/or the inexperienced. One client tells us that, once you've opened an account with your $15,000, you don't have to maintain it at that level. Most clients praise this firm's service and excellent executions, and its online service has reportedly improved. SmartMoney magazine (July 1997) ranks Brown as tops in the phone-call trading costs category, but otherwise low overall (18th out of 21). Kiplinger calls Brown "best for margin rates.(11/1/97)" and more recently (Oct. '98) as "best for commissions." Affiliated with Chase Manhattan Bank. Some clients put this firm down, but not very many, and not very often. |
