Quote:
Originally Posted by doublehaul
I follow this thread closely, so I thought I would ask for suggestions
I am trying to compare stock brokers, and I’d like your input
My intention is to transfer from mutual funds and self manage my investments.
I will be buying and holding mostly divided stocks and etf and want them to drip. Mostly they are on nyse. I probably will buy around 10-20 stocks through the year.
I’m comparing all Canadian institutions that have an application for iPhone, mostly just to be able to review my portfolio.
I am comparing but not limited to
TD , CIBC , RBC all have 7-9$ fee
Qtrade , Questrade , Interactive Brokers are almost free
Since I’m not doing very many transactions I don’t think I’m too concerned about the 7-8$ transactions fee
What institution has a good stock value / rating platform
Any input is welcome
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Answering to the bolded section above. You need to ask each broker one very specific question. "Do you have a drip program and do you offer synthetic drips?"
Some stocks have a drip program you can enroll in. Many don't but the broker may provide their own program where they will do it for you anyway at no extra cost -- it's called a synthetic drip.
You will find a broker with a syn-drip to be way better for your wallet than going with the one with lowest commissions.
Suggest you give the broker a list of names you are interested in and having them tell you if a drip/syn-drip is available, so you will know for sure.
Finally, make sure you absolutely know what you are doing. I may play a lawyer on TV but I don't do my own legal stuff. Sometimes paying for a decent adviser will be better for you in the long run. Suggest you talk to friends/family and interview the advisers they use.