A generation ago, a full service stockbroker was a guaranteed lucrative profession. The stockbroker was the gatekeeper to the general public for individual stock or bond sale or purchases. Commissions would be a percentage on the total value of the trade and could run to thousands on a large sized trade.
Flash forward to the present, where online trading is the preferred platform for most people who manage their own investments and deep discount brokers, such as TD Ameritrade and Charles Schwab, have cut commission rates to flat fee levels with account maintenance and order taking services, but without research, portfolio management, and calls with tips. Full service brokers still exist, but serve a very small, select group of high net worth clients who don’t have the time and patience to manage their own portfolios.
Thanks to lowered high school and exam standards, a college education is no longer considered what it used to be. The same can be said for a FINRA SIE or a Series 7 license.
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Finance: What is a Full-Service Broker?3 Views
Finance a la shmoop what is a full-service broker? full-service
"everything" close relative of the bulge bracket remember those guys want
to trade stocks here at this full service brokerage well you got it [Clipboard appears with checklist]
how about trading some bonds yep need investment advice hoo you bet we got rap
accounts here too does it have to be good advice well it's different gonna
retire well they'll suggest Goodyear or fire stone or Michelin if they're you
know socialist and European gonna quit working and play golf all day well then [Man playing golf]
a full service broker has advice for that as well want tax planning yep
referrals to other professionals like estate planning lawyers and that kind of
stuff got a kid heading to college in a decade all right well it's time to talk
529 savings plan got a grandparent dying soon whoo time to talk IRA distributions
and charity need Warriors tickets yeah what well they're full service they just
build they'll charge you for it but they're full full something [State Warriors basketball team playing a game]
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