1) How much money are you planning invest? If you’re starting with a few thousand dollars, for example, one of the major mutual fund investment firms may be a good place. With $50k, $100k, or over $1 million, an online or full-service brokerage firm (a.k.a. investment firm), or a bank offering investment accounts, may be best.
2) Do you want personalized advice and help, either by phone or at a nearby location you can visit? Or does low-cost online access to your investments suit you best? Full-service investment firms offer personalized service and financial planning advice, while people who are comfortable managing their own investments usually opt for discount investment firms.
3) What investment choices do you want? Most investment firms offer a complete range of investment choices, from U.S. and international stocks, bonds and mutual funds, to high-risk instruments like futures and options. Others may specialize in one or more of those areas.
4) Is an investment "management" firm (a.k.a. "money manager") really that you’re looking for? These firms invest your money for you. You place a lump sum with them, and they decide where to put it, when to buy and when to sell — taking a fee and perhaps a cut of earnings for their services and expertise.
Here’s where to find your best investment firm fit:
Action Steps
The best contacts and resources to help you get it done
Get low costs and professional management via mutual fund firms
People with investable sums both large and small like mutual funds for their simplicity, wide range of choices, low fees and professional money management expertise.I recommend: Dozens of highly-regarded mutual fund investment firms offer funds to fit any investment style or specialty you can think of. A few of the major fund families include Vanguard, Fidelity, T. Rowe Price and American Century. The Investment Company Institute, a membership group for mutual fund investment companies, offers excellent advice and information about investing in general, as well as details about how mutual funds work and how to select the right one for you. The Investor Education section of their website is the place to look.
Compare online investment firms
These days, with online trading prices at rock bottom, the real battle for your business among investment firms is over additional services they offer.I recommend: Investing Online Resources Center (IORC), an independent, non-commercial investor education organization, has links to independent rankings, service comparisons and features of online investment firms from places such as Smart Money magazine and JD Power. Take IORC's quiz to find out if using an online investment firm is the right choice for you. Or see their tutorial on signing up for an online investment firm account.
Don't forget your current bank
Your bank may also offer investment firm services, saving you time and trouble of moving assets elsewhere.I recommend: To keep your finances in one place, check out the investment firm accounts and services that may be available at your bank. Not all banks offer investment services. A few that do include majors like Citibank, Wells Fargo, Bank of America, Chase, Wachovia and others. If your investment assets reach well into 7 figures or more, you might also want to consider Private Banking services offered by most major banks. Such services include banking as well as complete investment management and related capabilities.
Save money with discount investment firms
People who manage their own accounts and make their own investment decisions can save on fees with discount brokers.I recommend: Discount or "premium discount" broker investment firms, including Charles Schwab, Ameritrade, Scottrade, TradeKing, FirstTrade and eTrade can all provide the online trading accounts and tools you need to buy and sell stocks with low commissions.
Get complete care with full-service investment firms
Full service firms, as their name implies, offer a complete range of investment services and choices, with everything from online account access to financial planning and proprietary investment research.I recommend: Full service investment firms include big names like Merrill Lynch, Edward Jones, Morgan Stanley and A.G. Edwards. These firms can also hook you up with money management services as well if you want someone to invest your money for you.
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