The markets over the past several years have been filled with risk, but those smart enough to hire seasoned market analysts have prospered in a big way as the Dow Jones Industrial Average has soared to unprecedented heights in recent times.
If you are looking for someone who will lead you to prosperity through trading, you’ll want to hire someone like Michael Briese.
A seasoned veteran in the field, he has a level-headed perspective that allows him to make optimal decisions even during the worst gyrations in the stock market.
If you are seeking a professional of this caliber, take note of the suggestions mentioned below.
1) Are they licensed?
The first thing you should do is ensure that a potential broker has gone through the steps of acquiring credentials from FINRA (Financial Industry Regulatory Authority).
By taking the time and paying fees to get properly accredited, you can have greater confidence that they will adhere to proper codes of conduct and that they have the base skills necessary to make good acquisitions in the market on your behalf.
2) Do you need guidance?
Some of you already have in-depth knowledge of specific market segments, while others would rather leave the mental heavy lifting to those who analyze these sectors as part of their jobs.
If you are in the latter group, go with a full-service broker, as they will provide the advice you’ll need to make the best decisions on behalf of your life savings.
On the other hand, those confident in their own reads may want to go with a discount broker, as they don’t charge the fees that the full-service guys do.
If you don’t have the knowledge to pick stocks on your own, don’t go with a discount broker just to save money, as you will inevitably end up with far less than if you were to just pay the full-service fee upfront.
3) Meet with multiple brokers before making a choice
As charming as the first broker you speak to can be, it is important you shop around before making a final decision.
Doing so will expose you to a wide range of professionals with expertise and specialties that vary widely, as well as rates and commissions.
Additionally, when you leave one broker to interview others, the ones you spoke to earlier may be willing to lower their rates to secure your business.
When you commit on the first date with any broker, you will be getting the worst possible deal.
4) When in doubt, get a referral
Going from one office to the next can be tiring. Instead of having to collate all the info you’ll be flooded with by visiting several different brokers, sometimes its best to ask friends, family, and respected colleagues who they like instead.
While this is far from a foolproof strategy, as some folks just blindly trust the first broker they meet, feedback from those who are genuinely pleased with their results definitely has positive weight attached to it.