Favorite Brokerage?

[Dividend Watcher]

(09-02-2015, 06:44 AM)Rasec Wrote: I know this may sound like a dumb question but if I open an account with TDAmeritrade or Scottrade for example, can I transfer my equities from Vanguard to the other brokers? I imagine it's possible, but is it easy to do?

EDIT: stop being lazy and go ask Google...

Even easier -- call the brokerage you're interested in transferring your assets to. I would imagine they'd be quite happy to add another revenue stream.

However, everything is negotiable. It just depends on the amount you're talking about. Call your existing broker and tell them you keep getting emails or see ads from another brokerage and you're wondering if they could match it?

I use TD Ameritrade. I called customer service and told them Fidelity would only charge me $7.95/trade and asked if they could match it. I only do 6-8 trades per year at most so it's not a big revenue generator as far as activity but they still matched it.

I've thought about switching at times but I've been at TDA and its predecessors since the late-80s and have had little problems and prompt customer service. Every time I think of switching, I keep thinking about what should I be asking of the potential new brokerage. Here's my list so far:

• Holds on deposited money. Can you trade the same day the money shows up in your account? Can you transfer money electronically? How long is the process?
  
• DRIPs. Can you turn them on/off by yourself? How many decimal places do they carry it to. Any other special requirements? Do they do the trade the day the dividend is received?
  
• Foreign tax withholding? For US investors, do they withhold foreign taxes in Traditional/Roth IRAs in which we have a tax treaty? Ask specifically about the countries you want to hold securities from. What about scrip shares like RDS mentioned here.
  
• What research products do they have available?
  
• How easy are they to contact? Try calling at 7am, 3pm, 11pm and 3am and see if you get a helpful rep? Perhaps ask these same questions. I've called TDA sometime between midnight and dawn sometimes and still get a helpful rep.
  
• If you use options, what are there requirements to get options trading approved?
  
• If an IRA, can you do in-kind distributions when RMD time comes around? What account services are available in a regular taxable account to access your money? Checking account? Debit card? Online transfers to your local bank?
  

Anything I forgot?