Posted by Ray Stringer on May 18, 1999 at 17:26:03:
I am in the same process as you.
I have looked into a few places so far and have found that if you go with a reputable broker that has on-line services, they waive most of their setup and maintenance fees and may even give you break on trading fees if you have enough equity in the account.
I personally chose Schwab since I have had accounts there since 94 and have been very happy with the trading service they offer.
Also, you have to feel comfortable managing your own account. If you don’t know what to invest in but feel good about doing your own research, you probably will do better than the fund monkeys will anyway. Buy good solid stocks and in the long run, you will do fine.
If you don’t feel OK doing your own research and investing but you have enough equity in your account, most brokerages will offer you help for modest fees.
One personal experience, my step-dad rolled over close to 100K from an annuity into a major brokerage account using stocks that I and a friend recommended. He has done very well and really didn’t feel comfortable doing it at first. Now he is happy. The only downside is that the guy that “manages” the portfolio for him does nothing and my step-dad has to pay him for that priviledge.