| Based in Morris County, New Jersey, The Daily | | | | amenities, trading tools, level of research, |
| Record reviews the best brokerage firms | | | | and customer service. |
| around the brokerage world. It quotes Smart | | | | |
| Money Magazine's latest survey which placed | | | | And the results Fidelity, TradeKing, and |
| Fidelity as "Premium Broker", TradeKing as | | | | Merrill Lynch as the three #1's. Next to |
| "Best Discount Broker", and Merrill Lynch as | | | | Fidelity in the honor as "Premium Broker" are |
| "Best Full-Service Broker". | | | | E*Trade, Charles Schwab, Banc of America |
| | | | Investment Services, TD Ameritrade, |
| Yet, the Daily Record newsroom, headed by | | | | WellsTrade, and Vanguard. Vanguard, as |
| Warren Boroson, responded that the survey of | | | | explained by Smart Money came last because it |
| these three best brokerage firms may not be | | | | caters to fund-investors instead of |
| sufficient enough for brokerage trackers | | | | stock-investors. |
| since it is not suitable for day-traders or | | | | |
| those who buy only mutual funds. Accordingly, | | | | TradeKing grabbed "Best Discount Broker" |
| Smart Money's survey and rankings are based | | | | although it is only a new-entry discount |
| only on buy-and-hold customers who are into | | | | broker. Following the lead are Firstrade, |
| stocks, bonds and mutual funds, those with a | | | | OptionsXpress, Muriel Siebert, Scottrade, |
| $50,000 account, and those who want to write | | | | ThinkOrSwim, and WallStreet*E. |
| covered calls. | | | | |
| | | | In the "Best FullService Broker", Merrill |
| Nevertheless, the ranking of the best | | | | Lynch is tagged-along by SmithBarney, Edward |
| brokerage firms by Smart Money has still been | | | | Jones, A.G. Edwards, Wachovia, Morgan |
| based according to set quantifiable and | | | | Stanley, and UBS. Merrill Lynch replaced last |
| qualitative criteria. To determine the best | | | | year's first-place Edward Jones because of |
| brokerage firms, Smart Money sent their | | | | the latter's below-average stockpicking. |
| reliable field reporters to open brokerage | | | | Other special determinants used by Smart |
| accounts in 14 potential brokerage firms. The | | | | Money for their "Best FullService Broker" |
| reporters bought and sold different kinds of | | | | aside from the brokerage firm's stock-picking |
| securities, questioned the firms' customer | | | | are customer satisfaction and trust and |
| service through phone and e-mail, checked | | | | statements. |
| their account statements and tax forms, and | | | | |
| reviewed scrutiny on the web sites, as among | | | | Overall, the Daily Record recognizes Smart |
| some of the survey's conducted measures. | | | | Money's survey of the best brokerage firms. |
| | | | These may serve as good guide for people |
| To note, the Smart Money study also included | | | | engaged or deciding to engage in brokerage, |
| supplementary standards to further determine | | | | and also as good guiding-principle for |
| the best brokerage firms more accurately or | | | | self-company assessment of the forerunning |
| to come up with the best possible | | | | brokers themselves. The outcomes of the study |
| approximation through their available means. | | | | at least are good only for this year'06 Just |
| They included the brokerage firms' size of | | | | for the record. |
| commission, investment products, banking | | | | |