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