Finding a
Broker
Your investment club will have to find an
investment broker to work with. You can delegate someone
to come up with some broker choices and then take a final
vote for your decision.
Many investment clubs will use a full-time
broker who guides them and offers advice at the
occasional meeting. If you don’t want to use a broker on
a full-time basis you can use what is known as a discount
broker.
A discount broker will give you some detailed
information about stocks but won’t give you advice about
what to sell or buy. Using a discount broker seems to be
the more popular choice since the purpose of the
investment club is to make your own decisions about what
stocks you’re going to be dealing with.
When you use a discount broker you won’t have to
pay a huge commission to a full time broker.
Your club will have to take a vote and decide
what is in the interest of the majority.
You might also want to think about using the
services of an online broker.
Online discount brokers will have low
commissions that can be a benefit to your club when it
comes to the way you handle your finances. On average an
online broker will be up to $8 or less per
transaction.
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