You don't have an account with a brokerage house and you want to buy stocks. The first thing you need to do is decide if you want an account with a full service brokerage firm, a discount brokerage firm, or both. The choice depends on the individual. Are you the type of person who wants research reports and advice from the full service broker. Are you the type of person who knows what you want to buy and just needs the broker to take the order and get it filled. Or do you want to place a few trades through each and have access to research reports from the full service broker. The choice is yours. Remember that a full service broker is going to charge you significantly more than a discount broker. Setting up the account is relatively easy. The firm will send you an application form that is similar to opening up a savings or checking account. Fill out the forms and mail them back with a check. Figure on about two weeks for the application to wind its way through the administrative area of the brokerage firm and for them to get back to you with an account number. Once this is done, you can call up and buy stock.

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Last modified: January 20, 2001