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National Presto Industries Inc. Message Board

  • FreeCashFlow FreeCashFlow Nov 23, 2003 12:25 PM Flag

    OT: I need a new broker

    At the beginning of this year, Vanguard Brokerage Services began imposing an annual fee for all customers who are neither millionaires nor hyperactive traders. Thus, I closed all my VBS accounts and have been without a broker ever since.

    VBS was the perfect broker for me even though its commissions weren't the cheapest. It's no longer a good match for me - it's a brokerage firm for millionaires and daytraders. So much for the low-cost philosophy as well as the idea that daytraders belong elsewhere.

    I'm looking for an alternative that:
    1. Pays a competitive rate on cash balances: Too many brokerages gyp customers on this. Since I haven't been making transactions, I'm more concerned about this than I am about commissions. Admittedly, I'm not earning much in Vanguard either, thanks to Alan Greenspan.
    2. Has NO annual fee
    3. Has NO inactive account fee
    4. Has NO fees to take possession of stock certificates (VERY important for when I buy Berkshire Hathaway stock)
    5. Is financially stable (I know about SIPC insurance, but it's not enough for me. If my broker fails, my cash may be frozen and earn no interest for days, weeks, or months.)

    It's a good thing that the stock market is so overvalued that I'm not missing much in my broker-challenged days.

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    • FreeCashFlow: In this day and age of politically correctness I feel obliged to try to be tolerant of the Cohen's faults which you have pointed out. In my mind, those faults are offset by their determination not to give away the company via stock options. Therefore, I just hope they can get counselling and overcome the devils that possess them.

      Regarding your search for a good broker, I know of none that even come close to what you are looking for.


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