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  • bottomsupinvestor bottomsupinvestor Apr 12, 2011 2:48 PM Flag

    OT: Question for Mini Bond Guys

    Who do you guys use for brokerage services? Fidelity has to get some special clearance for me to trade these and it still hasn't happened. I want to have plan B if it doesn't happen soon. Thanks for everyone's input.

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    • I have used Vanguard for 10 years and am satisfied with their service.

    • <<Fidelity has to get some special clearance for me to trade these>> What do you mean by that statement? My MorganStanley acct doesn't allow trading of preferreds--I guess pfrds can be tricky with low volume-- but my Schwab acct permits me ANYTHING on-line, other than bonds-not-in-inventory. Those weird bonds require manual intervention....

      • 1 Reply to jimpersonett
      • When I try to trade on line I get a message that buy orders are not allowed for this security. It is the same with just about all of the floating rate issues but I am able to trade OSM and ISM. I talked with my rep and he forwarded my request to someone else who is looking into getting approval. The ones I am looking to buy are on some sort of high risk list. I have a feeling that they got complaints from morons that bought without knowing they were variable and got lower and lower interest. It has been a couple of weeks and I talked with them yesterday and the request is still in process saying that it has to go through multiple departments. I am quickly losing patience. It will probably end up being a month from when I made my investment decision and actually being able to buy them. I have used Vanguard in the past and were very happy with them except for the commision level which was much higher unless you have a certain amount of their mutual funds but up until now, I have been making all my own stock selections. I might go back or maybe look into Schwab if something doesn't get resolved soon. Thanks again for the leads.

 
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