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