Working with an individual broker is a more involved but potentially more rewarding experience than simply signing up for an account that processes trades electronically. An experienced broker can offer guidance and information, and may help you articulate your financial plan and investing strategies.
But you need to know whether you’ll be able to work well with that individual or if you’re better off with someone else. One of the best ways to find out is to screen your choices first by phone, and then by one-on-one interviews.
A phone call
To narrow the field, you can begin by calling each of the brokers you’re considering, explaining what kind of investing you want to do, and the qualifications you're looking for. If you like what you hear, you can set up a personal meeting to follow up.
It’s good to set a few minimum requirements, such as these:
Experience. Five years is a sensible minimum. You should also ask if the broker has worked with investors similar to you and has handled the kinds of investments you’re interested in.
Reputation. A good reputation is important. You can ask for references, but be aware that privacy laws require that brokers get permission before releasing the names of their clients to you.
If the broker has a website or has published articles or books, you might read them to find out whether his or her ideas about investing appeal to you.
