Out of the Frying Pan — and Back in Again

My dumbest investment experience was when I couldn’t place some trading orders I wanted to make because of problems with my brokerage. It required me to go into the office to sign a couple of forms. I got mad and transferred two of my accounts to two other well-known brokerages.

Unfortunately, the other brokerages caused me grief, too, as it took a long time until I got the options trading rights that I wanted. One brokerage’s online trading screen didn’t allow for larger text to accommodate my poor eyesight, and the other brokerage surprised me with lots of extra fees — while having a confusing and hard-to-use trading platform. I ended up moving those accounts back to my original brokerage. — J.B., Camano Island, Washington

The Fool Responds: You’re right to move your account if you’re displeased with your brokerage and believe that a different one will serve you better. Most major brokerages get good marks on a host of factors.

Be sure you assess many factors before settling on which brokerage to use. Consider trading commissions, but also think about whether you want a brick-and-mortar location and about minimum investments and fees you’ll face, among other things. It can be a good idea to call each candidate’s customer service, too, to see how responsive and helpful it is. See if you can get a good look at how easy-to-use their online trading system seems to be, too.