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kers/discount).
Besides the minimum balance you’ll need to open an account, pay attention to how much the brokerage charges for buying and selling and other fees for things like account maintenance, statements and research reports that analyze a company’s performance.
When you sign up, make sure you understand the terminology in the questions you’ll be asked. If you don’t understand, don’t click your mouse to agree to something. Ask questions. It’s your money at stake.
Now... about those scams
The Internet has circumvented the use of — but not the need for — traditional advisors, according to Kevin Lichtman, founder and president of FinancialWeb, a group of 17 investmentrelated Internet sites based in Altamonte Springs, Fla.
In fact, the rise of discount brokerages really grew out of the demands of experienced investors who no longer had to rely on full-service firms.
But first-time online investors should consider finding an advisor they trust, Lichtman said. For newcomers, online investing can be a money pit.
“They don’t know how to tell the real McCoy from the phony,” Lichtman said.
See ONLINE, Page 10
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